CVC投资模式对大公司技术创新绩效影响的实证研究

公司风险投资（Corporate Venture Capital，简称CVC）通常发生在技术变革快速、竞争激烈的行业。大公司利用CVC，可以获取新技术、开拓新市场、识别新机会和发展商业关系，在实现公司技术创新绩效战略目标的同时提升财务绩效。由于投资动机、组织者背景和机制等不同，在实践中形成的不同CVC投资模式在不同程度上影响着大公司技术创新绩效。基于CVC投资模式对技术创新绩效的作用，提出研究假设，并以CVC比较活跃的腾讯、阿里巴巴等12家上市公司2013-2018年参与的918个CVC投资事件为样本，采用T检验和单因素方差分析方法，就CVC投资模式对技术创新绩效的影响进行实证研究。结果表明：①不同CVC投资模式对大公司技术创新绩效的影响存在显著差异；②联盟模式对技术创新投入与产出的影响显著优于附属创投和委托投资模式；③大公司应结合自身资金、经验和风险承受能力选择相应的CVC投资模式。

An Empirical Study of the Impact of CVC Investment Model on the Performance of Large Companies' Technological Innovation

Corporate Venture Capital (CVC) usually occurs in industries with rapid technological changes and fierce competition.Large companies use CVC to acquire new technologies, open up new markets, identify new opportunities and develop new business relationships, and realize big company technology.Innovative performance strategy goals also bring financial performance.Due to the motivation of CVC investment, organizer background and mechanism, the different investment modes formed in CVC investment practice affect the technological innovation performance of large companies to varying degrees.At present, the research on venture capital of large companies at home and abroad rarely involves From this perspective, it is of great theoretical and practical significance to study the impact of CVC investment model on technological innovation performance.This paper proposes research hypotheses based on the impact of CVC investment model on technological innovation performance, and uses T test and T-test and 918 CVC investment events involving 12 active CVC listed companies in Tencent and Alibaba.The one-way ANOVA method empirically studies the impact of CVC investment model on technological innovation performance.The empirical results show that: (1) There are significant differences in the impact of different CVC investment models on the technological innovation performance of large companies; (2) The impact of the alliance model on technological innovation input and output is significantly better than the affiliated venture capital and entrusted investment models.(3) Different CVC investment model selection proposals are proposed for large companies with different capital, experience and risk tolerance.