风险投资网络位置、投资专业化与企业创新

VC Network Position,Specialization and Innovation Capability

本文探究风险投资网络位置对创新能力的影响以及投资专业化在其中的作用。研究结果表明:首先,风险投资网络位置与被投资公司的创新能力有显著的正相关关系;其次,行业专业化程度会增强风险投资网络位置对创新能力的正向影响;再次,地域专业化程度会减弱风险投资网络位置对创新能力的正向影响;最后,阶段专业化程度会减弱风险投资网络位置对创新能力的正向影响。本研究不仅丰富了现有关于风险投资影响企业创新的研究文献,而且对风险投资实践具有一定指导作用。

This paper explores the impact of the position of venture capital network on innovation capabilities and the role of investment specialization in it.This study concludes as follows.Firstly,the position of the venture capital network has a significantly positive correlation with the innovation capacity of the invested company.Secondly,the degree of industry specialization enhances the positive impact of venture capital network position on innovation capability.Thirdly,the degree of regional specialization reduces the positive correlation of venture capital network position and innovation capability.Finally,the degree of stage specialization also dwindles this kind of positive correlation.The findings of this paper not only enrich the existing research literature about the impact of venture capital on corporate innovation,but also play some certain guiding role for venture capital practice.