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

Corporate Venture Capital Portfolio Diversification and Corporate Investors Value Creation: An Empirical Analysis Based on Quantile Regression Model

文章基于沪深主板78家上市企业2000-2012期间686个企业观察样本所构成的非平衡面板数据,在控制了企业规模、年龄、资本支出、营收增长率、行业平均Q值等因素后,基于分位数回归模型检验公司风险投资组合多元化与公司投资者价值创造之间的关系以及组织冗余对两者关系的调节作用。研究发现:只有具备一定企业价值水平的公司投资者才可能通过公司风险投资来实现价值创造,并且公司风险投资组合多元化与企业价值创造之间存在复杂的"U形"关系;组织冗余对"U形"关系有积极的调节作用,但企业价值水平不同,则调节效应大小不同,实现价值创造的公司风险投资组合多元化临界值也就不同。因此,企业根据自身资源禀赋(价值水平和组织冗余)来选择差异化公司风险投资策略。

Based on the unbalanced panel dataset including 78 listed companies in the Shanghai and Shenzhen motherboards, with 686 firm-year observations from 2000 to 2012 and by controlling the factors of firm size, firm age, capital expenditure, sales growth, industry average Q and so on, the paper adopt quantile regression model to conduct an empirical study on the relationship between corporate venture capital portfolio diversification （CVCPD） and corporate investor＇s firm value （CIFV） as well as the mod- erating effect of organizational slack（OS）. Some conclusions were drawn from the research： established companies make use of cor- porate venture capital to realize value creation only under the conditions that the corporate investor has had a certain level firm val- ue, and there exists a U-shaped relationship between CVCPD and CIFV. Furthermore, the U-shaped relationship was moderated positively by the corporate investor＇s OS. However, the different corporate investors＇ firm value level the different moderating effects of the OS, so the different extreme points of CVCPD. So the incumbent firms should adopt different investment strategies in line with the level of OS and firm value.