客户风险投资的供应链溢出效应——上游企业双元创新视角

Spillover Effect of Customer Venture Capital Along the Supply Chain——The Perspective of Upstream Enterprises Ambidextrous Innovation

本文以A股上市公司供应链关系数据为研究对象,考察客户风险投资对上游企业双元创新的影响。研究发现:客户风险投资具有供应链溢出效应,显著提高了上游企业的双元创新水平。机制检验表明,溢出效应主要通过企业学习机制与市场需求响应机制影响上游企业双元创新。此外,共同股东与客户集中度分别对上述关系起到正向调节作用。异质性检验结果表明,当上游企业客户关系良性程度较高以及融资约束较弱时,溢出效应对双元创新的促进作用更为明显;而当上游企业属于高科技行业时,溢出效应对探索式创新的促进作用更为明显。本文从风险投资供应链溢出视角出发,为企业双元创新提升的新路径提供了理论依据和政策启示。

Using supply chain data of China's listed companies,this study employs a perspective of supply chain spillover effect,to empirically investigate the impacts of corporate customers'venture capital(VC)on their upstream companies'ambidextrous innovation.Results show that corporate customers'VC has a supply chain spillover effect,significantly enhancing the ambidextrous innovation level of upstream enterprises.The mechanisms involve corporate learning mechanisms and market demand response mechanisms.Meanwhile,common shareholders and customer concentration plays a significant and positive moderating role in the relationship.Additional analyses suggest that the main effects are stronger when enterprises have healthy customer relationships and weak financing constraints.Moreover,the spillover effect has a stronger effect on exploratory innovation,when enterprises are in the high-tech industries.This paper provides theoretical foundations and policy implications for new pathways to enhance enterprises'ambidextrous innovation.