【前沿追踪】基于创业投资的顶刊文献分享

基于创业投资的顶刊文献分享

创业投资（Venture Capital），也被称为风险投资，是指专业投资人员或机构为以高科技为基础的新创公司提供融资的活动。它不仅指资金投入，还包括利用长期积累的经验、知识和信息网络帮助企业管理人员更好地经营企业。在资本市场中，创业投资对于众多初创企业、科研机构等的发展逐渐发挥着越来越重要的作用，但也有很多因素会影响到创业投资作用的发挥。本次围绕“创业投资”的主题，选取近年发表在国外顶刊的4篇文章，探讨创业投资的影响因素及产生的影响效果。如Strategic Management Journal中The inside track: Entrepreneurs' corporate experience and startups' access to incumbent partners' resources一文，认为导致初创公司向老牌公司寻求风险投资并获得其相应资源的差异途径源于创业公司的经理是否曾受雇于同一行业的现有企业。有相应经验的初创公司可以通过与现任公司经理产生关系资本来加速技术知识流向本公司，还可以获得联盟资本，并进一步探讨了以技术和商业化为中心的企业对此的差异。Journal of Financial Economics中Common ownership and innovation efficiency一文，研究了创业投资机构的所有权如何影响其所投资的一系列公司，发现创业投资倾向于通过推迟项目、引导落后的初创公司的创新方向等举措来缩减重复成本，从而提高所投资公司的整体效益。Strategic Management Journal中Venture capital exit pressure and venture exit: A board perspective一文，从董事会视角，研究了风险投资者的退出压力对四种类型风险投资退出(IPO、高价值并购、低价值并购和清算)风险的影响，发现其对IPO风险没有影响，但显著增加了并购风险和清算风险，并进一步探讨了董事会构成如何影响风险投资人退出压力与风险投资人退出之间的关系。Strategic Entrepreneurship Journal中A legitimacy-based view of the impact of government venture capital on startup innovation: Evidence from a transition economy一文则基于合法性视角，论证了政府风险投资支持转型经济体中初创企业发展的社会认知合法性，并指出对其创新活动产生的积极影响。

PART.1

The inside track: Entrepreneurs' corporate experience and startups' access to incumbent partners' resources.

内部路径:创业者的企业经验和初创公司获得现有合作伙伴资源的途径

Keywords:

Entrepreneurship; Innovation; Partnerships; Spin-offs; Venture capital

关键词：

创业；创新；合作；衍生产品；创业投资

Abstract

Research Summary: Startups are increasingly turning to incumbent firms for venture capital, anticipating access to the investor's knowledge and complementary assets. However, startups' eventual access to these resources varies widely. This article highlights one important driver of such variance, whether startups' managers were previously employed by an incumbent in the same industry. Using data from the life sciences, I find that such corporate experience can precipitate technical knowledge flows to startups by enabling the generation of relational capital with incumbent firm managers. It also helps startups navigate incumbents' decision-processes to formalize access to downstream complementary assets via alliances. The former effect is stronger when corporate experience is technology-focused, the latter when it is commercialization-focused. Corporate experience at the investing incumbent firm amplifies informal knowledge-flows but not formal alliances.

Managerial Summary: Startups typically expect corporate venture capital investors to facilitate access to resources these investors' parent companies control. However, such resource-access often does not materialize, with startups struggling to navigate the large, complex organizations within which these resources are located. I identify an important driver of variance in such resource-access. Prior experience working in an established company in the same industry enhances startup leaders' ability to informally tap into corporate investors' technical knowledge, and to formalize alliances to access corporate investors' go-to-market assets. Technology-focused experience is especially helpful with the former, and commercialization-focused experience with the latter. Such access is more likely to enable exit for the startup if the established firm has direct experience in the specific product markets the startup is focusing on.

