企业风险投资、数字化转型与融通创新

摘要/Abstract

摘要： 企业风险投资(CVC)与大型企业的外部创新和创业企业的创新发展均密切相关,在企业创新生态中占据着重要位置,对推动创业企业融通创新发挥着关键作用。本文基于资源基础理论、信号传递理论与委托代理理论,分析CVC对创业企业融通创新的影响以及数字化转型的作用机制。以2011—2022年中小板和创业板具有风险投资背景的上市企业为样本的实证研究发现,CVC介入与持股比例提高将显著提升创业企业融通创新表现,并且CVC可以通过推动创业企业数字化转型,促进创业企业融通创新。CVC能够显著提升高科技创业企业与中小创业企业的融通创新绩效,且底层技术运用机制在高科技创业企业与中小创业企业中显著,而技术实践应用机制仅在中小创业企业中显著。同时,地区知识产权保护能够正向调节CVC对创业企业融通创新的提升效果。研究结论丰富了CVC与融通创新的研究,对政府进一步制定推动融通创新的政策具有重要启示。

关键词: 企业风险投资, 数字化转型, 融通创新, 底层技术运用, 技术实践应用

Abstract: Corporate venture capital (CVC) is related to the external innovation of large enterprises and the innovation and development of SMEs, occupying a crucial position in the enterprise innovation ecosystem and playing a key role in promoting co-innovation of entrepreneurial enterprises. Based on resource-based theory, signal transmission theory and principal-agent theory, this paper analyses the impact of CVC on entrepreneurial enterprises' co-innovation and the mechanism of digital transformation. An empirical study based on the samples of listed companies with venture capital background on the SME board and GEM from 2011 to 2022 finds that the intervention of CVC and the increase in shareholding ratio will significantly enhance the co-innovation performance of the start-ups. Moreover, CVC facilitates digital transformation in these firms, thereby promoting co-innovation. CVC can significantly enhance the co-innovation performance of SMEs and high-tech enterprises, and the underlying technology application mechanism is significant both in high-tech and SMEs, while the practical technology application mechanism is only significant in SMEs. In addition, regional intellectual property protection can positively increase the effect of CVC on entrepreneurial co-innovation. The findings of this paper enrich the research on CVC and co-innovation, providing important insights for government policymakers in further formulating policies to promote co-innovation.

Key words: Corporate Venture Capital, Digital Transformation, Co-innovation, Underlying Technology Application, Practical Digital Technology Application

中图分类号:

F272

王雷, 鹿存旭. 企业风险投资、数字化转型与融通创新[J]. 财经论丛, 2025, 41(8): 62-72.

WANG Lei, LU Cunxu. Corporate Venture Capital, Digital Transformation and Co-innovation[J]. Collected Essays on Finance and Economics, 2025, 41(8): 62-72.

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