摘要
运用2010~2016年在我国创业板上市的153家企业的面板数据,探究了风险投资对企业创新投入影响的企业社会资本门限效应,并进一步分析企业社会资本积累水平对企业创新投入与企业绩效关系的影响。研究发现:①风险投资对企业创新投入的影响存在基于企业社会资本的门限效应。当企业社会资本水平较高时,风险投资介入才会对企业创新投入产生显著地促进效应。②企业社会资本可以正向调节风险投资与企业创新投入之间的关系,并且这种正向调节效应会由于企业规模、市场不确定性、所有制类型的不同而有所差异。③企业未来财务绩效并非同等受益于其技术创新活动,随着企业社会资本积累水平的不断提高,其创新投入能够在更大程度上提高未来的财务绩效。
Using the panel data of 153companies listed on GEM in China from 2010to 2016,this study explores the threshold effect of social capital between venture capital and enterprise innovation, and further analyzes the impact of the level of corporate social capital accumulation on the relationship between firm innovation and firm performance.This study indicates that the impact of venture capital on enterprise innovation is based on the threshold effect of corporate social capital.When the level of corporate social capital is high,the venture capital intervention will have a significant promoting effect on the innovation investment of enterprises.The corporate social capital can positively adjust the relationship between venture capital and enterprise innovation,and this positive adjustment effect will be different due to the size of the enterprise,the degree of market uncertainty and the type of ownership. The future financial performance of the enterprise does not benefit equally from its technological innovation activities.As the level of corporate social capital continues to increase,corporate innovation investment can improve the financial performance of the enterprise to a greater extent.
作者
李梦雅
严太华
LI Mengya;YAN Taihua(Chongqing University,Chongqing,China)
出处
《管理学报》
CSSCI
北大核心
2019年第10期1498-1506,共9页
Chinese Journal of Management
基金
国家社会科学基金资助项目(16BJY013)
关键词
风险投资
企业社会资本
创新投入
财务绩效
门限效应
venture capital
corporate social capital
innovation investment
financial performance
threshold effect
