产业资本投资创业企业的所有权配置机制研究

Research on the Ownership Allocation Mechanism of Industrial Capital Investment Start-Ups

本文基于资源基础理论和计划行为理论,分析了产业资本的投资能力与投资意愿对获取创业企业所有权的影响。在问卷调查的基础上得出产业资本的投资能力和投资意愿均会对剩余收益权、剩余控制权产生影响;在获取剩余控制权时,产业资本的投资能力和投资意愿之间存在互补作用;不同行业中,产业资本投资能力和投资意愿的互补作用存在不同。相对于传统行业,高技术行业投资能力起主导作用,即具有高投资能力的产业资本更易获得剩余控制权("能者居之");具有低投资能力的产业资本则难以依赖高投资意愿完成并购实现产业长远发展("心余力绌")。传统行业中投资意愿起主导作用,具有高投资意愿的产业资本会收购并控制传统企业。本文创新之处在于从产业资本存量资源背后所具有的能力和意愿出发,挖掘出其在获取创业企业收益权与控制权过程中的内在机制,并进一步从行业异质性入手,发现产业资本进行投资的内在逻辑,为其实现数字化转型提供有益的参考。

In the digital economy environment,informatization,digitization,and intelligence promote the platformization,servitization,and globalization of industrial organization,and at the same time,it has spawned a large number of Internet startups with unique vitality and great development potential.External capital,especially industrial capital,faces an external environment of volatility,uncertainty,complexity and ambiguity,and hopes to achieve digital transformation through mergers and acquisitions,promote industrial integration,and maintain competitive advantages.There are no lack of successful industrial capital mergers and acquisitions in the market,such as Tencent Investment Kuaishou,Didi’s successful acquisition of Bluegogo;However,the resource endowment of industrial capital is not an invincible weapon in the acquisition process.However,the existing research is still limited to the distribution of rights from the perspective of benefits and resources,and fails to further explore the influence mechanism of investors’ability and willingness to provide resources on ownership.In fact,its own investment ability and willingness to invest in industrial capital investment determine the ownership arrangements for the acquisition of start-ups’ownership,but existing studies only explore the impact of resources on the acquisition of ownership,ignoring the inherent mechanism of industrial capital investment ability and willingness on the acquisition of ownership.Based on the resource-based theory and the planned behavior theory,this paper explores the internal mechanism of the influence of industrial capital capacity and willingness input on the ownership arrangements of start-ups’.Taking knowledge resources,relationship resources and financial resources as the measurement dimensions of heterogeneous resources,and market cost,lock-in cost and information cost as the measurement dimensions of transaction cost,this paper constructs the measurement formula of industrial capital investment willingness and investment ability through questionnaire design and survey.Furthermore,the empirical tests show that the investment ability and investment willingness of industrial capital will have an impact on the residual income right and residual control right.There is an interaction between the investment ability and investment willingness of industrial capital when acquiring residual control rights.In different industries,the interaction between investment ability and investment willingness of industrial capital is different.In high-tech industry,investment ability plays a leading role,that is,industrial capital with high investment ability is more likely to obtain residual control right("having ability to do").Industrial capital with low investment ability is difficult to rely on high investment willingness to complete mergers and acquisitions to achieve long-term industrial development("willing but unable").In traditional industries,investment intention plays a leading role,and industrial capital with high investment intention will acquire and control traditional enterprises.Compared with previous research,the possible contributions of this paper are as follows:First,in this paper,from the perspectives of industrial capital investment,based on the resource-based theory and the planning behavior theory,combined with mathematical derivation and theoretical analysis,and expounds the influence mechanism of industrial capital investment ability and investment willingness on the acquisition of startups’ownership,and by using of questionnaire data to test specific influence effects,it provides theoretical guidance for industrial capital to occupy the market and gain competitive advantage through mergers and acquisitions.Second,this paper discovers the heterogeneity of the complementary between industrial capital investment ability and investment willingness in different industries.In traditional industries,the moderating effects of investment capacity is greater,while in high-tech industries,the moderating effects of investment willingness is greater.