Corporate Venture Capital and Firm Scope

IF 3.9 2区经济学 Q1 Economics, Econometrics and Finance

Journal of Financial and Quantitative Analysis Pub Date : 2023-11-20 DOI:10.1017/s0022109023001370

Yifei Zhang

引用次数: 0

Abstract

This study examines whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two text-based measures of firm scope, I provide evidence that CVC investments are strongly correlated with subsequent changes in firm scope among CVC parent firms, including seeding emerging businesses and creating new segments or divisions. Further evidence is consistent with an experimentation view, with more promising ventures having a stronger strategic impact on the scope changes of parent firms. Moreover, the study finds that post-CVC scope changes are primarily built internally and rarely involve killer acquisitions. These changes create value for CVC parents.

查看原文本刊更多论文

企业风险投资与公司范围

本研究探讨了企业风险投资（CVC）是否以及如何促进企业范围的变化。通过使用两种基于文本的企业范围衡量方法，我提供的证据表明，CVC 投资与 CVC 母公司随后的企业范围变化密切相关，包括为新兴业务提供种子资金以及创建新的分部或部门。进一步的证据与实验观点一致，即更有前途的风险投资对母公司的业务范围变化具有更强的战略影响。此外，研究还发现，CVC 后的范围变化主要是在内部进行的，很少涉及杀手级收购。这些变化为 CVC 母公司创造了价值。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Financial and Quantitative Analysis Multiple-

CiteScore

6.60

自引率

5.10%

发文量

131

期刊介绍： The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics include corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars—academics and practitioners alike. The JFQA prints less than 10% of the more than 600 unsolicited manuscripts submitted annually. An intensive blind review process and exacting editorial standards contribute to the JFQA’s reputation as a top finance journal.