Based on the resource-based view and agency theory, this study investigates the differentiated impact of corporate venture capital (CVC) and independent venture capital (IVC) on enterprise innovation ability in three steps. In the first step, taking China's A-share listed companies from 2020 to 2024 as a sample, the number of patent applications is used to measure innovation output, and the innovation effect of CVC and IVC is empirically tested through the panel random effects model, and it is found that the promotion effect of CVC on innovation is significantly better than that of IVC, and there is no significant difference between hybrid investment (MIX) and CVC. In the second step, the scale of the enterprise and the asset-liability ratio are introduced as moderating variables, and it is found that the scale positively adjusts the innovation effect of CVC, while the high asset-liability ratio will weaken the positive impact of CVC. The results show that the innovation level of all enterprises has risen steadily, but the growth slope of enterprises supported by CVC is steeper, showing a continuous differentiation pattern. This study provides new evidence for the financing decision-making of innovative enterprises and the strategic positioning of venture capital institutions.

Xihao Qin. The heterogeneous impact of CVC and IVC on enterprise innovation: Based on empirical evidence from Chinese A-share listed companies. Academic Journal of Business & Management (2026), Vol. 8, Issue 8: 44-50. https://doi.org/10.25236/AJBM.2026.080806.

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