摘要
摘要
科技创新已成为瞬息万变的国内外大环境下维护国家安全、促进经济发展、改善社
会民生的重要支撑。创业企业作为创新、创业活动的重要主体，时常陷入外部融资约束
的困境。公司风险投资（Corporate Venture Capital，简称 CVC）因其投资周期长、失败
容忍度高的特点，逐渐成为创业企业的重要融资渠道。本文从被投资企业的视角展开研
究，通过探索公司风险投资强度对创业企业创新绩效的影响并探索其影响机制，为 CVC
母公司与创业企业的实践提供指导，进而促进国内 CVC市场的可持续发展。
本文以 2009-2019年创业板上市公司中有CVC活动参与的创业企业为研究样本，
通过构建多元回归模型探索 CVC强度、外部融资约束、创业企业创新绩效之间的关系。
实证研究结果表明：CVC强度对创业企业的创新绩效有显著的正向影响；CVC强度能
够明显缓解创业企业面临的外部融资约束，外部融资约束的缓解对创业企业的创新绩效
产生了显著的正向作用；外部融资约束在 CVC强度对创业企业创新绩效的正向影响中
发挥了部分中介作用。在进一步研究中，本文将 CVC母公司和创业企业作为两类博弈
群体，从 CVC母公司的投资导向和创业企业面对不同投资导向 CVC活动的反应出发，
运用演化博弈的方法，探索 CVC活动中 CVC母公司投资导向和创业企业不同融资行为
的演化规律，进而为促进国内 CVC活动可持续发展提出具有针对性的对策。演化博弈
结果显示，CVC母公司不同投资导向和创业企业不同融资行为的博弈系统往往收敛于
理想状态或“不良”锁定状态。理想状态下，CVC母公司和创业企业从 CVC活动中各
取所需，互相成就、实现双赢；“不良”锁定状态则将造成资源浪费、机会浪费等负面影
响，不利于 CVC母公司和创业企业的长远发展。基于以上研究结论，本文从创业企业、
CVC母公司和政府三个角度为促进国内 CVC活动的可持续发展提出了针对性的政策建
议。
本文从 CVC活动的被投资企业视角展开研究，从创新绩效最终将促进企业价值增
值的角度借助托宾 Q值对创业企业的创新绩效进行衡量，在实证分析后运用演化博弈
和仿真分析的方法展开进一步研究，努力从研究对象、衡量方法和研究方法的角度展开
创新。本文丰富了关于 CVC活动的研究思路与方法，拓宽了 CVC活动对创业企业创新
绩效影响机制的理解，并通过进一步研究发现了 CVC母公司不同投资导向和创业企业
不同融资行为博弈的演化规律，为促进国内 CVC活动的可持续发展提出了实际建议。
关键词：公司风险投资强度；外部融资约束；创业企业；创新绩效；演化博弈
I
Abstract
Abstract
Scientific and technological innovation has become an important support for safeguarding
national security, promoting economic development and improving social livelihood in the
rapidly changingdomesticand internationalenvironment. As animportantsubject of
innovation and entrepreneurial activities, entrepreneurial firms often fall into the dilemma of
external financing constraints. Corporate venture capital (CVC) has gradually become an
important financing channel for entrepreneurial firms because of its long investment cycle and
high failure tolerance. This paper studies from the perspective of invested enterprises, explores
theimpactofcorporate venturecapitalstrengthontheinnovationperformanceof
entrepreneurial firms, and explores its impact mechanism, so as to provide guidance for the
practice of CVC parent companies and entrepreneurial firms, and then promote the sustainable
development of domestic CVC market.
This paper takes the entrepreneurial firms with CVC activities in the companies listed on
the GEM from 2009 to 2019 as the research samples, and explores the relationship between
CVC strength, external financing constraints and innovation performance of entrepreneurial
firms by constructing a multiple regression model. The empirical results show that: CVC
strength has a significant positive impact on the innovation performance of entrepreneurial
firms; CVC strength can significantly alleviate the external financing constraints faced by
entrepreneurial firms, and the mitigation of external financing constraints has a significant
positive effect on the innovation performance of entrepreneurial firms. External financing
constraints plays a partial intermediary role in the positive impact of CVC strength on the
innovation performance of entrepreneurial firms. In further research, this paper takes CVC
parent company and entrepreneurial firms as two types of game groups. Starting from the
investment orientation of CVC parent company and the response of entrepreneurial firms to
CVCactivities withdifferent investmentorientations,this paperuses themethodof
evolutionary gameto explore the evolutionlaw of CVCparent company's investment
orientation and different financing behaviors of entrepreneurial firms in CVC activities, and
then puts forwardtargeted countermeasures to promote thesustainable development of
domestic CVC activities. The evolutionary game results show that the game systems of CVC
parent companies with different investment orientations and entrepreneurial enterprises with
different financing behaviors tend to converge to the ideal state or "bad" locking state. In the
ideal state, CVC parent company and entrepreneurial firms take their own needs from CVC
activities, achieve mutual achievements and achieve a win-win situation. The "bad" locking
state will cause negative effects such as waste of resources and opportunities, which is not
conducive to the long-term development of CVC parent companies and entrepreneurial firms.
Based on the above research conclusions, this paper puts forward targeted policy suggestions
to promote the sustainable development of domestic CVC activities from the perspectives of
entrepreneurial firms, CVC parent companies and the government.
This paper studies from the perspective of the invested enterprises of CVC activities,
measures the innovation performance of entrepreneurial firms with the help of Tobin Q value
from the perspective that the innovation performance will eventually promote the value-added
II
Abstract
of enterprises and carries out further research by using the methods of evolutionary game and
simulation analysis after empirical analysis to try to carry out innovation from the perspective
of research objects, measurement methods and research methods. This paper enriches the
research ideas and methods on CVC activities, broadens the understanding of the impact
mechanism of CVC activities on the innovation performance of entrepreneurial firms, finds the
evolution law of different investment orientations of CVC parent companies and different
financing behaviors of entrepreneurialfirms through further research, andputs forward
practical suggestions for promoting the sustainable development of domestic CVC activities.
Key words： Corporateventure capital strength； External financingconstraints；
Entrepreneurial firms；Innovation performance；Evolutionary game
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