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393大型产业公司（母公司）通过公司风险投资战略投资新创企业，旨在获取前沿知识，驱动自身创新。然而，由于双方地位不对等，母公司的知识搜寻意图常引发新创企业知识隐藏等防御行为，导致母公司陷入知识获取困境，限制公司风险投资的创新价值。如何优化公司风险投资布局与治理，提升母公司研发活力？本文基于2005—2020年沪深A股上市公司的风险投资活动，探究投资组合策略与治理模式对母公司创新投入的影响。研究发现：行业与地理多元化布局比集中化布局更能提升母公司的创新价值；母公司集权决策与高度控制的投资方式，会强化新创企业对知识侵占的感知，削弱多元化布局的创新促进作用。进一步研究表明，在知识密集型行业或投资对象防御倾向较强时，公司风险投资多元化布局对母公司创新投入的促进效果更显著。本文基于公司风险投资双方“知识搜寻—知识隐藏”的互动关系，深化了企业外部知识探索对创新影响的微观机制研究，为母公司借助风险投资实现创新驱动提供理论支撑与实践参考。
破解知识搜寻困境：公司风险投资组合与母公司创新投入
摘要
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引用本文
徐婉渔, 董静, 查君. 破解知识搜寻困境：公司风险投资组合与母公司创新投入[J]. 外国经济与管理, 2025, 47(6): 53-70.
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