研发强度与创业企业突破性创新：风险投资特征与创业失败经历的权变影响

摘要/Abstract

摘要： 内部研发被认为是企业创新的重要内生动力，而风险投资可以为创业企业带来各种资源，有助于其更好地开展创新活动，应对经营过程中的多种挑战。突破性创新对增强企业竞争优势和提高国家竞争力有重要作用。但不同维度的风险投资特征如何影响创业企业研发投入与突破性创新的关系，学术界缺乏充分的研究。本文从参与主体类型和参与程度对创业企业获得的风险投资特征进行了分类，探究了风险投资多样性与风险投资参与度对创业企业研发投入与突破性创新关系的影响机制，并考察了创业者以往创业经历的权变影响。通过对来自战略性新兴产业的277份调查问卷数据进行实证分析，结果发现：创业企业研发强度对突破性创新有显著正向影响，风险投资多样性与风险投资参与度对研发强度和突破性创新的关系均有显著的正向调节作用，而创业者以往失败创业经历负向调节了风险投资对突破性创新的影响，没有创业失败经历的创业者能从风险投资支持中获得更多的积极影响。研究结论拓展了风险投资对企业突破性创新绩效影响机制的理解，为风险投资机构的投资决策和企业创新成长提供了重要的理论依据与实践参考。

关键词: 研发强度, 突破性创新, 创业企业, 风险投资, 创业失败

Abstract: Internal R&D is regarded as the main internal source of enterprise innovation, while venture capital plays a pivotal role in providing diverse resources to support start-ups in carrying out innovative activities effectively and coping with various challenges in the business process. Breakthrough innovation plays an important role in enhancing the competitive advantage of enterprises and improving the competitiveness of countries. However, there is a lack of sufficient research in the academic community on how different venture capital portfolios and participation levels will affect the innovation performance of start-ups, especially in the realm of breakthrough innovation. This paper explores the mechanism of how venture capital diversity and venture capital participation influence the relationship between R&D intensity and breakthrough innovation of start-ups, and examines the contingency impact of entrepreneurs’ previous entrepreneurial experience. An empirical analysis based on 277 questionnaires from the strategic emerging industries show that: the R&D intensity of start-ups has a significant and positive impact on firms’ breakthrough innovation. The diversification of venture capital and the degree of participation of venture capital positively moderate the relationship between R&D intensity and breakthrough innovation. Individual entrepreneurs’ failure experience negatively moderates the impact of venture capital on breakthrough innovation. Namely, those without entrepreneurial failure tend to derive more positive influences from venture capital. The conclusions help to enhance the understanding of the impact of venture capital on breakthrough innovation, provide important theoretical basis and practical reference for the investment decisions of venture capitals and corporate innovation growth.

Key words: R&D intensity, breakthrough innovation, start-ups, venture capital, entrepreneurial failure experience

崔婷, 丁雪辰, 徐晓丹, 柳卸林. 研发强度与创业企业突破性创新：风险投资特征与创业失败经历的权变影响[J]. 管理评论, 2026, 38(4): 131-143.

Cui Ting, Ding Xuechen, Xu Xiaodan, Liu Xielin. R&D Intensity and Breakthrough Innovation Performance of Start-ups—The Contingency Impact of Venture Capital Characteristics and Entrepreneurs’ Failure Experience[J]. Management Review, 2026, 38(4): 131-143.

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