CVC Accelerating the Coupling Development of Industrial Chain and Innovative Chain: Theoretical Basis and Empirical Evidences

Abstract

Abstract: The coupling relationship between industrial chain and innovation chain has received increasing attention in academic researches. Based on the 2008-2022 dataset of Corporate Venture Capital (CVC) in China, this paper explores the potential functions of CVC in promoting the coupling development of industrial chains and innovative chains. By employing the entropy evaluation method and a coupling coordination degree model, this paper analyzes the spatiotemporal evolution and the distribution of the integration of the dual chains across provinces. The findings show that the coupling coordination degree has been increasing gradually year by year, but the regional development is imbalanced, showing a declining trend from the east to the central then to the west. The empirical tests reveal that CVC plays a positive promotion effect on the coupling development of the dual chains by alleviating financing constraints, attracting talent concentration and optimizing industrial structures. Further analysis reveals that there exists a significant threshold effect of CVC, when the inflow of the amounts of funds on deposit and the level of economic development reach a certain threshold, the function of CVC to promote the chain coupling is gradually apparent. As the volume of capital and economic development levels continue to rise, the empowering effect of CVC becomes more prominent. Meanwhile, CVC has a regional heterogeneous effect on the coupling of the dual chains, and this effect is more significant in the eastern region compared with the central and western regions. Therefore, it is suggested to increase support for CVC at both the national and regional levels, let science play a positive role in CVC, encourage cross regional entrepreneurial investment and promote coordinated development between different regions, emphasize the role of enterprises, promote the integration of innovative elements and the transformation of scientific and technological achievements, and provide strong support for the efficient coupling of the dual chain.

Key words: corporate venture capital, industrial chain, innovative chain, coupling coordination

CLC Number:

F124
F207

ZHANG Rao, ZHANG Yue, GUO Xiao-xu. CVC Accelerating the Coupling Development of Industrial Chain and Innovative Chain: Theoretical Basis and Empirical Evidences[J]. Contemporary Finance & Economics, 2024, 0(6): 71-83.

References

[1] 陈俊. 创新链与产业链协同的经济发展效应——来自城市行政审批改革的经验证据[J]. 当代经济研究, 2022, (9): 115-128.
[2] 陈钊, 初运运. 新兴企业进入与产业链升级:来自中国无人机行业的证据[J]. 世界经济, 2023, (2): 85-107.
[3] 冯照桢, 温军, 刘庆岩. 风险投资与技术创新的非线性关系研究——基于省级数据的PSTR分析[J]. 产业经济研究, 2016, (2): 32-42.
[4] 高洪玮. 推动产业链创新链融合发展:理论内涵、现实进展与对策建议[J]. 当代经济管理, 2022, (5): 73-80.
[5] 管考磊. 劳动投资效率会影响企业创新吗——来自中国上市公司的经验证据[J]. 当代财经, 2021, (3): 136-148.
[6] 郭菊娥, 王梦迪, 冷奥琳. 企业布局搭建创新联合体重塑创新生态的机理与路径研究[J]. 西安交通大学学报(社会科学版), 2022, (1): 76-84.
[7] 何兴强, 欧燕, 史卫, 等. FDI技术溢出与中国吸收能力门槛研究[J]. 世界经济, 2014, (10): 52-76.
[8] 洪银兴. 围绕产业链部署创新链——论科技创新与产业创新的深度融合[J]. 经济理论与经济管理, 2019, (8): 4-10.
[9] 胡乐明. 产业链与创新链融合发展的意义与路径[J]. 人民论坛, 2020, (31): 72-75.
[10] 李晓锋. “四链”融合提升创新生态系统能级的理论研究[J]. 科研管理, 2018, (9): 113-120.
[11] 李雪松, 龚晓倩. 地区产业链、创新链的协同发展与全要素生产率[J]. 经济问题探索, 2021, (11): 30-44.
[12] 梁丽娜, 于渤, 吴伟伟. 企业创新链从构建到跃升的过程机理分析——资源编排视角下的典型案例分析[J]. 研究与发展管理, 2022, (5): 32-47.
[13] 梁树广, 张芃芃, 臧文嘉. 中国制造业产业链与创新链耦合协调及其影响因素研究[J]. 地域研究与开发, 2023, (3): 1-6+26.
[14] 林润辉, 陆艳红, 李亚林, 等. 全球创新链测度体系研究[J]. 研究与发展管理, 2022, (1): 71-80.
[15] 柳毅, 赵轩, 杨伟. 数字经济对传统制造业产业链创新链融合的影响——基于中国省域经验的实证研究[J]. 浙江社会科学, 2023, (3): 4-14+156.
[16] 孟方琳, 田增瑞, 赵袁军, 等. 公司创业投资的共生演化与培育机制研究[J]. 科学学研究, 2022, (4): 684-694.
[17] 钱燕, 范从来. 风险投资、技术创新与产业结构升级[J]. 苏州大学学报(哲学社会科学版),2021, (1): 107-116.
[18] 万坤扬, 陆文聪. 公司创业投资与企业技术创新——吸收能力、卷入强度和治理结构的调节作用[J]. 科学学与科学技术管理, 2014, (11): 117-128.
[19] 王晗, 何枭吟, 许舜威. 创新型城市试点对绿色创新效率的影响机制[J]. 中国人口·资源与环境, 2022, (4): 105-114.
[20] 王雷, 亓亚荣. CVC竞争强度与被投资企业技术创新绩效——基于卷入强度的中介效应分析[J]. 上海财经大学学报, 2019, (2): 46-64.
[21] 王硕, 朱春艳. 内循环主体建设中的产业链与创新链研究——以东北地区为例[J]. 科学管理研究, 2023, (2): 93-100.
[22] 王霞, 傅元海. 构建自主可控现代制造业体系面临的挑战、路径与对策[J]. 当代财经, 2023, (8): 3-16.
[23] 杨忠, 李嘉, 巫强. 创新链研究: 内涵、效应及方向[J]. 南京大学学报(哲学·人文科学·社会科学), 2019, (5): 62-70+159.
[24] 张虎, 张毅, 韩爱华. 我国产业链现代化的测度研究[J]. 统计研究, 2022, (11): 3-18.
[25] 张晓兰, 黄伟熔. 我国产业链创新链融合发展的趋势特征、经验借鉴与战略要点[J]. 经济纵横, 2023, (1): 93-101.
[26] 张勇, 蒲勇健, 陈立泰. 城镇化与服务业集聚——基于系统耦合互动的观点[J]. 中国工业经济, 2013, (6): 57-69.
[27] 周阳敏, 王前前. 国家自创区政策效应、产业结构合理化与高级化实证研究[J]. 中国科技论坛, 2020, (12): 41-53.
[28] Chemmanur T J, Loutskina E, Tian X.Corporate venture capital, value creation, and innovation[J]. Review of Financial Studies, 2014, 27(8): 2434-2473.
[29] Dushnitsky G, Lenox M J.When does corporate venture capital investment create firm value?[J]. Journal of Business Venturing, 2006, 21(6): 753-772.
[30] Galloway T L, Miller D R, Sahaym A, et al.Exploring the innovation strategies of young firms: Corporate venture capital and venture capital impact on alliance innovation strategy[J]. Journal of Business Research, 2017, 71(February): 55-65.
[31] Sen N.Innovation chain and CSIR[J]. Current Science, 2003, 85(5): 570-574.
[32] Yang Y, Narayanan V K, Zahra S.Developing the selection and valuation capabilities through learning: The case of corporate venture capital[J]. Journal of Business Venturing, 2009, 24(3): 261-273.