公司创业投资比独立创业投资更能促创新吗?——基于上市公司的实证研究
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摘要
基于2008—2011年间A股市场首次公开发行的上市公司数据,应用面板数据固定效应模型与倾向评分匹配法,从互补性资产的视角,实证分析了公司创业投资(CVC)与独立创业投资(IVC)对被投资企业技术创新的影响。结果表明,CVC支持企业的研发投入显著高于IVC支持企业,IVC支持企业的总体专利申请数量显著高于CVC支持企业,总体上CVC对被投资企业技术创新产出的作用不显著。CVC提供的不同类型互补性资产对被投资企业的影响存在差异。CVC母公司持股比例与被投资企业研发投入、发明专利申请、总体专利申请呈显著的非线性倒U型关系,董事会席位对被投资企业发明专利申请具有正向影响,派驻管理与技术人员对被投资企业的研发投入具有显著的正向影响,但对发明专利申请量却具有显著的负向影响。
Based on a sample of A-share listed initial public offering firms during 2008—2011, using pannal data fixed effects model and propensity score matching(PSM), this article investigated the impacts of corporate venture capital(CVC) and independent venture capital(IVC) on entrepreneurial firms' technology innovation in China. The empirical results indicate: CVC backed firms' R&D investment were significantly higher than the IVC backed firms, IVC backed firms' overall number of patent applications were significantly higher than CVC backed firms.CVC didn't have significant impact on invested firms' technology innovation output. The different types of complementary assets that CVC provided have differente impacts on invested firms. There have significant non-linear inverted U-shaped relationship between CVC investor's ownership with invested firm's R&D investment, patent applications and overall patent applications. Board seats of CVC investor have positive impact on patent applications,professionals & technical have significant positive impact on invested firms R&D investment, but have significant negative to patent applications.
Based on a sample of A-share listed initial public offering firms during 2008—2011, using pannal data fixed effects model and propensity score matching(PSM), this article investigated the impacts of corporate venture capital(CVC) and independent venture capital(IVC) on entrepreneurial firms' technology innovation in China. The empirical results indicate: CVC backed firms' R&D investment were significantly higher than the IVC backed firms, IVC backed firms' overall number of patent applications were significantly higher than CVC backed firms.CVC didn't have significant impact on invested firms' technology innovation output. The different types of complementary assets that CVC provided have differente impacts on invested firms. There have significant non-linear inverted U-shaped relationship between CVC investor's ownership with invested firm's R&D investment, patent applications and overall patent applications. Board seats of CVC investor have positive impact on patent applications,professionals & technical have significant positive impact on invested firms R&D investment, but have significant negative to patent applications.
引文
[1]Allen S A,Hevert K T.Venture capital investing by information technology companies:Did it pay?[J].Journal of Business Venturing,2007,22(2):262-282.
[2]Chesbrough H W.Making sense of corporate venture capital[J].Harvard Business Review,2002,80(3):90-99.
[3]Gaba V,Bhattacharya S.Aspirations,innovation,and corporate venture capital:A behavioral perspective[J].Strategic Entrepreneurship Journal,2012,6(2):178-199.
[4]Bertoni F,Colombo M G,Grilli L.Venture capital investor type and the growth mode of new technology-based firms[J].Small Business Economics,2013,40(3):527-552.
[5]Anokhin S,Peck S,Wincent J.Corporate venture capital:The role of governance factors[J].Journal of Business Research,2016,69(11):4744-4749.
[6]孙健,白全民.我国公司创业投资(CVC)对企业价值影响的实证研究:基于CVC投资者的视角[J].中央财经大学学报,2010(9):62-66.
[7]陆方舟,陈德棉,乔明哲.公司创业投资目标、模式与投资企业价值的关系:基于沪深上市公司的实证研究[J].投资研究,2014,33(1):57-71.
[8]刘伟,黄江林.企业资源对新创上市公司创业投资决策的影响:基于创业板制造业的分析[J].科技进步与对策,2016,33(2):86-90.
