风险投资如何影响企业创新？——研究述评与展望

《外国经济与管理》 2021年43卷第1期 页码：136 - 152  online：2021年1月9日

风险投资如何影响企业创新？——研究述评与展望

How does Venture Capital Influence Firm Innovation? A Literature Review and Prospects

作者（中）：段勇倩1, 2 *, 陈劲1, 2

作者（英）：Duan Yongqian1, 2 *, Chen Jin1, 2

作者单位：1.清华大学 经济管理学院，北京 100084 2.清华大学 技术创新研究中心，北京 100084

摘要：学界尚未对风险投资与企业创新的关系达成共识，而已有综述又局限于对关系“存在性”的定性解读，缺乏足够的理论和数据支撑去挖掘争议背后的本质原因和具体影响机制。本文结合文献计量学和文献评述的方法，在归纳分析1996—2020年692篇相关主题文献的演化路径和知识图谱的基础上，厘清了该领域在理论视角上的发展脉络和研究主题上的分化趋势，进而引入风险投资完整运作周期的环节和要素，梳理了信号、资源（知识）、制度、激励理论四种视角下风险投资影响创新的机制和路径，总结了个人、公司、政府三类风险投资主体的差异化组织特性、作用方式及影响效果，解构了中宏观环境中发挥调节作用的权变因素。在此基础上，本文最终构建出多维度整合模型，明确了风险投资差异化影响企业创新的先决要素、权变因素、驱动内核，并对未来研究方向进行展望。

关键词：风险投资; 企业创新; 演化路径; 知识图谱; 研究述评; 展望

Summary: With the development of venture capital industry and the success of VC-backed start-ups, more and more scholars have engaged in researches on the role of venture capital in innovation. However, there still exists controversy on this topic, especially on how venture capital influences innovation at firm level. Most reviews attribute these differentiated results to various factors existing in the relationship between venture capital and start-ups, only based on qualitative analysis. Regarding the lack of theoretical support and quantitative evidence in previous research, this paper firstly integrates the bibliometric method into literature review and explores the underlying mechanism behind the influence of venture capital on start-ups. According to the evolutionary path of applied theories and the mapping knowledge of theme topics in 692 related articles, this paper figures out how previous literature reveals the relationship between venture capital and firm innovation from different perspectives of signal theory, RBV (KBV), institution theory and real option theory, and clarifies the differentiated research trends towards PVC (private venture capital), CVC (corporate venture capital), and GVC (government venture capital). In order to make a more comprehensive and solid illustration, this paper sorts out all the critical factors in each phase of venture capital investment cycle as analytical bases, including fundraising, pre-investment selection, investment strategy, post-investment management and exit management. Based on these essential variables, this paper illustrates how venture capital enhances firms’ innovation efficiency by releasing signals to other stake holders, influences firms’ innovation degree and quality through the flow of resources and knowledge, structures firms’ innovation efficiency and pattern via institutional logic, and constraints firms’ innovation quality and pattern due to distorted incentives. Further, the differentiated influential consequences and mechanisms of PVC, CVC and GVC are compared from four theoretical perspectives. The results reveal that PVC plays a dominant role in prompting firms’ innovation degree and efficiency, CVC is the most supportive for firms’ high-quality and exploratory innovation, and GVC can just work as stimulus in venture capital industry but has no direct positive effect on start-ups. Meanwhile, all the influences of venture capital are contingent to the macro and industrial environment. Thus, taking the moderate role of environmental variables into account, this paper finally constructs a holistic model between venture capital and firm innovation at multi dimension, which specifies the prerequisites, contingent factors, central drivers and underlying mechanisms behind the influences of venture capital. On the one hand, this model clearly demonstrates the multiple roles of venture capital in firm innovation, explaining why controversy exists in the related literature. On the other hand, it builds up a comprehensive analytical structure and logical chain for future research, with strong theoretical reference and evidence support.

Key words: venture capital; firm innovation; evolutionary path; mapping knowledge; literature review; prospect

DOI：10.16538/j.cnki.fem.20200714.401

收稿日期：2019-12-19

基金项目：国家自然科学基金应急管理项目（71941026）；北京市社会科学基金重大项目（18ZDL15）

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