公司创业投资与企业技术创新绩效——基于实物期权视角的研究

发布时间：2019-02-09 18:17

【摘要】：由于内部创新效率较低,成熟企业难以像创业企业那样灵活应对外部环境的变化。随着环境不确定性程度的增加,公司创业投资成为成熟企业从创业企业获取创新资源的重要战略手段,并在实践中迅速兴起。本文基于实物期权理论,运用2001—2014年间376家参与公司创业投资活动的沪深上市公司的数据进行了实证分析,结果表明:公司创业投资数量与投资企业的技术创新绩效之间存在着显著的倒U形关系;投资企业面临的环境不确定性和自身的内部创新投入对于上述关系均具有显著的正向调节作用。本文为公司创业投资实物期权属性对投资企业创新绩效的影响提供了直接的实证证据,揭示了公司创业投资获得的外部创新资源与企业内部创新投入之间的互补效应,丰富了公司创业投资和实物期权等方面的研究。
[Abstract]:Due to the low efficiency of internal innovation, mature enterprises are difficult to deal with the changes of external environment as agility as entrepreneurial enterprises. With the increase of the degree of environmental uncertainty, venture capital has become an important strategic means for mature enterprises to obtain innovative resources from entrepreneurial enterprises, and has risen rapidly in practice. Based on the real option theory, this paper makes an empirical analysis of 376 companies in Shanghai and Shenzhen that participated in venture capital activities between 2001 and 2014. The results show that there is a significant inverted U shape relationship between the number of venture capital and the technological innovation performance of the invested enterprises. The environmental uncertainty faced by investment enterprises and their own internal innovation investment have significant positive effects on the above relations. This paper provides direct empirical evidence for the impact of the real option attributes of venture capital on the innovation performance of investment enterprises, and reveals the complementary effect between the external innovation resources obtained by corporate venture capital and the internal innovation investment. Enriched the company venture capital and real options and other aspects of research.
【作者单位】：南开大学商学院;上海对外经贸大学金融管理学院;
【基金】：国家自然科学基金重点项目(71532005);国家自然科学基金面上项目(71272217) 上海市教育委员会科研创新重点项目(14ZS147)
【分类号】：F272;F273.1

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