[9]戴维奇,魏江,余纯国.过往绩效与公司风险投资:高管政治网络的调节效应[J].科研管理,2012,33(1):138-146.
[10]Mohamed A,Schwienbacher A.Voluntary disclosure of corporate venture capital investments[J].Journal of Banking&Finance,2016,68(7):69-83.
[11]Gaba V,Dokko G.Learning to let go:Social influence,learning,and the abandonment of corporate venture capital practices[J].Strategic Management Journal,2016,37(1):1558-1577.
[12]乔明哲,陈忠卫,杜运周,等.国外公司创业投资中组织间学习研究述评[J].管理学报,2012,9(10):1554-1561.
[13]郑丹辉,韩晓燕,李新春.组织冗余与我国民营上市企业风险投资:创始人控制的调节作用[J].财经研究,2013,39(5):62-72.
[14]万坤扬,陆文聪.公司创业投资与企业技术创新:吸收能力、卷入强度和治理结构的调节作用[J].科学学与科学技术管理,2014,35(11):117-128.
[15]万坤扬,陆文聪.公司创业投资组合多元化与企业价值:组织冗余的调节作用[J].经济管理,2014,36(9):156-166.
[16]林子尧,李新春.公司创业投资与上市公司绩效:基于中国数据的实证研究[J].南方经济,2012,30(6):3-14.
[17]乔明哲,杜运周,吴为民.国外公司创业投资的研究现状与未来展望:基于英文期刊文献的分析[J].北京工商大学学报(社会科学版),2014,29(6):63-72.
[18]万坤扬.公司风险投资组合多元化与公司投资者价值创造:基于分位数回归的实证分析[J].商业经济与管理,2015,288(10):39-49.
[19]Wadhwa A,Phelps C,Kotha S.Corporate venture capital portfolios and firm innovation[J].Journal of Business Venturing,2016,31(1):95-112.
[20]Alvaret-Garrido E,Dushnitsky G.Are entrepreneurial venture's innovation rates sensitive to investor complementary assets?Comparing biotech ventures backed by corporate and independent vcs[J].Strategic Management Journal,2016,37(5):819-834.
[21]Chemmanur T J,Loutskina E,Tian X.Corporate venture capital,value creation,and innovation[J].Review of Financial Studies,2014,27(8):2434-2473.
[22]乔明哲,陈德棉,李金良.公司创业投资的薪酬激励问题分析[J].运筹与管理,2012,21(2):192-201.
[23]翟丽,鹿溪,宋学明.上市公司参与公司创业投资的收益及其影响因素实证研究[J].研究与发展管理,2010,22(5):104-112.
[24]Anokhin S,Wincent J,Oghazi P.Strategic effects of corporate venture capital investments[J].Journal of Business Venturing Insights,2016,5(6):63-69.
[25]Sahaym A,Cho S Y,Kim S K.Mixed blessings:How top management team heterogeneity and governance structure influence the use of corporate venture capital by post-ipo firms[J].Journal of Business Research,2016,69(3):1208-1218.
[26]Weber C,Bauke B,Raibulet V.An empirical test of the relational view in the context of corporate venture capital[J].Strategic Entrepreneurship Journal,2016,10(3):274-299.
[27]Galloway T L,Miller D R,Sahaym A.Exploring the innovation strategies of young firms:Corporate venture capital and venture capital impact on alliance innovation strategy[J].Journal of Business Research,2017,71(2):55-65.
[28]Vrande V V D,Vanhaverbeke W.How prior corporate venture capital investments shape technological alliances:A real options approach[J].Entrepreneurship:Theory&Practice,2013,37(5):1019-1043.
[29]Basu S,Phelps C C,Kotha S.Search and integration in external venturing:An inductive examination of corporate venture capital units[J].Strategic Entrepreneurship Journal,2016,10(2):129-152.
[30]Williamson O E.The Economic Institutions of Capitalism[M].New York:Free Press,1985.
