Technological fit, control rights allocation, and innovation performance of corporate venture capital-backed enterprises

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Venture Capital Pub Date : 2021-04-20 DOI:10.1080/13691066.2021.1905931

Lei Wang, H. Huang, Yunbi An

引用次数: 3

Abstract

ABSTRACT Based on 351 sample observations of companies listed on the Growth Enterprise Market (GEM) and Small & Medium Enterprise (SME) Board in China, this paper analyzes how the technological fit between corporate venture capital (CVC) parent companies and CVC-backed start-ups is related to CVC-backed start-ups’ innovation performance, as well as the mediating role of the allocation of control rights within CVC-backed start-ups in explaining the relationship. We find that technological fit has a positive effect on CVC-backed start-ups’ innovation inputs, while it has an inverted U-shaped relationship with start-ups’ innovation outputs. Technological fit also has a positive effect on the control rights acquired by CVCs, while the control rights allocation has no significant effect on innovation inputs, but significantly promotes innovation outputs. This suggests that the impact of technological fit on CVC-backed start-ups’ innovation performance arises from both the direct effect of technological fit and the mediating effect of the control rights acquired by CVCs.

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技术契合度、控制权配置与企业风险投资支持下的创新绩效

本文基于351家中国创业板和中小企业板上市公司的样本观察，分析了企业风险投资(CVC)母公司与CVC支持的初创企业之间的技术契合度对CVC支持的初创企业创新绩效的影响，以及CVC支持的初创企业内部控制权配置在解释这一关系中的中介作用。研究发现，技术契合度对cvc支持的创业公司的创新投入有正向影响，而与创业公司的创新产出呈倒u型关系。技术匹配对企业获得的控制权也有正向影响，而控制权配置对创新投入没有显著影响，但对创新产出有显著促进作用。这表明，技术契合度对cvc支持的初创企业创新绩效的影响既来自于技术契合度的直接作用，也来自于cvc获得控制权的中介作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Venture Capital BUSINESS, FINANCE-

CiteScore

4.10

自引率

16.70%

发文量

期刊介绍： Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy