Research on the Impact Mechanism of CVC on Corporate Technological Innovation from the Perspective of Organizational Learning

The sample selected for this study is Chinese A-share listed companies that participated in corporate venture capital practice from 2010 to 2022. Firstly, by manually querying the annual reports and announcements of sample companies regarding information disclosure on equity participation, holding, or establishing subsidiaries or investment departments for long-term equity investments, it is determined whether the company is participating in corporate venture capital practices. Secondly, by querying the CVSource database for the venture capital records of participating CVC practice enterprises, 758 enterprises with relatively complete investment records (including the name of the start-up enterprise, the industry in which the start-up enterprise is located, the location of the start-up enterprise, the establishment time of the start-up enterprise, and the transaction rounds) were obtained, totaling 3481 venture capital records. This article screens the data according to the following principles: ① Exclude the sample of listed companies whose main business is financial services such as banking, securities, and insurance; ② Exclude samples of ST listed companies; ③ Exclude samples with missing data and extreme values. The final sample of this study includes 647 Chinese A-share listed companies participating in corporate venture capital practice from 2010 to 2022, with a total of 1506 observation samples. The annual report and announcements of the company are sourced from the Juchao Information Network and the Dongfang Wealth Choice financial database. The company's venture capital records are sourced from the CVSource Investment Database, its patent data is sourced from the CNRDS database, and its basic information and financial data are sourced from the CSMAR database.