统计与数据科学学院知识库

在资源稀缺和技术快速变革的今天，企业要想获得竞争优势就要提高动态能力，即在持续变化的环境中不断发现、评估和利用新机会的能力，同时，还要具有开放创新精神，即企业不仅要依靠内部创新，还要利用外部资源和能力来实现创新。公司创业投资（Corporate Venture Capital，简称CVC）作为企业提升动态能力和开放创新的有效工具，受到越来越多企业的关注。众多企业在战略目标的驱动下设立CVC投资部或控股创业投资公司，通过CVC来识别外部初创企业的技术知识，以提高公司的动态能力，从而发展新技术，开拓新市场，在激烈的竞争中维持竞争优势。从近几年的《中国公司创业投资发展报告》中可以看出，2015年以后中国CVC投资金额占整个风险投资市场的比重维持在15%以上，CVC投资案例数占整个风险投资市场的比重已超过10%，腾讯、百度、阿里巴巴、联想成为CVC领域的标杆企业，CVC已成为中国风险投资市场的重要组成部分。

本文基于企业异质性视角，从CVC投资绩效维度，以A股市场2010—2021年信息技术上市公司为样本，采用固定效应面板模型和中介效应模型深入研究了CVC对企业技术创新是否具有促进作用、作用机制以及企业异质性因素对CVC作用效果的影响。结果表明，CVC能显著提升信息技术企业的创新能力。CVC通过改善信息技术企业的融资约束、研发投入、治理结构实现企业技术创新产出增加，即在CVC影响信息技术企业技术创新过程中存在“资金增加效应”、“创新积极效应”和“监督治理效应”的中介效应。接着，进一步探讨了信息技术企业异质性对CVC投资效果的影响，结果表明信息技术企业在研发基础、企业规模、融资水平方面的异质性对CVC作用效果有正向影响。最后，在使用倾向得分匹配法（PSM）解决可能存在的内生性问题后，结果依然稳健。

因此，应积极发展CVC投资事业，充分发挥其对信息技术企业技术创新的促进作用；信息技术企业应培养自身的长期竞争力，以吸引更多优质CVC投资机构的关注。

In current world of scarce resources and rapid technological change, enterprises must improve their dynamic capabilities, that is, the ability to continuously discover, evaluate, and utilize new opportunities in a continuously changing environment, and at the same time, have an open and innovative spirit, that is, to gain a competitive advantage. Enterprises should not only rely on internal innovation, but also use external resources and capabilities to achieve innovation. Corporate venture capital (CVC for short), as an effective tool for enterprises to enhance dynamic capabilities and open innovation, has attracted more and more attention from enterprises. Driven by strategic goals, many enterprises set up CVC investment departments or holding venture capital companies, and use CVC to identify the technical knowledge of external start-ups to improve the company's dynamic capabilities, thereby developing new technologies and opening up new markets. In the fierce competition Maintain a competitive advantage. It can be seen from the "Report on Venture Capital Development of Chinese Companies" in recent years that after 2015, China's CVC investment accounted for more than 15% of the entire venture capital market, and the number of CVC investment cases accounted for the proportion of the entire venture capital market. More than 10%, Tencent, Baidu, Alibaba, and Lenovo have become benchmark companies in the CVC field, and CVC has become an important part of China's venture capital market.

Based on the perspective of corporate heterogeneity, from the dimension of CVC investment performance, this thesis takes the information technology listed companies in the A-share market from 2010 to 2021 as a sample, and uses the fixed effect panel model and the mediation effect model to deeply study whether CVC can promote corporate technological innovation. , the mechanism of action and the influence of enterprise heterogeneity factors on the effect of CVC. The results show that CVC can significantly improve the innovation ability of information technology enterprises. CVC increases the technological innovation output of enterprises by improving the financing constraints, R&D investment and governance structure of information technology enterprises. That is to say, there are "fund increase effect", "innovation positive effect" and "supervision and governance" in the process of CVC's influence on information technology enterprise technological innovation. effect" as a mediating effect. Then, the influence of the heterogeneity of information technology enterprises on the investment effect of CVC is further discussed. The results show that the heterogeneity of information technology enterprises in terms of R&D foundation, enterprise scale and financing level has a positive impact on the effect of CVC. Finally, the results are robust after using propensity score matching (PSM) to account for possible endogeneity issues.

Therefore, the CVC investment business should be actively developed to give full play to its role in promoting the technological innovation of information technology enterprises; information technology enterprises should cultivate their own long-term competitiveness to attract the attention of more high-quality CVC investment institutions.