财务与创新目标对公司创业投资距离影响研究

Impact of financial and innovation goals on the distance of corporate venture capital investment

现实中的企业往往是拥有多重目标的复杂决策系统,而现阶段的理论探讨多集中于企业对单一目标的响应。本文以公司创业投资(CVC)作为研究情境,探讨公司投资者在财务与创新这两个重要目标上的期望逆差将如何共同作用于CVC投资的地理距离。以2008—2018年进行过CVC投资的A股企业为样本,本文采用双向固定效应模型进行实证分析,结果表明,企业未实现的财务目标推动了CVC远距离投资,未实现的创新目标则抑制了远距离投资。而当两个目标同时出现问题时,如何影响CVC投资的地理距离,则取决于企业拥有的冗余资源和所处行业的成长空间(环境丰裕度)。当企业具有较多冗余资源、较高环境丰裕度时,未实现的财务目标会加强创新期望逆差与CVC投资距离之间的负向关系。相反,当冗余资源较少、环境丰裕度较低时,未实现的财务目标会减弱创新期望逆差与CVC投资距离之间的负向关系。本文不仅从理论上拓展了企业在双重目标下的决策行为,而且有助于我们理解CVC在不同绩效表现状态下的地理策略选择。

Firms are,in reality,often complex decision-making systems with multiple goals,while existing theoretical discussions mostly focus on their responses to a single goal.This paper took corporate venture capital(CVC)as a research context to examine how corporate investors′negative attainment discrepancies on both financial and innovation goals jointly affect the geographic distance of CVC investments.Using A-share listed firms that have made CVC investments from 2008 to 2018 as a sample,this paper made an empirical study and the results showed that firms′unrealized financial goals drive distant CVC investments,while unrealized innovation goals inhibit distant investments.When there are negative attainment discrepancies on both goals,the impact on CVC investments′geographic distance depends on firms′organizational slack and the industry growth potential(environmental munificence).For firms with more organizational slack or higher environmental munificence,unrealized financial goals will intensify the negative relationship between negative attainment discrepancies on the innovation goals and CVC investments′geographic distance.On the contrary,when firms have less organizational slack or operate in less munificent industries,unrealized financial goals will weaken the negative relationship between negative attainment discrepancies on innovation goals and geographic distance.This paper theoretically expanded firms′decision-making under dual goals and will provide new insights into the geographical strategy of CVC investments in different performance feedback conditions.