CAJ | 학술논문

把公司创业投资(CVC)的相关三方(老牌企业、CVC项目、CVC投资的创业企业)纳入整体框架，聚焦于研究CVC投资组合公司数量对企业技术创新的影响以及吸收能力、卷入强度和CVC项目治理结构对两者关系的调节作用。基于沪深主板62家上市企业2000-2011年期间进行的471次CVC投资活动所构成的非平衡面板数据，采用负二项回归模型进行了实证检验。研究发现：CVC投资组合公司数量与企业技术创新之间存在线性关系而不是倒U型关系，老牌企业的吸收能力、卷入强度对两者的关系具有积极的调节作用。同样的CVC投资组合公司数量，吸收能力越高的企业技术创新效率越高；在低卷入强度下，CVC投资组合公司数量与企业技术创新之间的关系甚至被反转为负相关。
파공사창업투자(CVC)적상관삼방(로패기업、CVC항목、CVC투자적창업기업)납입정체광가，취초우연구CVC투자조합공사수량대기업기술창신적영향이급흡수능력、권입강도화CVC항목치리결구대량자관계적조절작용。기우호심주판62가상시기업2000-2011년기간진행적471차CVC투자활동소구성적비평형면판수거，채용부이항회귀모형진행료실증검험。연구발현：CVC투자조합공사수량여기업기술창신지간존재선성관계이불시도U형관계，로패기업적흡수능력、권입강도대량자적관계구유적겁적조절작용。동양적CVC투자조합공사수량，흡수능력월고적기업기술창신효솔월고；재저권입강도하，CVC투자조합공사수량여기업기술창신지간적관계심지피반전위부상관。
Having taken all three parties involving the corporate venture capital(CVC) investment (Incumbent firms, CVC program, and the entrepreneurial enterprises) into the whole framework, the paper focuses on studying the influence of the magnitude of CVC portfolio on corporate investor's technology innovation and the moderating effect of absorptive capacity, involvement intensity and CVC program government structure on their relationship. After using negative binomial regression model to conduct an empirical study based on unbalanced panel data which take samples from 471 entrepreneurial enterprises receiving CVC investment from 62 listed companies in the Shanghai and Shenzhen motherboards during the period from 2000 to 2011, this paper draws the following conclusions: (1) there remains an positive linear relationship rather than inverted U-shaped relationship between the magnitude of CVC portfolio and the patent count, our proxy for technology innovation, and positively modera-ted by the investor's absorptive capacity and involvement intensity; (2) The same number of CVC portfolio compa-nies, the higher the absorptive capacity the higher of corporate investor's technology innovation efficiency; with low involvement, the positive linear relationship between the magnitude of CVC portfolio and technology innova-tion was inverted to completely negative.