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Enterprise's R&D and Innovation Management

Study on the Influence of CVC on Technological Innovation of In⁃ vested Enterprises from the Perspective of Industrial Synergy 

Yang Yanping, Zhi Yuanyuan

(School of Management, Henan University of Technology, Zhengzhou 450001, China)

Abstract: Under the background of the continuous change of the global economic environment and  the in-depth implementation of an innovation-driven development strategy, as the key force of indus⁃ trial chain innovation layout, the impact mechanism of corporate venture capital (CVC) on the techno⁃ logical innovation of invested enterprises needs to be explored in depth. Based on the perspective of in⁃ dustrial synergy, this paper takes 404 one-on-one investment events in the CVSource database from  2010 to 2023 as samples. It introduces digital transformation as an intermediary variable while consid⁃ ering strategic fit and industrial policy as regulatory variables. By constructing a theoretical framework  of "corporate venture capital-technological innovation of invested enterprises", the study aims to reveal  the action path and boundary conditions of CVC on the technological innovation of the invested enter⁃ prises. The results show that: ①CVC significantly improves the technological innovation capability of  the invested enterprises, and the higher the involvement degree, the more significant the innovation ef⁃ fect. ②CVC enhances the innovation capability of the invested enterprise by promoting its digital trans⁃ formation; the degree of strategic fit positively regulates the innovation promotion effect of CVC; when  the invested enterprise's industry is supported by the "Five-Year Plan", the innovation effect of CVC is  more significant. ③Heterogeneity analysis shows that the innovation effect of private enterprises in⁃ vested by CVC is better than that of state-owned enterprises, and the innovation effect of invested en⁃ terprises in the eastern region is more obvious. The invested enterprises with high industry competition  intensity have stronger technological innovation capability after receiving CVC investment, while the in⁃ vested enterprises with low industry competition intensity have no obvious innovation effect as a result  of CVC. About the life cycle stage of the enterprise, CVC has a significant role in promoting the techno⁃ logical innovation of the invested enterprises in the growth and maturity stages, but has no obvious ef⁃ fect on the invested enterprises in the start-up stage. This study enriches the mechanism research on  the relationship between CVC and technological innovation. It systematically verifies the mediating role  of digital transformation and the moderating effect of industrial synergy factors and provides an empiri⁃ cal basis for enterprises to optimize CVC investment strategies—such as strengthening strategic fit and  leveraging industrial policies. Additionally, the study offers insights for the government to improve inno⁃ vation support policies. Overall, it serves as an important reference for promoting innovation synergy  and high-quality development of the industrial chain. This paper puts forward the following sugges⁃ tions: ①CVC investment institutions need to strengthen the CVC investment strategy to effectively pro⁃ mote the technological innovation of the invested enterprises. ②Encourage CVC investors to build a  close industrial synergy with the invested enterprises, thereby enhancing the technological innovation  capability of the invested enterprises. ③CVC investors should attach importance to strategic fit and  policy utilization to encourage technological innovation. ④It is important to consider the heterogeneity  of enterprises and use different investment strategies based on factors such as ownership structure, re⁃ gional differences, competitive dynamics across industries, and the varying stages of the business life⁃ cycle, to make up for the lack of CVC's impact on technological innovation. 

Key words: corporate venture capital; strategic fit; industrial policy; digital transformation; techni⁃ cal innovation