벤처창업연구 (Asia-Pacific Journal of Business Venturing and Entrepreneurship)

  • 제17권2호
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  • Pages.195-205
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  • 2022
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  • 1975-7557(pISSN)
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  • 2671-9509(eISSN)
한국벤처창업학회 (The Korean Society of Business Venturing)
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기업벤처캐피탈(CVC) 투자와 투자기업 혁신 성과 간의 관계: ESG 리스크의 조절 효과를 중심으로

The Link between CVC Investments and Firm Innovation: Focusing on the Moderating Role of ESG Risk

  • 투고 : 2022.03.10
  • 심사 : 2022.04.22
  • 발행 : 2022.04.30
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초록

본 연구는 기업벤처캐피탈 투자와 투자기업의 혁신 성과 간의 연관성과 기업의 ESG 리스크가 미치는 영향에 대해 탐색하였다. 이를 위해 조직 학습 이론을 바탕으로 기업벤처캐피탈 투자를 통해 기업이 벤처로부터 학습 기회를 얻고 궁극적으로 혁신 성과를 증가시킬 수 있다는 내용을 제시하였다. 또한 기업이 ESG 요인들 중에서도 이해관계자들과의 관계에 해당되는 사회적 리스크를 효과적으로 관리하는 능력이 기업벤처캐피탈 투자를 통한 혁신 성과에 영향을 미칠 것이라 예상하였다. 가설의 실증분석을 위해 1993년부터 2018년까지 미국 하이테크 기업들을 대상으로 기업벤처캐피탈 투자 데이터와 특허 출원 데이터 및 ESG 리스크 점수를 이용한 패널 데이터 분석을 수행하였다. 분석 결과, 기업이 기업벤처캐피탈을 통해 더 많은 벤처에 투자할수록 혁신 성과가 증가하는 것으로 나타났으며, 기업의 사회적 리스크가 증가할수록 기업벤처캐피탈을 통한 혁신 성과가 약화되는 것이 확인되었다. 본 연구는 기업벤처캐피탈을 학습과 혁신의 수단으로 보는 관점의 기존 연구에 다음과 같이 기여하였다. 기업벤처캐피탈의 투자규모 보다도 벤처와 맺는 관계 자체가 갖는 의미에 주목하여, 더 많은 관계를 형성하는 것이 투자기업의 단기적 혁신 성과와 직결된다는 내용을 실증적으로 조사하였다. 또한 기업 활동에서 ESG 요인의 역할이 부각되고 있는 최근의 사회적 흐름에 부합하여, 기존에 투자기업과 벤처의 관계에 집중되어 있던 기업벤처캐피탈 연구의 논의를 기업을 둘러싼 이해관계자들의 역할까지 확장시켰다는 데에 의의가 있다.

This study aims to investigate the relationship between Corporate Venture Capital(CVC) investments and firm innovation, exploring the moderating effect of corporate ESG risk on this relationship. First, adopting the organizational learning theory, I theorize a process in which a firm's relationship with a venture through CVC investments acts as an external innovation source for learning and ultimately short-term innovation. Also, based on the discussion of the stakeholder theory, I argue that when a firm is evaluated as having high ESG risk externally, this may have a negative moderating effect that weakens the relationship between CVC investments and innovative performance. In order to verify these hypotheses, panel data analysis was performed using CVC investments data, patent application data, and ESG risk scores of US high-tech firms from 1993 to 2018. As a result of the analysis, as expected, it was found that the more the firm invests in ventures through CVC, the more the firm's innovative performance increases. In addition, the social aspect of ESG risk of a firm, related to the local community and employees, were found to weaken the association between CVC investments and innovative performance. This study expands the understanding of existing research on CVC investments as a vehicle for learning and innovation. Focusing on the importance of relationship with ventures rather than the size of CVC investments, I empirically examined that the formation of CVC relationships with ventures is directly related to the short-term innovation of investing firms. Additionally, this study contributes to the CVC literature by including stakeholders in the current discussion in addition to investing firms and portfolio ventures. Finally, this study investigated how ESG issues, which are attracting attention as playing an important role in firm activities, are related to CVC investments.

키워드

과제정보

본 연구는 과학기술정책연구원의 「2021년 STEPI Fellowship」의 지원을 받아 수행됨

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