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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。
Based on the heterogeneity of entrepreneurial knowledge, this paper uses the unbalanced panel data of 471 CVC observational samples from 62 listed companies in Shanghai and Shenzhen stock exchanges during 2000 ~ 2011, and uses the negative binomial regression model to empirically test the start-up enterprises The relationship between knowledge heterogeneity and corporate investor knowledge creation as well as the regulation effect of absorptive capacity and involvement intensity on the relationship between the two and further study the differences of the relationship between the two under different CVC project governance structure. The study found that there is a “U-shaped” relationship between knowledge heterogeneity of entrepreneurial enterprises and knowledge creation of corporate investors. Absorptive capacity and involvement intensity play a positive regulatory role in this “U-shaped” relationship. Further research found that the heterogeneity of entrepreneurial firms and the knowledge creation of corporate investors were “inverted U-shaped” under the governance structure of controlled CVC project, while that of non-controlled CVC project was “U-shaped ”relationship. Therefore, corporate investors should rationally choose the portfolio of venture-invested enterprises and constantly improve their absorptive capacity. After the establishment of an interactive participatory management mechanism after investment, carefully design the CVC project and adopt appropriate management strategies and investment strategies.