联合风险投资、竞争者间接联结与企业创新
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摘要
基于竞争性信息泄露假说,本文研究企业通过联合风险投资形成的竞争者间接联结对其自身创新的影响。以清洁技术行业接受A轮风险投资(简称VC)的企业为样本,使用负二项分布模型,研究发现:通过VC联合投资形成的竞争者间接联结数量对企业创新产出有显著的负向影响;VC是否首次联合投资、联合投资VC的地理临近性以及VC的市场地位调节上述关系。论文把竞争性信息泄露假说拓展到VC联合投资层面,提醒企业在寻求VC投资时要注意通过VC联合投资形成的竞争者间接联结对自身创新可能带来的阻碍作用。
The impact of competitor indirect ties through venture capital(VC) syndication on entrepreneurial innovation was investigated from the theoretical perspective of competitive information leakage. By collecting samples of A-roundfinancing firms in the clean-technology industry and using the negative binomial model, it finds that indirect ties to competitors through VC syndication impede innovation, and that this effect is moderated by several factors, such as whether or not VC syndicating for the first time, geographical proximity between syndicating partners, and market status of VC. It expands the hypothesis of competitive information leakage to VC syndication area, and reminds entrepreneurial firms that when seeking VC financing, it is necessary to pay caution to the likely negative effect of the hidden competitor indirect ties through VC syndication.
The impact of competitor indirect ties through venture capital(VC) syndication on entrepreneurial innovation was investigated from the theoretical perspective of competitive information leakage. By collecting samples of A-roundfinancing firms in the clean-technology industry and using the negative binomial model, it finds that indirect ties to competitors through VC syndication impede innovation, and that this effect is moderated by several factors, such as whether or not VC syndicating for the first time, geographical proximity between syndicating partners, and market status of VC. It expands the hypothesis of competitive information leakage to VC syndication area, and reminds entrepreneurial firms that when seeking VC financing, it is necessary to pay caution to the likely negative effect of the hidden competitor indirect ties through VC syndication.
引文
[1]KORTUM S,LERNER J.Assessing the contribution of venture capital to innovation[J].RAND Journal of Economics,2000,31(4):674-692.
[2]PAHNKE E C,KATILA R,EISENHARDT K M.Who takes you to the dance?How partners’institutional logics influence innovation in young firms[J].Administrative Science Quarterly,2015,60(4):596-633.
[3]SAFARI A.Worldwide venture capital,intellectual property rights,and innovation[J].Industrial and Corporate Change,2017,26(3):485-515.
[4]买忆媛,李江,涛熊婵.风险投资与天使投资对创业企业创新活动的影响[J].研究与发展管理,2012,24(2):79-84.
[5]王兰芳,胡悦.创业投资促进了创新绩效吗?---基于中国企业面板数据的实证检验[J].金融研究,2017(1):177-190.
[6]HIRUKAWA M,UEDA M.Venture capital and innovation:which is first?[J].Pacific Economic Review,2011,16(4):421-465.
[7]PENEDER M.The impact of venture capital on innovation behavior and firm growth[J].Venture Capital,2010,12(2):83-107.
[8]ARVANITIS S,STUCKI T.The impact of venture capital on the persistence of innovation activities of start-ups[J].Small Business Economics,2014,42(4):849-870.
[9]PAHNKE E C,MCDONALD R,WANG D,et al.Exposed:venture capital,competitor ties,and entrepreneurial innovation[J].Academy of Management Journal,2015,58(5):1334-1360.
[10]JSKELINEN M.Venture capital syndication:synthesis and future directions[J].International Journal of Management Reviews,2012,14(4):444-463.
[11]DROVER W,BUSENITZ L,MATUSIK S,et al.A review and road map of entrepreneurial equity financing research:venture capital,corporate venture capital,angel investment,crowdfunding,and accelerators[J].Journal of Management,2017,43(6):1820-1853.
[12]陆瑶,张叶青,贾睿,等.“辛迪加”风险投资与企业创新[J].金融研究,2017(6):159-175.
[13]PIERRAKIS Y,SARIDAKIS G.Do publicly backed venture capital investments promote innovation?Differences between privately and publicly backed funds in the UK venture capital market[J].Journal of Business Venturing Insights,2017,7:55-64.
[14]LERNER J.Venture capitalists and the oversight of private firms[J].Journal of Finance,1995,50(1):301-318.
[15]GORMAN M,SAHLMAN W A.What do venture capitalists do?[J].Journal of Business Venturing,1989,4(4):231-248.
