风险投资异质性与制造型企业全球价值链嵌入

Heterogeneity of Venture Capital and Global Value Chain Embeddedness of Manufacturing Enterprises

风险投资作为一类既能为企业提供资本支持又能提供增值服务的机构投资者,能够有效地促进被投资企业在全球价值链中的嵌入程度。本文揭示了不同股权背景、不同组织结构的风险投资,对创业企业全球价值链嵌入程度的影响及作用机制。基于制造业企业的实证研究发现,外资背景的风险投资所投企业比无外资背景的风险投资所投企业全球价值链嵌入程度更深,公司风险投资比独立风险投资能更为有效地提升被投资企业的全球价值链嵌入程度,且公司风险投资母公司与被投资创业企业的行业相关性对创业企业的全球价值链嵌入程度的提升有促进作用。进一步分析发现,知识产权保护强度越高,外资风险投资、公司风险投资对创业企业全球价值链嵌入程度的促进作用越低。本研究揭示了异质性风险投资影响制造业创业企业全球价值链嵌入的作用机制,为创业企业通过引入不同背景风险投资,充分利用国际国内两个市场,提升全球价值链嵌入水平,实现更高水平发展提供了决策支持。

Global value chain is one of the most critical chains in the global economic cycle.Due to the shortage of internal resources such as capital and human resources and the impact of external environment such as anti-globalization and uncertain economic policies,the development of Chinese start-ups in the global value chain has been limited to a certain extent.As a kind of institutional investors,venture capital can provide both capital support and value-added services for enterprises,which can effectively promote the embeddedness of invested enterprises in the global value chain.Based on the data of manufacturing enterprises in China’s capital market,this paper explores the differential impact of heterogeneous venture capital on the global value chain embeddedness of Chinese start-ups.Based on the resource-based view,the organizational learning theory,and the institutional isomorphism theory,this paper takes all manufacturing listed companies on the SME board and GEM from 2004 to 2015 as the research samples,and finally sorts out a sample containing 3588 observations by matching with the customs database.Through the multiple regression model,PSM,and the Heckman two-stage model,this paper reveals the impact of venture capital with different equity background and different organizational structures on the embedding degree of the global value chain of start-ups.The results show that foreign venture capital is more conducive to the global value chain embeddedness of invested enterprises than venture capital without foreign background;compared with independent venture capital,corporate venture capital has a stronger role in promoting the embedding degree of the global value chain of enterprises,and the industry correlation between the parent company of corporate venture capital and start-ups has a significant role in promoting the embedding degree of the global value chain of start-ups.Further study finds that the higher the intensity of intellectual property protection in China,the lower the promotion effect of foreign venture capital and corporate venture capital on the global value chain embeddedness of start-ups.The main contributions are as follows:(1)From the perspective of heterogeneous venture capital,this paper analyzes the influencing factors of the global value chain embeddedness of start-ups,which enriches the theoretical research on the influencing factors of global value chain embeddedness.(2)Based on the data of manufacturing industry in China’s capital market,this paper reveals the different effects of venture capital with different organizational structures on the global value chain embeddedness of start-ups.Furthermore,this paper explores the influence mechanism of corporate venture capital on global value chain embeddedness.(3)Based on previous studies,a series of mechanism tests are further carried out to clarify the influence mechanism of venture capital on the global value chain of enterprises.