[31]Williamson O E.Comparative economic organization:The analysis of discrete structural alternatives[J].Administrative Science Quarterly,1991,36(2):269-296.
[32]David R J,Han S K.A systematic assessment of the empirical support for transaction cost economics[J].Strategic Management Journal,2004,25(1):39-58.
[33]Aghion P,Tirole J.The management of innovation[J].Quarterly Journal of Economics,1994,109(4):1185-1209.
[34]Park H,Steensma H.When does corporate venture capital add value for new ventures?[J].Strategic Management Journal,2012,33(1):1-22.
[35]Gompers P,Lerner J.The determinants of corporate venture capital success:Organizational structure,incentives,and complementarities//Morck R.Concentrated Corporate Ownership[R].Chicago:University of Chicago Press,National Bureau of Economic Research Conference Report,2000.
[36]Robinson D T.Strategic alliances and the boundaries of the firm[J].Review of Financial Studies,2008,21(2):649-681.
[37]Manso G.Motivating innovation[J].Journal of Finance,2011,66(5):1823-1860.
[38]Tian X,Wang T Y.Tolerance for failure and corporate innovation[J].Review of Financial Studies,2014,27(1):211-255.
[39]Guo B,Lou Y,Castrillo D P.Investment,duration,and exit strategies for corporate and independent venture capital-backed start-ups[J].Journal of Economics&Management Strategy,2015,24(2):415-455.
[40]鲁桐,党印.公司治理与技术创新:分行业比较[J].经济研究,2014(6):115-128.
[41]杨德伟.股权结构影响企业技术创新的实证研究:基于我已中小板上市公司的分析[J].财政研究,2011(8):56-60.
[42]Grossman S J,Hart O D.The costs and benefits of ownership:A theory of vertical and lateral integration[J].Journal of Political Economy,1986,94(4):691-719.
[43]Hart O,Moore J.Property rights and the nature of the firm[J].Journal of Political Economy,1990,98(6):1119-1158.
[44]Masulis R W,Nahata R.Financial contracting with strategic investors:Evidence from corporate venture capital backed IPOs[J].Journal of Financial Intermediation,2009,18(4):599-631.
[45]冯根福,温军.中国上市公司治理与企业技术创新关系的实证分析[J].中国工业经济,2008(7):91-101.
[46]Maula M,Murray G.Corporate venture capital and the creation of US public companies:The impact of sources of venture capital on the performance of portfolio companies//Hitt M A,Amit R,Lucier C,et al.Creating Value:Winners in the New Business Environment[M].Oxford:Blackwell Publishers,2002.
[47]Dushnitsky G.Corporate venture capital in the twenty-first century:An integral part of firms'innovation toolkit//Cumming D.The Oxford Handbook of Venture Capital[M].London:Oxford University Press,2012.
[48]Henrichs M.Answering the call[J].Entrepreneur,2002,30(7):19-21.
[49]Keil T,Autio E,George G.Corporate venture capital,disembodied experimentation and capability development[J].Journal of Management Studies,2008,45(8):1475-1505.
[50]Dushnitsky G,Lenox M J.When do firms undertake R&D by investing in new ventures?[J].Strategic Management Journal,2005,26(10):947-965.
[51]Kim K,Gopal A,Hoberg G.Does product market competition drive CVC investment?Evidence from the US IT industry[J].Information Systems Research,2016,27(2):259-281.
(1)本研究得到了江苏高校“青蓝工程”的资助。
[2]Chesbrough H W.Making sense of corporate venture capital[J].Harvard Business Review,2002,80(3):90-99.
[3]Gaba V,Bhattacharya S.Aspirations,innovation,and corporate venture capital:A behavioral perspective[J].Strategic Entrepreneurship Journal,2012,6(2):178-199.
[4]Bertoni F,Colombo M G,Grilli L.Venture capital investor type and the growth mode of new technology-based firms[J].Small Business Economics,2013,40(3):527-552.
[5]Anokhin S,Peck S,Wincent J.Corporate venture capital:The role of governance factors[J].Journal of Business Research,2016,69(11):4744-4749.
