|
|
|
| Does Private Equity Investment Affect the Company's Innovation Strategy |
| Yuan Zeming1,Liu Guanchen1,Guo Rui2 |
| (1. College of Accounting, Tianjin University of Finance and Economics, Tianjin 300222, China; 2. Department of Strategy and Development, Nankai University, Tianjin 300071, China) |
|
|
|
|
Abstract The relationship between private equity investment and innovation strategies of 2010-2017 IPO companies in Shanghai and Shenzhen is investigated in this study with patent heterogeneity as the entry point from the perspective of substantial and strategic innovation strategies. It is found that private equity participation can effectively increase the overall number of patents: it only significantly enhances the strategic innovation behavior, namely the number of non-invention patents, for companies; in terms of private equity characteristics, private equity with individual investment and local background play a bigger guiding role in strategic innovation. The study further finds that the stop of IPO prevents private equity from guiding strategic innovation while stimulating the positive effects of private equity on substantial innovation. Analysis of economic consequences of heterogeneous innovations of IPO companies reveals that substantial innovation can significantly improve corporate performance while strategic innovation won't boost corporate performance with its attention to and packaging of non-inventive patents.
|
|
Received: 13 March 2019
|
|
|
|
|
|
| [1] 鞠晓生, 卢荻, 虞义华. 融资约束、营运资本管理与企业创新可持续性[J]. 经济研究, 2013.[2]王会娟, 张然. 私募股权投资与被投资企业高管薪酬契约——基于公司治理视角的研究[J]. 管理世界, 2012(9):156-167.[3]LERNER J. Venture capitalists and the oversight of private firms[J]. The Journal of Finance, 1995, 50(1):301-318.[4]MEGGINSON W L, WEISS K A .Venture capitalist certification in initial public offerings[J]. The Journal of Finance, 1991, 46(3):25.[5]HOLMSTRM, BENGT R, KAPLAN S N.The State of U.S. corporate governance: what's right and what's wrong[J]. Social Science Electronic Publishing, 2003, 15(3):8-20.[6]SREN BO NIELSEN. Start-ups, venture capitalists, and the capital gains tax[J]. Journal of Public Economics, 2002, 88(5):1011-1042.[7]GOMPERS P, KOVNER A, LERNER J,et al. Venture capital investment cycles: the impact of public markets[J]. Journal of Financial Economics, 2008, 87(1):1-23.[8]DUSHNITSKY G, LENOX M J.When does corporate venture capital investment create firm value[J]. Journal of Business Venturing, 2004, 21(6):753-772.[9]李九斤, 王福胜, 徐畅. 私募股权投资特征对被投资企业价值的影响——基于2008-2012年IPO企业经验数据的研究[J]. 南开管理评论, 2015, 18(5):151-160.[10] 许昊, 万迪昉, 徐晋. VC与PE谁是促进企业创新的有效投资者[J]. 科学学研究, 2015, 33(7):1081-1088.[11]陆瑶, 张叶青, 贾睿, 等. “辛迪加”风险投资与企业创新[J]. 金融研究, 2017(6):163-179. [12]苟燕楠. 风险投资背景对企业技术创新的影响研究[J]. 科研管理, 2014, 35(2):35-42.[13]王静. 私募股权投资与企业技术创新——来自创业板制造业的经验证据[J]. 科技管理研究, 2017(14).[14]DOSI G, LLERENA P, LABINI M S. The relationship between science, technologies and their industrial exploitation: an illustration through the myths and realities of the so-called European paradox[J]. Research Policy, 2006, 35(10):1450-1464.[15]HALL B H, HARHOFF D. Recent research on the economics of patents[J]. Annual Review of Economics, 2012, 4(1):541-565.[16]TONG T W，HE W,HE Z W,et al. Patent regime shift and firm innovation: evidence from the second amendment to China′s patent law[J].Academy of Management Proceedings. Academy of Management, 2014(1)：14174.[17]黎文靖, 郑曼妮. 实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J]. 经济研究, 2016(4):60-73.[18]余明桂, 回雅甫, 潘红波. 政治联系、寻租与地方政府财政补贴有效性[J]. 经济研究, 2010(3):65-77.[19]乔均,彭纪生.品牌核心竞争力影响因子及评估模型研究——基于本土制造业的实证分析[J]. 中国工业经济, 2013(12):130-142.[20]刘思明, 侯鹏, 赵彦云. 知识产权保护与中国工业创新能力——来自省级大中型工业企业面板数据的实证研究[J]. 数量经济技术经济研究, 2015(3).[21]安同良, 周绍东, 皮建才. R&D补贴对中国企业自主创新的激励效应[J]. 经济研究, 2009(10):87-98.[22]LERNER J, SORENSEN M, STRMBERG P. Private equity and long-run investment: the case of innovation[J]. Journal of Finance, 2011, 66(2):445-477.[23]BRANDER J A, AMIT R, ANTWEILER W. Venture-capital syndication: improved venture selection vs. the value-added hypothesis[J]. Journal of Economics & Management Strategy, 2002, 11(3):30.[24]TIAN X, WANG T Y. Tolerance for failure and corporate innovation[J]. Review of Financial Studies, 2014, 27(1):211-255.[25]IVASHINA V, KOVNER A. The private equity advantage: leveraged buyout firms and relationship banking[J]. Social Science Electronic Publishing, 2011, 24(7):2462-2498.[26]平新乔. 募股权与治理权价值[J]. 经济学动态, 2011(1):36-40.[27]陈工孟, 俞欣, 寇祥河. 风险投资参与对中资企业首次公开发行折价的影响——不同证券市场的比较[J]. 经济研究, 2011(5):74-85.[28]胡志颖, 周璐, 刘亚莉. 风险投资、联合差异和创业板IPO公司会计信息质量[J]. 会计研究, 2012, (070)(7):48-56.[29]KIM H, HOSKISSON R E, WAN W P. Power dependence, diversification strategy, and performance in keiretsu member firms[J]. Strategic Management Journal, 2004, 25(7):613-636.[30]徐子尧, 边维刚, 李迎莹. 私募股权投资对公司治理模式的影响[J]. 财经科学, 2012(7):26-33.[31]张学勇, 廖理. 风险投资背景与公司IPO:市场表现与内在机理[J]. 经济研究, 2011(6):118-132.[32]周煊, 程立茹, 王皓. 技术创新水平越高企业财务绩效越好吗?——基于16年中国制药上市公司专利申请数据的实证研究[J]. 金融研究, 2012(8):166-179.[33]TAN Y, TIAN X, ZhANG C, et al. Privatization and innovation: evidence from a quasi-natural experiment in China[J].Kelley School of Business Research Paper,2014,33. |
|
|
|
