企业创新韧性及风险投资的影响:理论与实证

Enterprise innovation resilience and the influence by venture capital:Theory and empirical

当前复杂严峻的内外部环境给企业发展带来前所未有的冲击,如何提升企业创新韧性成为亟待解决的现实问题。本文明确了企业创新韧性的内涵和特征及度量方法,讨论了影响企业创新韧性的内外部因素,从提供冗余资源、缓解融资约束、优化资源配置几个角度分析了影响企业创新韧性的理论机制。为进一步验证,选取风险投资这一影响企业创新韧性的重要变量进行实证检验。以中国创业板2009-2020年上市公司季度数据为样本,合并了企业的专利数据、风险投资、风险投资机构相关数据。研究发现风险投资支持显著提升了企业创新韧性,这种效应因不同企业特征存在异质性。此外风险投资的类别、性质、属地对这种效应发挥了显著的调节作用。基于研究结果提出相关政策建议,为企业在动荡环境中生存和发展提供了有益的参考。

The current complex and severe internal and external environment have unprecedented impacts on enterprises development.Since innovation activities are characterized by high input and long cycle,once the input process is interrupted,it will negatively impact innovation activities continuously.Therefore,improving enterprises innovation resilience has become a real problem to be solved.Reviewing the literature,scholars have conducted many studies on organizational resilience from various aspects,but few studies have discussed the definition of enterprise innovation resilience from the micro level.This paper argues that it is essential to explore the innovation resilience of enterprises which are the main body of innovation,and to enhance innovation competitiveness by effectively buffering risks through self-regulation,adaptation,and learning ability in facing external shocks.Furthermore,enterprise innovation resilience constitutes the innovation ecosystem,which is the key micro-foundation of regional and industrial innovation systems.The paper clarifies the connotation of enterprise innovation resilience and provides new ideas for enhancing its development in the era of knowledge-driven economy.We define enterprise innovation resilience as the ability to mitigate or reduce the negative impact in the face of external shocks and maintain the stability and sustainable development of the innovation system.Then,we examine its flexibility,continuity,and creativity characteristics.Based on the above analysis of firms'innovation resilience,assessing firms'innovation resilience can be developed,which is the basis for targeted interventions.We discuss the advantages and disadvantages of the comprehensive indicator method and the core variable method to measure the firm′s innovation resilience.Enterpriseinnovation resilience relies on the resources and capabilities of the organization, the internal and external factors affecting the innovation resilience of firms are discussed,including firms′ characteristics, external environment, and financing constraints. We analyzed theoretical mechanisms influencingfirms′ innovation resilience from the perspectives of providing redundant resources to enhance the adaptive capacity of innovation strategyadjustment, alleviating financing constraints to maintain the stable capacity of innovation input, and optimizing resource allocation toenhance the recovery capacity of innovation performance. For further validation, venture capital, a significant variable influencingfirms′ innovation resilience, is selected for empirical testing. As the sample, we used the quarterly data of listed companies in ChinaGEM from 2009 to 2020. The patent data, venture capital investment, and venture capital institution - related data of enterprises arecombined. We found that venture capital support significantly enhances firms′ innovation resilience. This effect is heterogeneous byfirm characteristics, with venture capital significantly enhancing the innovation development resilience of foreign - funded firms, privatefirms, small and medium - sized firms, and low R&D intensity. In addition, corporate venture capital, foreign venture capital, andventure capital in southern regions play a significant positive moderating role in this effect. Based on research results, we propose togive high priority to enhancing the innovation resilience of enterprises, industry organizations, and governments. Enterprises should useventure capital as an effective supplementary means of countercyclical adjustment, promote capital market reform and other related policyrecommendations, and jointly form a sound innovation ecology, which may provide helpful references for enterprises′ survival anddevelopment in a turbulent environment.