<?xml version="1.1" encoding="utf-8"?>
<article xsi:noNamespaceSchemaLocation="http://jats.nlm.nih.gov/publishing/1.1/xsd/JATS-journalpublishing1-mathml3.xsd" dtd-version="1.1" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><front><journal-meta><journal-id journal-id-type="publisher-id">ASDS</journal-id><journal-title-group><journal-title>Applied Statistics and Data Science</journal-title></journal-title-group><issn>3066-8433</issn><eissn>3066-8441</eissn><publisher><publisher-name>Art and Technology</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.61369/ASDS.2026060013</article-id><article-categories><subj-group subj-group-type="heading"><subject>Article</subject></subj-group></article-categories><title>公司创业投资对创业企业ESG 表现的影响
—— 基于深圳创业板的实证分析</title><url>https://artdesignp.com/journal/ASDS/2/6/10.61369/ASDS.2026060013</url><author>乔明哲,余俊,肖文慧</author><pub-date pub-type="publication-year"><year>2026</year></pub-date><volume>2</volume><issue>6</issue><history><date date-type="pub"><published-time>2026-06-20</published-time></date></history><abstract>随着公众对可持续发展和企业社会责任的日益关注，ESG 表现已成为评价企业的重要指标。基于深圳创业板上市公司2009-2023年数据的实证分析显示：（1）公司创业投资（CVC）支持的创业企业ESG 表现显著高于没有CVC 支持的创业企业；（2）CVC 支持的创业企业ESG 表现高于独立创业投资（IVC）支持的创业企业；（3）CVC 双方业务垂直相关性对创业企业ESG 表现存在正向影响；（4）CVC 持股比例对业务垂直相关性和创业企业ESG 表现之间的关系存在负向调节作用。异质性分析显示，国有背景、制造业和高ESG 关注度年份的样本中，CVC 对创业企业ESG表现的正向影响更强。</abstract><keywords>公司创业投资,创业企业,ESG 表现,风险投资</keywords></article-meta></front><body/><back><ref-list><ref id="B1" content-type="article"><label>1</label><element-citation publication-type="journal"><p>[1]Khaw T Y and Amran A and Teoh A P. Factors influencing ESG performance: A bibliometric analysis, systematic literature review, and future research directions [J]. Journal of Cleaner Production, 2024, 448.[2]Martiny A, et al. Determinants of environmental social and governance (ESG) performance: A systematic literature review [J]. JOURNAL OF CLEANER PRODUCTION, 2024, 456: 142213.[3]Drobetz W, et al. Entrepreneurial finance and sustainability: Do institutional investors impact the ESG performance of SMEs? [J]. Journal of Business Venturing Insights, 2024, 22: e00498.[4]Sahlman W A. The structure and governance of venture capital organizations [J]. Journal of Financial Economics, 1990, 27(2): 473-521.[5]Lerner J. Venture Capitalists and the Oversight of Private Firms [J]. The Journal of Finance, 1995, 50(1): 301-18.[6]Fried V H and Bruton G D and Hisrich R D. Strategy and the board of directors in venture capital-backed firms [J]. Journal of Business Venturing, 1998, 13(6): 493-503.[7]Hochberg Y V. Venture Capital and Corporate Governance in the Newly Public Firm [J]. Review of Finance, 2012, 16(2): 429-80.[8]Alakent E and Goktan M S and Khoury T A. Is venture capital socially responsible? Exploring the imprinting effect of VC funding on CSR practices [J]. Journal of Business Venturing, 2020, 35(3): N.PAG-N.PAG.[9]Cheng C, et al. Venture Capital and Corporate Social Responsibility [J]. Journal of Corporate Finance, 2022, 75.[10]Battisti E, et al. Corporate venture capital and CSR performance: An extended resource based view&amp;rsquo;s perspective [J]. Journal of Business Research, 2022, 139: 1058-66.[11]Park H D and Steensma H K. When Does Corporate Venture Capital Add Value For New Ventures? [J]. Strategic Management Journal, 2012, 33(1): 1-22.[12]Uzuegbunam I and Ofem B and Nambisan S. Do Corporate Investors Affect Entrepreneurs&amp;rsquo; IP Portfolio? Entrepreneurial Finance and Intellectual Property in New Firms [J]. Entrepreneurship: Theory &amp;amp; Practice, 2019, 43(4): 673-96.[13]Yang Y. Bilateral inter-organizational learning in corporate venture capital activity: Governance characteristics, knowledge transfer, and performance [J]. Management Research Review, 2012, 35(5): 352-78.
