| In the current competitive environment in both domestic and international markets,enterprises must maintain a competitive advantage with continuous innovation and rapid change in the face of a complex and dynamic environment.However,there are still many areas where the level of innovation among start-ups is not yet high,the quality of innovation is not being enhanced and breakthrough innovation in core technologies is generally not available.As companies continue to find new ways to promote internal innovation,the impact of corporate venture capital(CVC),as an emerging strategic investment approach and an avenue for knowledge and technology flows,on technological innovation in start-ups has received increasing attention from industry and academics.However,previous research has been limited to exploring the relationship between the occurrence of CVC investment events and the technological innovation of the invested firms,with limited guidance on understanding how both investors influence the technological innovation of start-ups,and scholars have assumed that start-ups will only use the knowledge resources of the invested firms to carry out technological innovation under local search after receiving CVC,ignoring the fact that start-ups may also carry out technological innovation under distant knowledge search based on the capital,business and other resources of the invested firms.In addition,the structural characteristics of collaborative networks within entrepreneurial firms may influence the diffusion and absorption of external knowledge,which in turn may moderate the impact of technological proximity on technological innovation.This research focuses on the matching relationship between the technical foundations of the two parties of CVC,and explores the heterogeneous effect of the technological proximity of the two investors on the local and distant dual technological innovation of entrepreneurial enterprises and the boundary effect of the internal inventor cooperation network.Based on the CVC,patent,financial and other multivariate matching data of 42 companies listed on the Science and Technology Innovation Board from 2010 to 2020,the Bayes Negative Binomial regression model is used for empirical verification.The study found that technology proximity of both CVC parties has an inverted U-shaped curve effect on the technological innovation of entrepreneurial enterprises’ local search,both the internal patent inventor cooperation network density and network centrality of entrepreneurial enterprises positively moderate the main effect;the technological proximity of both CVC parties has a positive impact on technological innovation under the distant search of entrepreneurial enterprises,both the internal patent inventor cooperation network density and network centrality of entrepreneurial enterprises negatively moderate the main effect. |