[6]孙健,白全民.我国公司创业投资(CVC)对企业价值影响的实证研究:基于CVC投资者的视角[J].中央财经大学学报,2010(9):62-66.
[7]陆方舟,陈德棉,乔明哲.公司创业投资目标、模式与投资企业价值的关系:基于沪深上市公司的实证研究[J].投资研究,2014,33(1):57-71.
[8]刘伟,黄江林.企业资源对新创上市公司创业投资决策的影响:基于创业板制造业的分析[J].科技进步与对策,2016,33(2):86-90.
[9]戴维奇,魏江,余纯国.过往绩效与公司风险投资:高管政治网络的调节效应[J].科研管理,2012,33(1):138-146.
[10]Mohamed A,Schwienbacher A.Voluntary disclosure of corporate venture capital investments[J].Journal of Banking&Finance,2016,68(7):69-83.
[11]Gaba V,Dokko G.Learning to let go:Social influence,learning,and the abandonment of corporate venture capital practices[J].Strategic Management Journal,2016,37(1):1558-1577.
[12]乔明哲,陈忠卫,杜运周,等.国外公司创业投资中组织间学习研究述评[J].管理学报,2012,9(10):1554-1561.
[13]郑丹辉,韩晓燕,李新春.组织冗余与我国民营上市企业风险投资:创始人控制的调节作用[J].财经研究,2013,39(5):62-72.
[14]万坤扬,陆文聪.公司创业投资与企业技术创新:吸收能力、卷入强度和治理结构的调节作用[J].科学学与科学技术管理,2014,35(11):117-128.
[15]万坤扬,陆文聪.公司创业投资组合多元化与企业价值:组织冗余的调节作用[J].经济管理,2014,36(9):156-166.
[16]林子尧,李新春.公司创业投资与上市公司绩效:基于中国数据的实证研究[J].南方经济,2012,30(6):3-14.
[17]乔明哲,杜运周,吴为民.国外公司创业投资的研究现状与未来展望:基于英文期刊文献的分析[J].北京工商大学学报(社会科学版),2014,29(6):63-72.
[18]万坤扬.公司风险投资组合多元化与公司投资者价值创造:基于分位数回归的实证分析[J].商业经济与管理,2015,288(10):39-49.
[19]Wadhwa A,Phelps C,Kotha S.Corporate venture capital portfolios and firm innovation[J].Journal of Business Venturing,2016,31(1):95-112.
[20]Alvaret-Garrido E,Dushnitsky G.Are entrepreneurial venture's innovation rates sensitive to investor complementary assets?Comparing biotech ventures backed by corporate and independent vcs[J].Strategic Management Journal,2016,37(5):819-834.
[21]Chemmanur T J,Loutskina E,Tian X.Corporate venture capital,value creation,and innovation[J].Review of Financial Studies,2014,27(8):2434-2473.
[22]乔明哲,陈德棉,李金良.公司创业投资的薪酬激励问题分析[J].运筹与管理,2012,21(2):192-201.
[23]翟丽,鹿溪,宋学明.上市公司参与公司创业投资的收益及其影响因素实证研究[J].研究与发展管理,2010,22(5):104-112.
[24]Anokhin S,Wincent J,Oghazi P.Strategic effects of corporate venture capital investments[J].Journal of Business Venturing Insights,2016,5(6):63-69.
[25]Sahaym A,Cho S Y,Kim S K.Mixed blessings:How top management team heterogeneity and governance structure influence the use of corporate venture capital by post-ipo firms[J].Journal of Business Research,2016,69(3):1208-1218.
[26]Weber C,Bauke B,Raibulet V.An empirical test of the relational view in the context of corporate venture capital[J].Strategic Entrepreneurship Journal,2016,10(3):274-299.
[27]Galloway T L,Miller D R,Sahaym A.Exploring the innovation strategies of young firms:Corporate venture capital and venture capital impact on alliance innovation strategy[J].Journal of Business Research,2017,71(2):55-65.