摘要：

研究总结：初创公司越来越多地向老牌公司寻求风险投资，希望获得投资者的知识和互补资产。然而，创业公司最终获得这些资源的途径差别很大。本文强调了这种差异的一个重要驱动因素，即创业公司的经理是否曾受雇于同一行业的现有企业。使用来自生命科学的数据，我发现这样的公司经验可以通过与现任公司经理产生关系资本来加速技术知识流向初创公司。它还可以帮助初创企业在现有企业的决策过程中导航，通过联盟正式获得下游互补资产。当企业经验以技术为中心时，前者的效应更强，当企业经验以商业化为中心时，后者的效应更强。相比于正式的联盟，在投资公司的企业经验更放大了非正式的知识流动。

管理总结:初创公司通常希望公司风险资本投资者能够帮助他们获得母公司控制的资源。然而，这样的资源通道通常不会实现，因为初创公司很难驾驭这些资源所在的大型、复杂的组织。我确定了这种资源通道中差异的一个重要驱动因素。在同一行业的老牌公司工作的经验增强了创业公司领导者非正式地利用企业投资者的技术知识的能力，并使联盟正式获得企业投资者的上市资产。以技术为中心的经验对前者特别有帮助，而以商业化为中心的经验对后者特别有帮助。如果成熟的公司在初创公司所关注的特定产品市场上有直接经验，那么这种准入更有可能使初创公司实现退出。

文献来源：

Balachandran, S. (2024). The inside track: Entrepreneurs' corporate experience and startups' access to incumbent partners' resources. Strategic Management Journal, 1–34.

PART.2

Common ownership and innovation efficiency

共同所有权和创新效率

Keywords:

Common ownership; Innovation; Venture capital; Healthcare

关键词：

共同所有权；创新；创业投资；医疗保健

Abstract:

How does common ownership affect innovation? We study this question using project-level data on pharmaceutical startups and their venture capital (VC) investors. We find that common ownership leads VCs to hold back projects, withhold funding, and redirect innovation at lagging startups. Effects are stronger where R&D costs are larger, consistent with common owners aiming to cut duplicate costs. Effects are also stronger where technological similarity is greater and preexisting competition is lower, consistent with common owners seeking market power for their surviving projects. Overall, common VC ownership appears to generate social benefits, via improved innovation efficiency, but also social costs.

摘要：

共同所有权如何影响创新?我们使用制药初创公司及其风险投资(VC)投资者的项目层面数据来研究这个问题。我们发现，共同所有权导致风投公司推迟项目，扣留资金，并在落后的初创公司重新定向创新。在研发成本较高的地方，效果更强，这与共同所有者削减重复成本的目标一致。在技术相似度较高、先前存在的竞争较低的地方，影响也更强，这与共同所有者为其幸存的项目寻求市场力量是一致的。总体而言，共同的风险投资所有权似乎通过提高创新效率产生了社会效益，但也产生了社会成本。

文献来源：

Xuelin Li, Tong Liu, Lucian A. Taylor（2023）.Common ownership and innovation efficiency, Journal of Financial Economics, 147(3) , 475-497.

PART.3

Venture capital exit pressure and venture exit: A board perspective.

风险投资退出压力与风险退出:董事会视角

Keywords:

Boards of directors; Entrepreneurship; Exit; Venture capital; Ventures

关键词：

董事会；创业；退出；创业投资；风险投资

Abstract:

Research Summary: Venture capital funds have a limited lifecycle. As the fund ages, venture capitalists (VCs) are motivated to promote venture exit discussions with the venture board. We investigate the impact of VCs' exit pressure on the hazard of four types of venture exit (IPO, high-value M&A, low-value M&A, and liquidation), considering how VCs' exit pressure influences board collaboration. We find that while the VCs' exit pressure does not affect the hazard of IPOs, the pressure significantly increases the hazard of M&A and liquidation. Achieving important milestones does not reduce the impact of exit pressure on the hazard of

low-value M&A and liquidation. Independent directors moderate the impact of the VC's exit pressure, increasing the hazard of high-value M&A and lessening the hazard of liquidation.

Managerial Summary: We investigate whether VCs' exit pressure due to an approaching deadline for fund liquidation influences the time to venture exit and how board composition affects the relationship between VCs' exit pressure and venture exit. Data from a sample of 219 VC-backed U.S. surgical device ventures founded during 1989–2014 suggest that VCs' exit pressure decreases the time to M&A (both high-value and low-value M&A) and liquidation. Boards with more independent directors facilitate high-value M&A and delay liquidation. VCs' exit pressure does not affect the time to IPO. These results provide evidence of the impact of the venture capital fund's finite life on investees other than the VCs and confirm the crucial role of independent directors in managing VCs' exit pressure.

