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| A Study of the Impact of Corporate Venture Capital and Defense Mechanisms on New Ventures’ Technology Innovation Performance |
| QIAO Mingzhe，ZHANG Yuli，ZHANG Xuan，YAN Haizhou，SONG He |
| 1. Shanghai University of International Business and Economics, Shanghai, China;2. Nankai University, Tianjin, China |
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Abstract Based on related literature, hypotheses about influence of CVC and the potential defense mechanisms of new ventures were developed, and empirically tested by patent application data of listed firms from Shenzhen Growth Enterprise Market from year 2009 to 2020. The results indicate that: ①there is a significant negative correlation between CVC and new ventures’ technological innovation performance; ②there is a significant U-shape curvilinear relationship between CVC shareholding ratios and new ventures’ technological innovation performance; ③business relevance between investors and new ventures do not moderate the relationship between CVC shareholding ratios and new ventures’ technological innovation performance, while firm age and intensity of intellectual property protection have moderation effects on the above relationship.
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Received: 04 April 2023
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