[28]Vrande V V D,Vanhaverbeke W.How prior corporate venture capital investments shape technological alliances:A real options approach[J].Entrepreneurship:Theory&Practice,2013,37(5):1019-1043.
[29]Basu S,Phelps C C,Kotha S.Search and integration in external venturing:An inductive examination of corporate venture capital units[J].Strategic Entrepreneurship Journal,2016,10(2):129-152.
[30]Williamson O E.The Economic Institutions of Capitalism[M].New York:Free Press,1985.
[31]Williamson O E.Comparative economic organization:The analysis of discrete structural alternatives[J].Administrative Science Quarterly,1991,36(2):269-296.
[32]David R J,Han S K.A systematic assessment of the empirical support for transaction cost economics[J].Strategic Management Journal,2004,25(1):39-58.
[33]Aghion P,Tirole J.The management of innovation[J].Quarterly Journal of Economics,1994,109(4):1185-1209.
[34]Park H,Steensma H.When does corporate venture capital add value for new ventures?[J].Strategic Management Journal,2012,33(1):1-22.
[35]Gompers P,Lerner J.The determinants of corporate venture capital success:Organizational structure,incentives,and complementarities//Morck R.Concentrated Corporate Ownership[R].Chicago:University of Chicago Press,National Bureau of Economic Research Conference Report,2000.
[36]Robinson D T.Strategic alliances and the boundaries of the firm[J].Review of Financial Studies,2008,21(2):649-681.
[37]Manso G.Motivating innovation[J].Journal of Finance,2011,66(5):1823-1860.
[38]Tian X,Wang T Y.Tolerance for failure and corporate innovation[J].Review of Financial Studies,2014,27(1):211-255.
[39]Guo B,Lou Y,Castrillo D P.Investment,duration,and exit strategies for corporate and independent venture capital-backed start-ups[J].Journal of Economics&Management Strategy,2015,24(2):415-455.
[40]鲁桐,党印.公司治理与技术创新:分行业比较[J].经济研究,2014(6):115-128.
[41]杨德伟.股权结构影响企业技术创新的实证研究:基于我已中小板上市公司的分析[J].财政研究,2011(8):56-60.
[42]Grossman S J,Hart O D.The costs and benefits of ownership:A theory of vertical and lateral integration[J].Journal of Political Economy,1986,94(4):691-719.
[43]Hart O,Moore J.Property rights and the nature of the firm[J].Journal of Political Economy,1990,98(6):1119-1158.
[44]Masulis R W,Nahata R.Financial contracting with strategic investors:Evidence from corporate venture capital backed IPOs[J].Journal of Financial Intermediation,2009,18(4):599-631.
[45]冯根福,温军.中国上市公司治理与企业技术创新关系的实证分析[J].中国工业经济,2008(7):91-101.
[46]Maula M,Murray G.Corporate venture capital and the creation of US public companies:The impact of sources of venture capital on the performance of portfolio companies//Hitt M A,Amit R,Lucier C,et al.Creating Value:Winners in the New Business Environment[M].Oxford:Blackwell Publishers,2002.
[47]Dushnitsky G.Corporate venture capital in the twenty-first century:An integral part of firms'innovation toolkit//Cumming D.The Oxford Handbook of Venture Capital[M].London:Oxford University Press,2012.
[48]Henrichs M.Answering the call[J].Entrepreneur,2002,30(7):19-21.
[49]Keil T,Autio E,George G.Corporate venture capital,disembodied experimentation and capability development[J].Journal of Management Studies,2008,45(8):1475-1505.
[50]Dushnitsky G,Lenox M J.When do firms undertake R&D by investing in new ventures?[J].Strategic Management Journal,2005,26(10):947-965.
[51]Kim K,Gopal A,Hoberg G.Does product market competition drive CVC investment?Evidence from the US IT industry[J].Information Systems Research,2016,27(2):259-281.
(1)本研究得到了江苏高校“青蓝工程”的资助。