[16]HELLMANN T,PURI M.Venture capital and the professionalization of start-up firms:empirical evidence[J].Journal of Finance,2002,57(1):169-197.
[17]ZHELYAZKOV P I.Interactions and interests:collaboration outcomes,competitive concerns,and the limits to triadic closure[J].Administrative Science Quarterly,2018,63(1):210-247.
[18]KAPLAN S N,SENSOY B A.Private equity performance:a survey[J].Annual Review of Financial Economics,2015,7(1):597-614.
[19]SORENSON O,STUART T E.Bringing the context back in:settings and the search for syndicate partners in venture capital investment networks[J].Administrative Science Quarterly,2008,53(2):266-294.
[20]WRIGHT M,LOCKETT A.The structure and management of alliances:syndication in the venture capital industry[J].Journal of Management Studies,2003,40(8):2073-2102.
[21]CUMMING D,DAI N.Local bias in venture capital investments[J].Journal of Empirical Finance,2010,17(3):362-380.
[22]王曦,党兴华.本地偏好对退出绩效的影响研究---基于中国本土风险投资机构的经验检验[J].科研管理,2014,35(2):111-118.
[23]PODOLNY J M.A status-based model of market competition[J].American Journal of Sociology,1993,98(4):829-872.
[24]冯冰,党兴华,杨敏利.网络地位对风险投资机构跨区域筹资的影响研究[J].预测,2015,34(2):48-53.
[25]谢雅萍,宋超俐.风险投资与技术创新关系研究现状探析与未来展望[J].外国经济与管理,2017,39(2):47-59.
[26]苟燕楠,董静.风险投资进入时机对企业技术创新的影响研究[J].中国软科学,2013(3):132-140.
[27]BERNSTEIN S,GIROUD X,TOWNSEND R.The impact of venture capital monitoring[J].Journal of Finance,2016,71(4):1591-1622.
[28]YU Qianqian.Do venture capital-driven top management changes enhance corporate innovation in private firms?[R].SSRN Working Paper,No.3101012,2017.
[29]刘胜军.风险投资对企业创新的影响机制:融资还是融智?[J].南方金融,2016(4):39-47.
[30]苟燕楠,董静.风险投资背景对企业技术创新的影响研究[J].科研管理,2014,35(2):35-42.
[31]余琰,罗炜,李怡,等.国有风险投资的投资行为和投资成效[J].经济研究,2014,49(2):32-46.
[32]施国平,党兴华,董建卫.引导基金能引导创投机构投向早期和高科技企业吗?---基于双重差分模型的实证评估[J].科学学研究,2016,34(6):822-832.
[33]刘伟,程俊杰,敬佳琪.联合创业投资中领投机构的特质、合作模式、成员异质性与投资绩效---基于我国上市企业的实证研究[J].南开管理评论,2013,16(6):136-148.
[34]ZHOU K Z,GAO G Y,ZHAO Hongxin.State ownership and firm innovation in China:an integrated view of institutional and efficiency logics[J].Administrative Science Quarterly,2017,62(2):375-404.
(1)在中国情境下,一些企业进行专利申请以及获得专利授权只是将其作为向客户或市场传递企业具有市场竞争优势的一种信号机制,目的是为了争取政府的各项优惠政策,或者为了获得上市的资格,因此并不能非常准确地体现企业创新能力。随着数据不断完善,未来研究可以选取研发投入数据和新产品产值来全面衡量企业创新。
[2]PAHNKE E C,KATILA R,EISENHARDT K M.Who takes you to the dance?How partners’institutional logics influence innovation in young firms[J].Administrative Science Quarterly,2015,60(4):596-633.
[3]SAFARI A.Worldwide venture capital,intellectual property rights,and innovation[J].Industrial and Corporate Change,2017,26(3):485-515.
[4]买忆媛,李江,涛熊婵.风险投资与天使投资对创业企业创新活动的影响[J].研究与发展管理,2012,24(2):79-84.
[5]王兰芳,胡悦.创业投资促进了创新绩效吗?---基于中国企业面板数据的实证检验[J].金融研究,2017(1):177-190.
[6]HIRUKAWA M,UEDA M.Venture capital and innovation:which is first?[J].Pacific Economic Review,2011,16(4):421-465.
[7]PENEDER M.The impact of venture capital on innovation behavior and firm growth[J].Venture Capital,2010,12(2):83-107.
[8]ARVANITIS S,STUCKI T.The impact of venture capital on the persistence of innovation activities of start-ups[J].Small Business Economics,2014,42(4):849-870.
