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

被引：18

作者：

王雷

周方召

机构：

[1] 江南大学商学院

来源：

科学学与科学技术管理 | 2017年 / 38卷 / 10期

关键词：

公司创业投资; 互补性资产; 独立创业投资; 技术创新; 倾向评分匹配;

D O I：

暂无

中图分类号：

F272 [企业计划与经营决策]; F832.51 [];

学科分类号：

1201 ;

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。

引用

页码：120 / 134

页数：15

共 32 条

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