[14]Dushnitsky G and Lenox M J. When do firms undertake R&amp;amp;D by investing in new ventures? [J]. Strategic Management Journal, 2005, 26(10): 947-65.[15]Wadhwa A and Kotha S. Knowledge creation through external venturing: evidence from the telecommunications equipment manufacturing industry [J]. Academy of Management Journal, 2006, 49(4): 819-35.[16]Mazza P and Shuwaikh F. Industry-relatedness, geographic proximity and strategic decisions of corporate and independent venture capital-backed companies [J]. Journal of Small Business Management, 2024, 62(2): 966-1003.[17]Chemmanur T J and Loutskina E and Tian X. Corporate Venture Capital, Value Creation, and Innovation [J]. Review of Financial Studies, 2014, 27(8): 2434-73.[18]Paik Y and Woo H. The Effects of Corporate Venture Capital, Founder Incumbency, and Their Interaction on Entrepreneurial Firms&amp;rsquo; R&amp;amp;D Investment Strategies [J]. Organization Science, 2017, 28(4): 670-89.[19]Shuwaikh F, et al. Insights for sustainable business practices: Comparative impact of independent and corporate venture capital funding on financial and environmental performance [J]. Research in International Business and Finance, 2025, 73: 102632.[20]Dushnitsky G and Yu L. Why Do Incumbents Fund Startups? A Study of the Antecedents of Corporate Venture Capital in China [J]. Research Policy, 2022, 51(3): 104463.[21]Cohen W and Levinthal D. Absorptive capacity：a new perspective on learning and innovation [J]. Administrative Science Quarterly, 1990, 35(1): 128-52.[22]Montgomery C A and Wernerfelt B. Diversification, Ricardian Rents, and Tobin&amp;rsquo;s q [J]. The RAND Journal of Economics, 1988, 19(4): 623-32.[23]Gompers P A and Lerner J. The determinants of corporate venture capital success: organizational structure, incentives, and complementarities [Z]//MORCK R K.Concentrated Corporate Ownership USA; University of Chicago Press. 2000: 17-54[24]Balachandran S. The inside track: Entrepreneurs&amp;rsquo; corporate experience and startups&amp;rsquo; access to incumbent partners&amp;rsquo; resources [J]. Strategic Management Journal, 2024, 45(6): 1117-50.[25]Katila R and Rosenberger J D and Eisenhardt K M. Swimming with sharks: technology ventures, defense mechanisms and corporate relationships [J]. Administrative Science Quarterly, 2008, 53(2): 295-332.[26]Bae J and Lee J M. How Technological Overlap between Spinouts and Parent Firms Affects Corporate Venture Capital Investments in Spinouts: The Role of Competitive Tension [J]. Academy of Management Journal, 2021, 64(2): 643-78.[27]Lin J-Y. What affects new venture firm&amp;rsquo;s innovation more in corporate venture capital? [J]. European Management Journal, 2020, 38(4): 646-60.[28] 乔明哲, et al. 公司创业投资、防护机制对创业企业技术创新绩效的影响研究 [J]. 管理学报, 2024: 1-11.[29] 董静 and 孙嘉来. 公司风险投资对创业企业价值的影响&amp;mdash;&amp;mdash; 基于投资阶段的悖论视角 [J]. 研究与发展管理, 2025, 37(01): 168-83.[30]Allen S A and Hevert K T. Venture capital investing by information technology companies: Did it pay? [J]. Journal of Business Venturing, 2007, 22(2): 262-82.[31] 乔明哲, et al. 公司创业投资究竟怎样影响创业企业的IPO 抑价&amp;mdash;&amp;mdash; 来自深圳创业板市场的证据 [J]. Lkgp, 2017, 20(1): 167-80.[32]Duque-Grisales E and Aguilera-Caracuel J. Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack [J]. Journal of Business Ethics, 2021, 168(2): 315-34.[33]Wang L and Huang H and An Y. Technological Fit, Control Rights Allocation, and Innovation Performance of Corporate Venture Capital-Backed Enterprises [J]. Venture Capital, 2021, 23(3): 229-55.[34]Cheng M and Liu J and Chen Z. The Effect of Venture Capital on Invested Firms&amp;rsquo; Social Responsibility: Evidence from Venture Capital&amp;rsquo;s Exits [J]. Emerging Markets Finance &amp;amp;amp; Trade, 2023, 59(6): 1668-89.</p><pub-id pub-id-type="doi"/></element-citation></ref></ref-list></back></article>
