企業創業投資對既有企業創新能力之影響－臺灣市場實證研究

Abstract

在全球技術快速演進與產業競爭加劇之下，企業整合外部創新資源已成為維持競爭優勢的關鍵。企業創投（Corporate Venture Capital, CVC）作為連結創新與企業策略的核心機制，其對既有企業創新表現之影響日益受到重視。然而，現有研究多聚焦於成熟市場，對於產業結構與創新生態均具在地特性的台灣市場，企業創投的實際成效與作用機制仍缺乏系統性實證。為填補此研究缺口，本研究以 2000～2023 年臺灣上市櫃企業為樣本，並區分採取企業創投策略與否之公司，運用多期差異中之差異法（Multi-period Difference-in-Differences, DID），並結合多重穩健性檢驗，以嚴謹識別企業創投對既有企業創新產出之影響，並進一步檢驗吸收能力（Absorptive Capacity）之調節效果。結果顯示，企業創投對既有企業創新產出具有顯著且正向之影響，且在吸收能力高的企業中效果更為顯著，肯定企業創投在臺灣市場應用的可行性與價值。本研究不僅補足企業創投理論於新興市場的應用空白，亦為企業建構開放式創新體系與政策制定者規劃創投制度提供實證依據與策略啟示。

This study examines the impact of Corporate Venture Capital (CVC) on incumbent firm innovation within the context of Taiwan’s emerging market, where industrial structure and innovation dynamics differ markedly from those of mature economies. Using a panel of Taiwanese listed firms from 2000 to 2023, we employ a multi-period Difference-in-Differences (DID) framework with rigorous robustness checks to identify the causal effect of CVC adoption on innovation output, proxied by invention patent applications. We further introduce absorptive capacity as a moderating variable to assess whether firms with stronger internal knowledge bases derive greater innovation benefits from CVC engagement. Results reveal that CVC significantly enhances corporate innovation, particularly among firms with high absorptive capacity, affirming the strategic value of CVC in facilitating knowledge integration and innovation in resource-constrained environments. This research extends the theoretical understanding of CVC in emerging markets and provides actionable insights for firms and policymakers aiming to institutionalize open innovation through strategic venturing.