授之以鱼，也授之以渔：资源和治理双重赋能视角下CVC与初创企业创新

摘要/Abstract

摘要： 创新是助力初创企业跨越"死亡谷",实现可持续创新发展的重要战略选择。然而,初创企业由于"新生"和"弱小"的劣势,创新资源和治理经验相对不足,制约创新活动顺利推进。CVC是由IVC衍生而来的新型股权融资方式,能够有效缓解初创企业开展创新活动的资源和治理约束。本文以2009-2021年D轮投资之前的上市企业风险投资事件为样本,实证研究CVC对初创企业创新的影响,并验证资源赋能和治理赋能在CVC与初创企业创新之间的作用机制。研究发现:CVC能更好地契合初创企业创新需求,显著地促进初创企业创新。进一步研究表明,CVC通过为初创企业提供财务资源、非财务资源和创新人力资源支持,缓解创新资源约束,实现资源赋能;CVC通过派驻董监高为初创企业提供治理经验和治理决策支持,降低创新制度成本,实现治理赋能。资源赋能和治理赋能是CVC影响初创企业创新的中介变量。这些结论在理论上深化了中国情境下CVC影响初创企业创新的作用效果与作用机制的认识,在实践中为企业开展CVC活动以及创新政策制定提供了有益启示。

关键词: 企业风险投资, 初创企业创新, 资源赋能, 治理赋能

Abstract: Innovation is an important strategic choice to help start-up companies cross the “valley of death” and achieve sustainable innovative development. However, due to the disadvantages of being “new” and “weak”, the innovation resources and governance experience of start-up companies are relatively insufficient, which restricts the smooth progress of innovation activities. CVC is a new equity financing method derived from IVC, which can effectively alleviate the resource and governance constraints of start-up enterprises to carry out innovative activities. This paper takes the venture capital events of listed companies before the D round investment from 2009 to 2021 as samples to empirically study the impact of CVC on start-up companies innovation, and verifies the mechanism of resource empowerment and governance empowerment between CVC and start-up companies innovation. It is found that CVC can better meet the innovation needs of start-up companies and can significantly promote the innovation of start-up companies. Further research shows that CVC alleviates the constraint of innovation resources and achieves resource empowerment by providing financial resources, non-financial resources and innovative human resources support for start-up companies. CVC provides governance experience and governance decision support for start-up companies by appointing directors and supervisors to reduce the cost of innovation system and achieve governance empowerment. Resource empowerment and governance empowerment are the intermediary variables that influence the innovation of start-up companies. These conclusions theoretically deepen the understanding of the effect and mechanism of CVC in the context of China’s start-up companies innovation, and provide useful enlightenment for all kinds of enterprises to carry out CVC activities and make innovation policies in practice.

Key words: corporate venture capital, start-up companies innovation, resource empowerment, governance empowerment

高磊, 孙璐. 授之以鱼，也授之以渔：资源和治理双重赋能视角下CVC与初创企业创新[J]. 管理评论, 2024, 36(3): 96-106.

Gao Lei, Sun Lu. Give Fish and Teach How to Fish: CVC and Start-up Companies Innovation fromthe Perspective of Resource and Governance Empowerment[J]. Management Review, 2024, 36(3): 96-106.

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