公司创业投资（CVC）是当前创投领域的热点话题，对优化资本市场资金配置，促进企业高质量发展起着关键性作用。本文以2008—2018年我国A股上市公司为研究对象，考察与验证CVC对同业企业的溢出效应，以期确认CVC的外部创新激励作用。研究结果表明：（1）CVC与同业创新水平呈显著正相关，溢出效果存在；（2）探究其影响机制，投资公司创新是溢出效应产生的可能路径和关键节点；（3）进一步研究发现，CVC驱动同业创新的效应存在明显的场域特征，主要发生于行业经营风险低、市场化程度高的情境下。文章将CVC与溢出效应相结合，不仅拓展了CVC的理论框架，为CVC的功能呈现创造了新思路，为CVC的经济后果研究提供了新视角，同时为优化国家投融资政策、赋能行业协同创新提供经验证据，对企业践行创新驱动发展战略、助力双循环发展新格局亦具有参考意义。
Abstract
Under the increasingly complex and volatile market environment, sustained value creation capabilities and competitive advantages are crucial and essential for enterprises. Technological innovation is regarded as an important method for enterprises to maintain their competitive advantages and market position. Nevertheless, enterprises are facing the dilemma of new technology exploration and development due to the lack of innovation resources and insufficient endogenous power mechanisms. More and more large enterprises are trying to conduct Corporate Venture Capital (CVC) programs, seeking external sources of innovation to make up for the R&D activities within the organization. CVC is an equity investment directly or indirectly provided by non-financial companies to start-up companies, which is an effective path for companies to explore innovative technologies and business models. China introduced the pattern of CVC in the 20th century. After more than two decades of development, CVC in China has begun to shape. In 2020, the total amount of CVC in China exceeds 200 billion yuan, becoming the backbone of the venture capital market that cannot be ignored. As a capital link between invested and investee companies, the significance and value of CVC has been confirmed, covering many functions such as technology innovation, capability development, market articulation and ecological construction. However, existing studies mainly focused on the micro-level impact of CVC on individual companies (investors and investees). Whether such a large-scale CVC has external spillover effects and what is the function of CVC at the meso-level have not been extensively studied.
Based on A-share listed companies from 2008 to 2018, this paper examines the external spillover effects and spillover paths of CVC by using the data in the CV source database. The results show that: (1) CVC has significantly improved the innovation performance of peer companies, that is, the spillover effect is manifested as a positive contribution to the innovation level of peers. (2) Investor innovation (focal enterprise innovation) is a possible path for the spillover effect. The spillover effect encourages peer enterprises to innovate through dynamic competition, demonstration and imitation. Peer innovation capabilities will be continuously activated under the combined effects of passive adaptation and active learning. (3) The degree of CVC spillover effects varies in different business environment and market backgrounds. The spillover effect is significant in the situation of low industry competition and high regional marketization.
Compared with existing studies, the main contributions of this research include the following aspects: (1) Expanding the scope of influence for CVC investment. The concept of spillover was introduced for the first time in the field of corporate venture capital, providing a new perspective on the impact of CVC for the operating behavior of peer companies. (2) Providing incremental contributions to the functional research of CVC. This paper elevates the function of CVC to the meso-level, and continue to empower the innovation level of the industry with the resource sharing and collision, technological innovation and reorganization. (3) It reveals the dual influence channels of CVC on peer innovation. This paper explains the transmission mechanism of CVC spillovers through dynamic competition, demonstration and imitation, and identifies the field and background of CVC spillovers. Meanwhile, the conclusion provides a theoretical basis for optimizing the national investment and financing policies as well as promoting collaborative innovation in the industry. (4) The intrinsic connection between corporate investment behavior and innovation activities is clarified. This paper places the conception of investment and innovation in a two-way interactive logic system, motivating companies to engage in venture capital and guiding more CVC funds to invest in innovation. It provides valuable enlightenment for enterprises to implement innovation-driven development strategies in the context of economic transformation, which is conducive to the new pattern of double-cycle development.
关键词
公司创业投资（CVC） /
同业创新 /
溢出效应
Key words
corporate venture capital (CVC) /
peer innovation /
spillover effect
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基金
国家社会科学基金项目：“混合所有制改革的双向混合与提升企业风险承担能力”（18BGL085，2018—2022）；江苏高校“青蓝工程”（2022—2025）。
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