公司创投与数字企业技术创新：理论机制与经验证据

张任之

（中国社会科学院）

内容提要：作为数字经济的微观载体，数字企业的创新发展对于推动构筑国家竞争优势、抢占新一轮科技革命和产业变革制高点具有十分重要的作用。本文以2010—2019年引入风险投资的中国数字企业为样本，并匹配企业专利申请数据，实证考察公司创投对数字企业技术创新的影响及其作用机制。研究结果表明，公司创投提升了数字企业技术创新水平。机制检验结果表明，公司创投主要是通过资金支持机制、失败容忍机制以及技术赋能机制推动数字企业技术创新水平提升。异质性分析发现，对于计算机通信和其他电子设备制造业、风险投资机构持股比例较高、风险投资机构数量较多以及地区资本市场发展水平较高的数字企业而言，公司创投对数字企业技术创新水平发挥明显的提升作用。本文的研究结论为加快培育公司创投机构、引导风险资本支持数字企业创新提供了重要的启示。

关键词：公司创投；数字企业；技术创新；风险投资；失败容忍；技术赋能

作者简介：张任之，中国社会科学院工业经济研究所副编审，北京，100006。

基金项目：国家社会科学基金青年项目“国有企业工业互联网平台生态系统构建与协同机制研究”（22CGL016）；中国社会科学院登峰战略企业管理优势学科建设项目（DF2023YS25）

引用格式：张任之.公司创投与数字企业技术创新:理论机制与经验证据[J].经济与管理研究,2025,46(3):78-93.

Corporate Venture Capital and Digital Enterprise Innovation: Theoretical Mechanism and Empirical Evidence

ZHANG Renzhi

(Chinese Academy of Social Sciences, Beijing 100006)

Abstract: The innovation activities of digital enterprises exhibit the characteristics of large R&D investment, fast innovation iteration, and high risk of failure, which puts higher requirements on the funding needs of enterprises. Corporate venture capital (CVC), as an important type of venture capital, can provide more targeted resource support for technology-based startups. With the rapid development of digital technology in recent years, CVC has accelerated its transformation and upgrading towards hard technology tracks such as artificial intelligence, high-end chips, autonomous driving, and advanced manufacturing. The investment in startups in the digital economy field is constantly increasing, which sparks in-depth discussions among scholars on this phenomenon: can CVC improve the technological innovation level in digital enterprises? What are the underlying mechanisms? Exploring these issues is of great practical significance for promoting breakthroughs in core technologies in key fields and enhancing the international competitiveness of Chinese digital enterprises.

This paper takes Chinese digital enterprises supported by venture capital from 2010 to 2019 as research samples and matches patent application data from 2007 to 2022 to empirically test the impact of CVC on the technological innovation of digital enterprises and its mechanisms. The findings reveal that CVC is conducive to enhancing the technological innovation level of digital enterprises. Mechanism tests show that this enhancement effect is achieved through funding support mechanisms, failure tolerance mechanisms, and technology empowerment mechanisms. Heterogeneity analysis shows that this enhancement effect is more pronounced among digital enterprises engaged in computer communication and electronic equipment manufacturing, the shareholding ratio of venture capital institutions is higher, the number of participating venture capital institutions is larger, and the regional capital market development is better. The findings may enrich the research in the field of digital enterprise innovation, further improve the channel of corporate venture capital for the technological innovation of entrepreneurial enterprises, and provide valuable policy implications for finance to better serve technological innovation.

The conclusions of this paper provide important insights for accelerating the cultivation of CVC institutions and guiding venture capital to support digital enterprise innovation. First, CVC institutions should increase their investment in digital enterprises to better provide financial and technical support for their innovative development. Second, digital enterprises should meticulously select appropriate CVC institutions to better support their innovative development. Third, the government should actively support and cultivate the development of CVC to more effectively leverage its critical role in facilitating digital enterprises’ technological innovation breakthroughs.

Keywords: corporate venture capital; digital enterprise; technological innovation; venture capital; failure tolerance; technology empowerment

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