如何与鲨鱼共泳？生态视角下企业风险投资对初创企业成长的影响机理研究

Corporate venture capital (CVC) investment has increasingly become an important source of entrepreneurial finance. Most discussions around CVCs focus on the resource dependence between entrepreneurial firms and CVCs and how CVC investments positively affect entrepreneurial firm values. Much less attention has been devoted to understanding the performance consequences when CVCs compete directly with the entrepreneurial firms, particularly when cooperative and competitive forces simultaneously exist. Accordingly, it is still unclear for entrepreneurial firms to swim with sharks.. Taking an entrepreneurial lens, we address this gap by exploring how entrepreneurial firms navigate cooperation and competition within parent firm’s ecosystems. That is, we explore the how competition, cooperation between entrepreneurial firms and CVCs, as well as their interplay affect entrepreneurial firm value in ecosystems. Specifically, we first offer a novel characterization of parent firm’s ecosystems, which sets the foundation for the rest analysis. Then, we explore the antecedents and consequences of the cooperation and competition between entrepreneurial firms and CVCs respectively within parent firms’ ecosystems. Finally, we explore the interplay of competition and cooperation and how these behaviors evolve in parent firm’s ecosystems. . Through these efforts, we endeavor to make two major contributions: First, our study is one of the first studies that examine the competitive aspects of CVCs and the interplay of competition and cooperation between CVCs and entrepreneurial firms. Second, through revisiting answers to the above mentioned, we empirically contribute to the emergent ecosystem research. Taken together, this study contributes the integration of the two separately evolving streams of research: CVC research and ecosystem research.

企业风险投资（CVC）是指非金融企业出于财务和战略动机对初创企业的股权投资，现已成为初创企业获取资源的重要方式。CVC对初创企业成长的影响研究逐渐兴起，但大多分析了CVC对初创企业的价值增值作用，忽视了潜在的竞争风险，更少有研究探寻这二者间竞争与合作关系的互动和演化，致使现有文献对“如何与鲨鱼同泳”这一问题仍未给出清晰的答案。. 基于此，本项目针对现有研究理论不足，结合我国CVC与初创企业合作中所面临的现实问题，以CVC企业生态系统为分析视角，分别探讨CVC企业与初创企业合作和竞争关系的影响要素及作用以及CVC企业与初创企业竞争与合作关系互动机制与演化过程，从而为“如何与鲨鱼共泳”这个问题提供可行的研究思路。因此，本项目不仅拓展了“CVC-初创企业成长”研究，将研究内容扩展到CVC与初创企业间的竞争关系，还可以将生态系统研究从理论描述推进到实证研究阶段，明确揭示企业生态系统的意义。

企业风险投资（CVC）对初创企业成长的影响研究逐渐兴起，但大多分析了CVC对初创企业的价值增值作用，忽视了潜在的竞争风险，更少有研究探寻这二者间竞争与合作关系的互动和演化，致使现有文献对“如何与鲨鱼同泳”这一问题仍未给出清晰的答案。基于此，本项目针对现有研究不足，利用上市公司数据、国内生物制药和互联网初创企业融资数据，分别探讨CVC企业与初创企业合作和竞争关系的影响要素及作用机制以及CVC企业与初创企业竞争与合作关系互动机制。. 本项目基本按照研究计划进行，主要有以下研究结论：1）成熟企业的绩效反馈对CVC投资模式决策具有重要影响；2）接受在位企业的投资将会影响初创企业的研发方向，这一关系会受到CVC企业生态系统内初创企业竞争者数量以及投资时机的影响；3）早期阶段接受CVC的支持利于初创企业的后续融资，但潜在风险更大：CVC企业一旦退出投资，初创企业获取后续融资的可能性将变低；4）CVC企业对初创企业竞争对手的投资会提高其与初创企业合作关系终止的可能性，这一关系会受到CVC企业生态系统特征（包括竞争者数量、生态位势）的影响。. 总体来看，本项目有两个主要的贡献：1）丰富了“CVC-初创企业成长”文献；2）推动了生态系统研究的发展。