[9]PAHNKE E C,MCDONALD R,WANG D,et al.Exposed:venture capital,competitor ties,and entrepreneurial innovation[J].Academy of Management Journal,2015,58(5):1334-1360.
[10]JSKELINEN M.Venture capital syndication:synthesis and future directions[J].International Journal of Management Reviews,2012,14(4):444-463.
[11]DROVER W,BUSENITZ L,MATUSIK S,et al.A review and road map of entrepreneurial equity financing research:venture capital,corporate venture capital,angel investment,crowdfunding,and accelerators[J].Journal of Management,2017,43(6):1820-1853.
[12]陆瑶,张叶青,贾睿,等.“辛迪加”风险投资与企业创新[J].金融研究,2017(6):159-175.
[13]PIERRAKIS Y,SARIDAKIS G.Do publicly backed venture capital investments promote innovation?Differences between privately and publicly backed funds in the UK venture capital market[J].Journal of Business Venturing Insights,2017,7:55-64.
[14]LERNER J.Venture capitalists and the oversight of private firms[J].Journal of Finance,1995,50(1):301-318.
[15]GORMAN M,SAHLMAN W A.What do venture capitalists do?[J].Journal of Business Venturing,1989,4(4):231-248.
[16]HELLMANN T,PURI M.Venture capital and the professionalization of start-up firms:empirical evidence[J].Journal of Finance,2002,57(1):169-197.
[17]ZHELYAZKOV P I.Interactions and interests:collaboration outcomes,competitive concerns,and the limits to triadic closure[J].Administrative Science Quarterly,2018,63(1):210-247.
[18]KAPLAN S N,SENSOY B A.Private equity performance:a survey[J].Annual Review of Financial Economics,2015,7(1):597-614.
[19]SORENSON O,STUART T E.Bringing the context back in:settings and the search for syndicate partners in venture capital investment networks[J].Administrative Science Quarterly,2008,53(2):266-294.
[20]WRIGHT M,LOCKETT A.The structure and management of alliances:syndication in the venture capital industry[J].Journal of Management Studies,2003,40(8):2073-2102.
[21]CUMMING D,DAI N.Local bias in venture capital investments[J].Journal of Empirical Finance,2010,17(3):362-380.
[22]王曦,党兴华.本地偏好对退出绩效的影响研究---基于中国本土风险投资机构的经验检验[J].科研管理,2014,35(2):111-118.
[23]PODOLNY J M.A status-based model of market competition[J].American Journal of Sociology,1993,98(4):829-872.
[24]冯冰,党兴华,杨敏利.网络地位对风险投资机构跨区域筹资的影响研究[J].预测,2015,34(2):48-53.
[25]谢雅萍,宋超俐.风险投资与技术创新关系研究现状探析与未来展望[J].外国经济与管理,2017,39(2):47-59.
[26]苟燕楠,董静.风险投资进入时机对企业技术创新的影响研究[J].中国软科学,2013(3):132-140.
[27]BERNSTEIN S,GIROUD X,TOWNSEND R.The impact of venture capital monitoring[J].Journal of Finance,2016,71(4):1591-1622.
[28]YU Qianqian.Do venture capital-driven top management changes enhance corporate innovation in private firms?[R].SSRN Working Paper,No.3101012,2017.
[29]刘胜军.风险投资对企业创新的影响机制:融资还是融智?[J].南方金融,2016(4):39-47.
[30]苟燕楠,董静.风险投资背景对企业技术创新的影响研究[J].科研管理,2014,35(2):35-42.
[31]余琰,罗炜,李怡,等.国有风险投资的投资行为和投资成效[J].经济研究,2014,49(2):32-46.
[32]施国平,党兴华,董建卫.引导基金能引导创投机构投向早期和高科技企业吗?---基于双重差分模型的实证评估[J].科学学研究,2016,34(6):822-832.
[33]刘伟,程俊杰,敬佳琪.联合创业投资中领投机构的特质、合作模式、成员异质性与投资绩效---基于我国上市企业的实证研究[J].南开管理评论,2013,16(6):136-148.
[34]ZHOU K Z,GAO G Y,ZHAO Hongxin.State ownership and firm innovation in China:an integrated view of institutional and efficiency logics[J].Administrative Science Quarterly,2017,62(2):375-404.
(1)在中国情境下,一些企业进行专利申请以及获得专利授权只是将其作为向客户或市场传递企业具有市场竞争优势的一种信号机制,目的是为了争取政府的各项优惠政策,或者为了获得上市的资格,因此并不能非常准确地体现企业创新能力。随着数据不断完善,未来研究可以选取研发投入数据和新产品产值来全面衡量企业创新。
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