摘要
以2000~2023年有联合创业投资支持的A股上市公司为样本,研究跨国创业联合投资结构异质性与企业国际化的关系。研究发现,接受了外资创投与本土创投的异质性跨国联合投资的企业国际化水平更高,尤其是由本土政府背景创投机构领投的异质联合对企业国际化水平的提升作用更为明显。上述关系受到制度距离的正向调节,当创投机构与企业之间的制度距离越大时,外资创投与本土创投的互补性空间越大。进一步研究发现,跨国创业联合投资通过经验外溢机制、海外市场监督治理机制和本地网络内嵌机制在企业国际化中发挥互补作用。鉴于此,应进一步破除行政干预带来的障碍,为外商投资营造更加公平竞争的制度环境;扶持培育更为积极的创投市场,充分发挥不同制度环境下创投力量在创新型经济发展中的价值转化作用;鼓励创投行业异质性联合投资,充分发挥不同背景创投机构对企业高质量发展的支撑作用。
How to guide financial capital to serve the development of real economy enterprises constitutes a crucial strategic issue in China’s current economic development.This study investigates the relationship between structural heterogeneity in transnational joint venture capital and corporate internationalization,focusing on the dimension of enterprise high-quality development through internationalization.Using a sample of A-share listed companies supported by joint venture capital from 2000 to 2023,the research reveals that enterprises receiving heterogeneous transnational joint investments from foreign and domestic venture capital institutions demonstrate higher levels of internationalization.Particularly,heterogeneous joint investments led by government-backed local venture capital institutions show more significant enhancement effects on enterprise internationalization.The aforementioned relationship is positively moderated by institutional distance-greater institutional distance between venture capital institutions and enterprises expands the complementary potential between foreign and domestic venture capital.Further analysis indicates that transnational joint venture capital facilitates complementary effects in corporate internationalization through three mechanisms:experience spillover mechanism,overseas market supervision and governance mechanism,and local network embedding mechanism.Accordingly,further eliminating administrative intervention barriers to create a fair competitive institutional environment for foreign investment;cultivating a more dynamic venture capital market to leverage the value conversion capabilities of different institutional environments in innovative economic development;and encouraging heterogeneous joint investments in the venture capital industry to fully utilize the supportive roles of diverse-background venture institutions in promoting enterprise high-quality development.
作者
孙颖
SUN Ying(School of Accounting,Lanzhou University of Finance and Economics,Lanzhou 730020,China)
出处
《经济体制改革》
北大核心
2025年第3期146-153,共8页
Reform of Economic System
基金
甘肃省高校青年博士支持项目“公司创业投资赋能甘肃‘强科技’战略的机制和路径研究”(2025QB-056)
甘肃省教育厅高校教师创新基金项目“创业投资赋能甘肃国资国企高质量发展创新模式和创新路径研究”(2024A-067)
兰州财经大学校级科研项目“‘强科技’背景下创业投资赋能甘肃区域科技创新能力提升研究”(Lzufe2024C-015)。
关键词
联合创业投资
结构异质性
企业国际化
制度距离
joint venture investment
structural heterogeneity
enterprise internationalization
institutional distance
