Abstract: Innovation is the primary driving force, and entrepreneurial enterprises are an important source of economic growth and technological progress. However, at present, enterprises are facing the impact of weak global economic growth and market saturation, etc. The development of digital economy not only brings opportunities to enterprises, but also magnifies the uncertainty of the market, making small and medium-sized enterprises have urgent innovation needs but struggle to survive. How to reduce the negative impact of external shocks on the innovation of entrepreneurial enterprises and improve the innovation enthusiasm and innovation ability of small and medium-sized entrepreneurial enterprises under the external uncertainty and internal constraints? This paper believes that it is far from enough to only pay attention to static innovation output and innovation input, and it is necessary to start from the source, go deep into the innovation process of enterprises, and pay attention to the continuous and dynamic innovation resilience of enterprises.
As a special venture capital that can penetrate into the innovation process of enterprises, corporate venture capital (CVC), a special equity investment, can not only provide funds to improve the innovation investment of enterprises, or provide value-added services to improve the innovation performance of enterprises, but also have the ability to predict and cope with risksas well as anticipate and follow future opportunities. It can help entrepreneurial enterprises to quickly realize the phased innovation results to carry out the next round of innovation. The positive effect of CVC on the innovation of the investee has been confirmed by scholars at home and abroad, but the impact of CVC on the innovation resilience of the investee has not been studied deeply in the dynamic innovation process.
In the theoretical analysis part, this paper divides the achievement of innovation resilience into three stages: survival, recovery and breakthrough, and then explores the impact of CVC on the innovation resilience of dynamic investee enterprises one by one at the three stages. In order to further analyze the conditions for the impact of venture capital on the innovation resilience of the invested enterprises, this paper, under the framework of synergy theory, defines that the achievement of synergy effect requires both objective basis and subjective willingness of cooperation between the partners, and starts from the perspectives of efficiency of sharing and absorbing technical knowledge, mutual trust and enthusiasm of cooperation. This paper studies the influence of technological fit between parent company and investee firm on innovation resilience of investee firm, the threshold role of parent company control and R&D efficiency, and the regulatory role of total factor productivity of investee firm.
In view of the fact that mass entrepreneurship and innovation were first proposed in China in 2014, this paper selects 281 listed companies which carried out IPOs in the GEM from 2015 to 2018 as samples, with the time range from 2015 to 2020. Quantile regression, threshold regression, moderating effect analysis and heterogeneity analysis are used in the empirical analysis, and the robustness and endogeneity of the empirical results are tested. The research results show that CVC can significantly improve the innovation resilience of investee enterprises, and the technological fit between the parent company of CVC and the investee enterprises positively affects the innovation resilience of investee enterprises. The relationship between venture capital investment, technology fit and innovation resilience of investee shows heterogeneity based on external environment. The control right of parent company and R&D efficiency of investee enterprises play a first-order threshold role in the relationship between technology fit and innovation resilience of investee enterprises. TFP positively regulates the relationship between technology fit and innovation resilience of investee firms. Finally, the paper puts forward corresponding countermeasures and suggestions for the parent company of venture capital, venture enterprises and related departments.

Key words: Innovation Resilience, Corporate Venture Capital, Technology Fit, Threshold Effect

摘要： 以协同理论为基础,分析了公司创业投资(CVC)及技术契合度对被投资企业创新韧性的影响,进一步探究了CVC母公司控制权、被投资企业研发效率在双方技术契合度与被投资企业创新韧性关系中的门槛效应,以及被投资企业全要素生产率的调节效应,并以2015—2018年在创业板IPO的281家上市企业为样本进行了实证检验。研究结果表明:CVC能够显著提升被投资企业创新韧性,母公司与被投资企业的技术契合度正向影响被投资企业创新韧性;CVC、技术契合度与被投资企业创新韧性的关系表现出基于外部环境的异质性;母公司控制权、被投资企业研发效率在技术契合度与被投资企业创新韧性关系中起到一阶门槛作用;全要素生产率正向调节技术契合度与被投资企业创新韧性的关系。最后,针对CVC母公司、创业企业以及相关部门提出了相应的对策建议。

关键词: 创新韧性, 公司创业投资, 技术契合度, 门槛效应