企业风险投资、商业模式塑造与企业绩效:基于CPSEDⅡ的实证分析

Corporate venture capital,business model shaping and enterprise performance:An empirical analysis based on CPSEDⅡ

区别于独立风险投资过度追求财务目标,对于同时兼具财务与战略双重目标的企业风险投资如何影响标的企业绩效现有研究莫衷一是,根本原因在于对其作用机制缺乏深入分析.本研究基于资源战略匹配理论,从商业模式角度分析了企业风险投资对标的企业绩效影响的作用机制及边界条件.基于CPSED II的955家新三板IT企业实证研究发现:企业风险投资会通过商业模式创新维度(而非效率维度)这一中介效用对标的企业绩效产生负向影响,而标的企业股权集中度会对上述中介效应存在调节作用,本研究不仅厘清了企业风险投资对标的企业绩效影响的作用机理,同时也从商业模式视角深化和扩展了公司治理研究.

Different from independent venture capital that focuses mainly on financial performance,corporate venture capital focuses on both financial performance and strategic goal.However,existing researches on how corporate venture capital influences the performance of enterprises are inconclusive.The fundamental reason is the lack of underlying mechanism.Based on resource strategy matching theory,this paper attempted to examine whether the impact of corporate venture capital on the performance of enterprise is via business model.Empirical results using 955 New Third Board IT companies from CPSED II show that the proportion of corporate venture capital would negatively affect the performance of enterprise via the innovation of the business model,and that the concentration of corporate equity moderated such an indirect effect.This study not only identifies the innovation of the business model as a critical mechanism of the impact of corporate venture capital on the performance of enterprise,but also deepens and extends the literature on corporate governance.