Abstract: The current complex and severe internal and external environment brings unprecedented impact to enterprise development, and how to improve enterprise innovation resilience has become a realistic problem to be solved. This paper clarifies the connotation and characteristics of enterprise innovation resilience and its measurement method, discusses the factors affecting enterprise innovation resilience, and analyzes the theoretical mechanisms affecting enterprise innovation resilience from several perspectives of providing redundant resources, alleviating financing constraints, and optimizing resource allocation. For further validation, venture capital, an important variable influencing firm innovation resilience, is selected for empirical analysis. Based on the quarterly data of listed companies in GEM from 2009 to 2020, this paper combines the patent data, venture capital data and venture capital organization data. It is found that venture capital support significantly enhances firms' innovation resilience, and this effect is heterogeneous by firm characteristics. In addition, the type, nature, and location of venture capital play a significant moderating role on this effect. Based on the research results, relevant policy recommendations are proposed, which provide useful references for firms to survive and grow in turbulent times.

摘要： 当前复杂严峻的内外部环境给企业发展带来前所未有的冲击，如何提升企业创新韧性成为亟待解决的现实问题。本文明确了企业创新韧性的内涵和特征及度量方法，讨论了影响企业创新韧性的内外部因素，从提供冗余资源、缓解融资约束、优化资源配置几个角度分析了影响企业创新韧性的理论机制。为进一步验证，选取风险投资这一影响企业创新韧性的重要变量进行实证检验。以中国创业板2009—2020年上市公司季度数据为样本，合并了企业的专利数据、风险投资、风险投资机构相关数据。研究发现风险投资支持显著提升了企业创新韧性，这种效应因不同企业特征存在异质性。此外风险投资的类别、性质、属地对这种效应发挥了显著的调节作用。基于研究结果提出相关政策建议，为企业在动荡环境中生存和发展提供了有益的参考。