Corporate venture capital: technological innovation or value creation? A comparative study of CVC- and IVC-invested Chinese listed companies
Corporate venture capital: technological innovation or value creation? A comparative study of CVC- and IVC-invested Chinese listed companies
Wang Lei(School of Business, Jiangnan University, Wuxi, Jiangsu, People’s Republic of China); Zhou Fangzhao(School of Business, Jiangnan University, Wuxi, Jiangsu, People’s Republic of China); An Yunbi(Odette School of Business, University of Windsor, Windsor, Ontario, Canada); Yang Jun(F.C. Manning School of Business Administration, Acadia University, Wolfville, Canada)
27권 3호, 257~279쪽
초록
This paper analyzes the effects of corporate venture capital (CVC) and independent venture capital (IVC) backing on technological innovation and value creation in invested companies. Using data on Chinese listed companies, we show that CVC investment can induce higher firm value than can IVC investment. By considering different dimensions of complementary assets, technological fit, geographical proximity, and product market relations, we explore the mechanism through which CVC contributes to innovation and value creation in invested companies in China.
Abstract
This paper analyzes the effects of corporate venture capital (CVC) and independent venture capital (IVC) backing on technological innovation and value creation in invested companies. Using data on Chinese listed companies, we show that CVC investment can induce higher firm value than can IVC investment. By considering different dimensions of complementary assets, technological fit, geographical proximity, and product market relations, we explore the mechanism through which CVC contributes to innovation and value creation in invested companies in China.
- 발행기관:
- 기술경영경제학회
- 분류:
- 과학기술학