| SMEs are an important part of China's economic development and the most direct mainstay of China's economic growth.They usually master advanced technologies and promote the development of science and technology;but these enterprises also face serious financing constraints,not only have strong External financial services demand also has urgent corporate governance and technology transformation needs.As a non-traditional investment method,the corporate venture capital can not only provide strong financial support and more effective management and development value-added services for start-ups.At the same time,Compared to independent venture capital institutions,it can also provide start-ups Production technology,industrial resource integration and other help.However,unlike the vigorous development of CVC investment activities in the real world,the research on CVC activities has gradually attracted attention in recent years,and the research results on whether CVC investment can promote the innovation performance of invested companies are also very different.In the past,the related research on CVC is based on the perspective of CVC parent company.This paper turns the research object to CVC invested enterprise,Based on relevant theory,resource-based theory,knowledge base view and organizational learning theory,using the data of 149 listed companies China's GEM,Small and Medium Board.From the innovation input and innovation output of the invested enterprises,studies the influence of the industry competition relationship between the CVC parent company and the invested company on the innovation performance of the invested enterprise and its mechanism of action,Verify whether the involvement intensity exists as a mediator of competition intensity and innovation performance.Make up for the lack of research on the effectiveness of bilateral relationship between the corporate venture capital and new ventures,and enrich the impact of CVC investment activities on the technological innovation of the invested enterprises.At the same time,this paper introduces the degree of intellectual property protection into the impact of corporate venture capital on innovation performance,which greatly make up for the shortcomings in academic research on CVC investment activities in this aspect,and it is beneficial to further research in the field of CVC activities.In addition,we are also concerned about CVC investment the impact of geographical factors and the syndication model to innovative performance,having strong theoretical significance to provide theoretical support and guidance for decision-making of CVC investment.Through empirical research,this paper finds that:(1)The competition intensity positively and significantly affects the innovation investment of CVC invested enterprises,but it has significant inhibition on its innovation output;(2)The competition intensity significantly promotes the CVC parent company's involvement intensity;(3)The involvement intensity has a significant role in promoting the innovation investment and innovation output of the CVC invested enterprise;(4)The involvement intensity plays a partial intermediary role in the relationship between competition intensity and innovation input.That is,the direct effect of competition intensity and the indirect effect through the involvement intensity are significantly positive.But the mediating effect of the involvement intensity on the relationship between competition intensity and innovation output is not significant,and the specific performance is the cover effect,that is the direct effect of competition intensity is significantly negative,and the indirect effect through the involvement intensity is significantly positive.(5)The level of intellectual property protection has a restraining effect on the innovation investment and innovation output of CVC invested enterprises;further research finds that there is a “U-shaped” relationship between the protection of intellectual property rights and the innovation investment of CVC invested enterprises,there is an "inverted U-shaped" relationship between innovation outputs.The level of intellectual property protection significantly inhibits the promotion of competition intensity to R&D investment,and is achieved through a partial intermediary adjustment process that inhibits the involvement of CVC parent companies.The degree of intellectual property protection has a certain degree of reversal effect on the negative relationship between competition intensity and patent output.Finally,based on the conclusions of the research,this paper provides measures and suggestions for the CVC Investment& financing practice and Government decision-making.At the same time,expounds some limitations in the research process.And looking forward to the future research direction. |
PDF Full Text Request