异质性创投机构联合投资与企业技术创新

Heterogeneous Venture Capital Syndication and Enterprise Technological Innovation

如何引导金融资本服务实体企业创新发展,是中国当前经济发展中的重要战略问题。本文从单一创投组织形式的治理弊端出发,以联合创业投资团队中公司创投机构与独立创投机构的结构互补为切入点,基于1998—2018年有联合创业投资支持的A股上市公司数据,研究异质性创投机构联合投资对被投企业技术创新的影响差异及其内在机制。研究发现,公司创投机构与独立创投机构共同持股的企业技术创新水平更高,表现为专利申请数量的提升。机制检验表明,异质性创投机构联合投资通过失败容忍和专业赋能缓解了创投双方的代理冲突,促进了差异化资源的流动和整合,发挥了互补性资源整合下的治理增值效应。拓展性分析表明,异质性创投机构联合投资在各投资机构的持股比例更低、非政府背景创投机构领投时对企业技术创新的正向作用更明显,进一步验证了本文关于机制渠道的相关论述。此外,异质性分析显示,上述效应在公司创投机构领投、被投资企业成熟度较高以及资本市场丰裕度较高时更显著。本研究从创业投资视角揭示了公司战略决策的治理相关因素,为构建富有成效和活力的创新生态体系、促进企业高质量发展提供启示。

How to guide financial capital to serve the innovation and development of real enterprises is an important strategic issue in China's current economic development.Starting from the disadvantages of governance in a single form of venture capital organization,this paper empirically tests the effect and mechanism of heterogeneous venture capital syndication as an informal compensation strategy on improving the effectiveness of venture capital governance and stimulating innovation in the real economy by taking the structural complementarity of corporate venture capital and independent venture capital in joint venture capital teams as an entry point.Taking A⁃share listed companies that received co⁃investment from 1998 to 2018 as samples,the research shows that the co⁃invested enterprises that received both enterprise venture capital and independent venture capital have higher innovation performance,which is reflected in the increase in the number of patents.The mechanism test shows that the heterogeneous combination of enterprise venture capital and independent venture capital has double introduction effect.(1)Heterogeneous venture capital syndication of corporate venture capital and independent venture capital can reduce the agency conflict between venture capital institutions and venture enterprises,alleviate the short⁃sighted behavior of venture capital,improve the failure tolerance of venture capital teams,provide more time and opportunities for R&D personnel,and help stimulate and cultivate the innovation output of enterprises.(2)Heterogeneous venture capital syndication of corporate venture capital and independent venture capital reduces the resource dependence of enterprises on the parent company of corporate venture capital,balances the unequal status of the parties,alleviates the potential opportunistic behavior of the parent company to a certain extent,reduces the defensive instinct of enterprises,and enhances the willingness of enterprises to invest in innovation.(3)Heterogeneous venture capital syndication of corporate venture capital and independent venture capital is conducive to promoting the flow of experience and knowledge of different investment entities,improving the professional ability of venture capital teams,and stimulating the innovation potential of enterprises.In addition,the expansion analysis shows that the heterogeneous venture capital syndication has a more obvious positive effect on the technological innovation of enterprises when the shareholding proportion of each investment institution is lower and the venture capital with non⁃government background lead the investment,which further validates the relevant discussion on mechanism channels in this paper.Heterogeneity analysis shows that the positive effect of syndication by heterogeneous venture capital on technological innovation is more significant when CVC leads the investment,the investee enterprises are more mature and the capital market is more abundant.The main contributions of this paper are as follows:Fist,from the perspective of heterogeneity of co⁃venture capital structure,this paper studies the dual introduction effect of co⁃ownership by corporate venture capitals and independent venture capitals,which enriches and develops the research on co⁃venture capital performance under the institutional embedment of emerging markets.Secondly,from the two dimensions of failure tolerance and professional ability of venture capitals,this paper puts forward the strategic value of venture capital structure heterogeneity.Compared with the homogeneous combination of venture capital,the structural heterogeneous combination is conducive to giving play to the value⁃added effect of governance under the integration of differentiated resources,alleviating the short⁃sighted behavior of venture capitals,promoting the flow and integration of differentiated resources,and promoting the technological innovation of enterprises.The mechanism test of this paper provides inspiration for a deep understanding of the incentive mechanism of enterprise innovation and the governance role of venture capitals.Finally,from the perspective of venture capital,this study reveals the governance related factors of corporate strategic decision⁃making,which can provide enlightenment for building an effective and dynamic innovation ecosystem and promoting high⁃quality development of enterprises.