创新活动具有风险高、投入大、时间长且产出难以衡量的特点，需要资本的长期支持，风险投资在培育企业创新的资本中逐渐占据一席之地。公司风险投资和独立风险投资在培育企业创新层面存在异质性，独立风险投资在提供稳定资金和企业培育层面更有优势，公司风险投资在商业能力构建和容忍失败层面更加突出。联合风险投资通过分散风险、优势互补和认可效应提升被投资企业的创新绩效，但公司风险投资和独立风险投资机构的投资动机、薪酬机制、组织结构和资源禀赋都有显著的不同，以往研究并没有考虑联合风险投资中CVC和IVC的异质性，因此将CVC和IVC的联合投资引入风险投资“辛迪加”领域十分必要。本文着眼于CVC和IVC的异质联合检验视角，研究了联合风险投资对被投资企业创新的影响。本文首先梳理国内外风险投资领域的研究文献，阐述理论基础，进行理论分析并提出相应假设，选取2005年-2020年A股上市公司和2000年-2022年所有的风险投资事件作为样本，采用PSM-DID模型进行实证回归检验。研究发现：（1）公司风险投资与独立风险投资的联合投资对被投资企业创新的促进作用更强。（2）公司风险投资与独立风险投资的联合投资通过降低被投资企业的资源阻隔程度，提升市场认可程度，进行风险分散提高失败容忍度，进而促进被投资企业的技术创新。（3）CVC和IVC的持股比例越接近，投资决策越同步，CVC和IVC联合投资对被投资企业创新的促进作用越强。（4）投资机构总持股比例较高时，CVC和IVC联合投资对被投资企业创新的促进作用并未明显提升；无论是对比单一投资还是无投资的样本，CVC和IVC联合投资对被投资企业创新的促进作用均更强。（5）民营性质的被投资企业，科创板上市的被投资企业，CVC和IVC联合投资对被投资企业创新的促进作用更强。在经过一系列的稳健性检验和内生性检验后，结论依然成立。本文对投资机构选择投资合作伙伴并进行恰当的投资策略提供了经验借鉴，对被投资企业合理安排风险投资活动提供了参考意见，对政府部门促进风险投资行业的发展和提高对企业的创新支持效率有一定的参考价值。
Innovation activities have the characteristics of high risk, large investment, long time, and difficult to measure the output, which requires long-term support of capital, and venture capital gradually occupies a place in the capital to cultivate corporate innovation. There are differences between corporate venture capital (CVC) and independent venture capital (IVC) in cultivating corporate innovation. IVC has more advantages in providing stable funds and cultivating enterprises, and CVC is more prominent in building business capabilities and tolerating failure. Venture capital syndication enhances the innovation performance of invested enterprises through risk diversification, complementary advantages, and recognition effects. However, there are significant differences in investment motivation, salary mechanism, organizational structure and resource endowment between CVC and IVC. Previous studies have not considered the heterogeneity of CVC and IVC in venture capital syndication, so it is necessary to jointly introduce the heterogeneity of CVC and IVC into venture capital syndication. This paper studies the influence of venture capital syndication on the innovation of invested enterprises from the perspective of joint effect test of CVC and IVC.This paper first sorts out the research literature in the field of corporate venture capital at home and abroad, expounds the theoretical basis, conducts theoretical analysis, and proposes corresponding assumptions. It selects A-share listed companies from 2005 to 2020 and all venture capital events from 2000 to 2022 as samples, and uses the PSM-DID model for empirical regression. The findings are as follows: (1) The heterogeneous combination of CVC and IVC has a stronger promoting effect on the innovation of invested enterprises. (2) The heterogeneous combination of CVC and IVC promotes innovation of invested enterprises by reducing the degree of resource barrier, enhancing market recognition and diversifying risks. (3) The closer the shareholding ratios of CVC and IVC are, the more synchronous the investment decisions are, and the stronger the promoting effect of joint investment on the innovation of the invested enterprise. (4) When the total shareholding ratio of investment institutions is high, the joint investment of CVC and IVC does not significantly enhance the promoting effect of innovation on the invested enterprises. Both CVC and IVC joint investment have a stronger promoting effect on the innovation of the invested enterprise, whether compared to the sample with a single investment or without investment. (5) For privately-owned invested enterprises and those listed on the STAR Market, joint investment has a stronger promoting effect on the innovation of the invested enterprises.After a series of robustness tests and endogenous tests, the conclusion still holds. This paper provides experience for investment institutions to choose investment partners and make appropriate investment strategies, provides reference opinions for invested enterprises to reasonably arrange venture capital activities, and has certain reference value for government departments to promote the development of the venture capital industry and improve the efficiency of innovation support for enterprises.
