随着我国进入高质量发展阶段，产业升级面临着机遇与挑战。产业投资（Corporate Venture Capital，CVC）作为VC投资的一种创新手段，是推动新质生产力的重要方式。CVC这种投资模式在海外市场经历过跌宕起伏后被市场广泛接受，在我国发展时间虽然不长，但陆续开始在投资市场中具有举足轻重的地位。CVC投资模式吸引诸多海内外学者对其开展研究，研究表明，CVC参与可以帮助母公司科技创新发展、产业升级，并提供更多元化的退出方式。本文聚焦探讨“产业投资（CVC）投资投资周期及退出策略”，在现阶段具有较强的创新性。 本文采用实证分析的研究方法，以2010年至2022年在我国的一级股权投资项目为样本案例，通过使用最小二乘法（Ordinary least square, OLS）对CVC投资对被投企业投资周期和退出进行研究。通过异方差稳健性检验（Robustness test）、增加宏观和微观变量、倾向评分匹配（Propensity matching score，PSM）检验方式对模型中潜在的内生性问题在一定范围内进行缓解。本文通过上述研究方法发现，第一，CVC投资会延长被投企业的投资周期，尤其是注册资本较大的被投企业，这一发现与学者们研究得出的结论保持一致。第二，在全行业样本中有CVC投资的被投企业对成功退出概率无显著性影响，这里包括通过IPO退出及MA退出两种模式。第三，在互联网行业中， CVC投资参与有助于被投企业成功退出，呈正显著相关，尤其是注册资本小的企业。可能因为我国通过IPO退出的互联网企业样本有限，CVC投资对IPO成功退出无显著相关性，对并购成功退出成正显著相关。最后，上述结论在稳健性检验中依旧是保持一致的， 在一定程度上增加了模型的稳定性，缓解了内生性潜在问题。 基于上述研究发现得到一定的启发与建议，例如对地方政府政策建议、投资机构建议及科创企业建议。建议可以通过自身情况积极引入CVC产业投资这种长期资本的模式，与IVC共同助力地方政府在产业上的扩展与升级。
As China enters a phase of high-quality development, the phase of industrial upgrade faces both opportunities and challenges. Corporate Venture Capital (CVC), an innovative form of VC investment, plays a crucial role to drive new quality productive forces. After experiencing cycles in the international market, CVC investment method has gained widespread acceptance, and although CVC investment in China is yet long-established, it has begun to play a significant role in the investment market. The CVC investment concept has attracted considerable amount of research interests among scholars domestically and internationally, indicating that CVC participation can aid parent companies in technological innovation, industrial upgrading, and provide a more diverse range of exit strategies. This paper focuses on exploring "The analysis of CVC participation on the investment cycle and exit strategies," a topic that currently holds significant innovative potential.Through empirical analysis, this paper adopts equity investment projects and cases in China from year 2010 to 2022, and investigates the impact of CVC investments on investment duration and exit strategies by employing Ordinary Least Square (OLS) method. The study addresses potential endogeneity issues within a certain range through robustness tests, the inclusion of macro and micro variables, and Propensity Score Matching (PSM) tests. The findings reveal the following: firstly, CVC investment will lengthen the investment period for investee companies, especially for companies with large registered capital, aligning with conclusions drawn by scholars. Second, for the entire industry sample, CVC investment in investee companies does not significantly affect the probability of successful exits, including both IPO and M&A exit strategies. Third, in the internet industry, CVC participation positively correlates with successful exits rate for investee companies, especially those with smaller registered capital. Lack of significant correlation between CVC investment and successful IPO exits might result from limited sample of internet companies exiting through IPO in China. However, there embeds a significant positive correlation with successful exits through mergers and acquisitions. Last but not the least, these conclusions remain consistent in robustness test, enhancing the stability of the model and mitigating potential endogeneity issues to some extent.Based on these findings, several insights and recommendations are provided, including suggestions for local government policies, investment institutions, and science and technology enterprises. CVC, a type of long term investment strategy, should be advised to consider co-investing with IVC based on individual circumstances to further support local government in industry expansion and upgrading.