摘要：

研究总结：风险投资基金的生命周期有限。随着基金的老化，风险投资者们(VCs)有动机推动与董事会关于风险退出的讨论。本文研究了风险投资退出压力对四种类型风险投资退出(IPO、高价值并购、低价值并购和清算)风险的影响，并考虑了风险投资退出压力对董事会合作的影响。研究发现，风险投资退出压力对IPO风险没有影响，但风险投资退出压力显著增加了并购风险和清算风险。实现重要里程碑并不会减少退出压力对低价值并购和清算风险的影响。独立董事调节了风险投资退出压力的影响，增加了高价值并购风险，降低了清算风险。

管理总结：我们研究了由于基金清算期限的临近，风险投资人的退出压力是否会影响风险投资人的退出时间，以及董事会构成如何影响风险投资人退出压力与风险投资人退出之间的关系。对1989-2014年间成立的219家由风投支持的美国手术器械企业的样本数据表明，风投的退出压力缩短了企业进行并购(包括高价值并购和低价值并购)和清算的时间。拥有更多独立董事的董事会有利于高价值并购和延迟清算。风投的退出压力并不影响IPO的时间。这些结果提供了风险投资基金有限年限对风险投资公司以外的被投资方产生影响的证据，并证实了独立董事在管理风险投资公司退出压力方面的关键作用。

文献来源：

Yao, T., & O'Neill, H. (2022). Venture capital exit pressure and venture exit: A board perspective. Strategic Management Journal, 43(13), 2829–2848.

PART.4

A legitimacy-based view of the impact of government venture capital on startup innovation: Evidence from a transition economy.

政府风险投资对创业创新影响的合法性视角:来自转型经济的证据

Keywords:

Government venture capital; GVC endorsement; Sociocognitive legitimacy; Startup innovation; Transition economies

关键词：

政府风险投资；GVC支持；社会认知合法性；初创公司创新；转型经济

Abstract:

Research Summary: This study examines the role of government venture capital (GVC) on startup innovation in a transition economy context. Drawing on institutional theory, we advance a contextual view of GVC by proposing that GVC positively impacts the innovation of startups in transition economies by serving as a sociocognitive legitimating endorsement. Furthermore, our study offers a contingent framework by showing that GVC endorsement will be more meaningful for startups deficient in organizational sources of legitimacy, such as political ties and social prestige. Regression analyses using a longitudinal data of Chinese venture-backed biopharma and medical device startups founded during 2002–2017 offer broad support for our theory about the sociocognitive legitimating role of GVC in transition economy contexts.

Managerial Summary: We explore the role of government venture capital (GVC) in promoting startup innovation within transition economies. In such contexts, where startups often face skepticism and legitimacy issues, our research reveals that GVC can play a crucial role by providing socio-cognitive legitimacy. Our study suggests that this “state backing” enables transition economy startups to gain the trust of external knowledge resource holders, enhancing their innovation prospects. Our findings emphasize the significance of GVC as a means of active government intervention for fostering startup innovation, especially for startups deficient in other avenues of legitimacy. This insight is valuable for entrepreneurs and policymakers in transition economy contexts.

摘要：

研究总结：本研究考察了转型经济背景下政府风险投资(GVC)在初创企业创新中的作用。借鉴制度理论，我们提出政府风险投资作为一种社会认知合法化背书，对转型经济体中初创企业的创新产生积极影响，从而提出了政府风险投资的语境观。此外，我们的研究提供了一个偶然的框架，表明政府风险投资的支持对于缺乏组织合法性来源(如政治关系和社会声望)的初创公司更有意义。利用2002-2017年间成立的中国风险投资支持的生物制药和医疗器械初创企业的纵向数据进行回归分析，为我们关于政府风险投资在转型经济背景下的社会认知合法化作用的理论提供了广泛的支持。

管理总结：我们探讨了政府风险投资(GVC)在促进转型经济体初创企业创新中的作用。在这样的背景下，创业公司经常面临质疑和合法性问题，我们的研究表明，政府风险投资可以通过提供社会认知合法性发挥关键作用。研究表明，这种“国家支持”使转型经济初创企业获得外部知识资源持有者的信任，增强了其创新前景。我们的研究结果强调了政府风险投资作为政府积极干预促进初创企业创新的一种手段的重要性，尤其是对于缺乏其他合法途径的初创企业而言。这一见解对转型经济环境下的企业家和政策制定者很有价值。

文献来源：

Devarakonda, R., & Liu, A. (2023). A legitimacy-based view of the impact of government venture capital on startup innovation: Evidence from a transition economy. Strategic Entrepreneurship Journal, 1–36.

本公众号意在分享创新创业顶刊文献，如有侵权请联系我们删除。

图文：马美玉

编辑：李发珍

审核：宁靓、姜忠辉