创业企业知识异质性与公司投资者知识创造

本文基于创业企业知识异质性视角,运用沪深主板62家上市企业2000~2011期间471个公司创业投资(CVC)观测样本所构成的非平衡面板数据,采用负二项回归模型实证检验创业企业知识异质性与公司投资者知识创造之间的关系以及吸收能力、卷入强度对两者关系的调节作用,并进一步研究不同CVC项目治理结构下两者关系的差异。研究发现:创业企业知识异质性与公司投资者知识创造之间存在"U形"关系,吸收能力、卷入强度对此"U形"关系有积极的调节作用。进一步研究发现,创业企业知识异质性与公司投资者知识创造之间在控股型CVC项目治理结构下呈"倒U形"关系,而非控股型CVC项目治理结构下呈"U形"关系。因此,公司投资者应合理选择被投创业企业组合,不断提高自身的吸收能力,建立投资后互动参与式管理机制,精心设计CVC项目并采取相应的管理策略和投资策略。

Entrepreneurial enterprises' knowledge heterogeneity and corporate investors' knowledge creation

From the perspective of entrepreneurial enterprises knowledges heterogeneity(EEKH), the paper utilizes unbalanced panel data consisting of 471 corporate venture capital (CVC) observations from 62 companies listed in the Shanghai and Shenzhen motherboards during the period from 2000 to 2011, and it adopts negative binomial regression model to conduct an empirical study on the relationship between EEKH and corporate investor’s knowledge creation (KC) and the moderating effect of absorptive capacity and investor involvement on that relationship, Further study is also conducted to examine the relationship between EEKH and KC under different CVC program governance structures (CVCPGS). Some conclusions were drawn from the research: A U-shaped relationship could be found between EEKH and KC; and it could be positively moderated by investors’ absorptive capacity and involvement intensity. Further research also shows that an inverted U-shaped relationship could be found between EEKH and KC on holding CVCPGS, while a U-shaped relationship on non-holding CVCPGS. Therefore, established firms are supposed to choose CVC portfolio carefully, improve their absorptive capacity and establish interactive participation management mechanism after investment so as to achieve high involvement relationship. They are also supposed to carefully design CVC programs and take corresponding management and investment strategies.