Technology spillovers and capital gains in corporate venture capital investments: evidence from the biopharmaceutical industry

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Venture Capital Pub Date : 2021-04-03 DOI:10.1080/13691066.2021.1894749

Hyunsung D. Kang, Vikram Nanda, H. Park

引用次数: 4

Abstract

ABSTRACT Using a framework combining the real option perspective and appropriation concerns raised in the entrepreneurial finance literature, we find that technology spillovers and capital gains created by corporate venture capital (CVC) investments are positively related with each other in the biopharmaceutical industry. However, this positive relationship is significantly decreased or becomes negative when CVC investments are made with solely financial objectives or in early-stage startups. This study provides evidence that the nature of the relationship between technology spillovers and capital gains that constitute the corporate investors’ total returns created by CVC investments.

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企业风险资本投资中的技术溢出和资本收益:来自生物制药行业的证据

本文采用实体期权视角和创业金融文献中提出的挪用问题相结合的框架，发现在生物制药行业，企业风险投资(CVC)投资产生的技术溢出和资本收益之间存在正相关关系。然而，当CVC投资仅以财务目标或早期创业公司为目标时，这种正相关关系显着降低或变为负相关。本研究提供了证据，证明技术溢出和资本收益之间的关系的本质，构成公司投资者的CVC投资创造的总回报。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Venture Capital BUSINESS, FINANCE-

CiteScore

4.10

自引率

16.70%

发文量

期刊介绍： Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy