{"title":"通过企业风险投资对技术进行战略投资","authors":"Susheng Wang","doi":"10.2139/ssrn.3840357","DOIUrl":null,"url":null,"abstract":"We study corporate strategic investment in technology via corporate venture capital (CVC). An entrepreneurial venture is said CVC-superior if investing in it is better than investing in internal R&D to an investing company. We find that ventures with high expected technologies are CVC-superior; ventures with medium expected technologies are CVC-inferior; and ventures with low expected technologies are CVC-superior if the ventures have excellent financial profiles. CVC offers an option for the investing company to choose between an acquisition or a sale off of the venture. The option is said desirable if it improves efficiency. We find that this option is desirable for ventures with superior financial profiles, but undesirable for ventures with superior technological profiles.","PeriodicalId":18891,"journal":{"name":"Mutual Funds","volume":"41 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2021-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Strategic Investment in Technology via Corporate Venture Capital\",\"authors\":\"Susheng Wang\",\"doi\":\"10.2139/ssrn.3840357\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study corporate strategic investment in technology via corporate venture capital (CVC). An entrepreneurial venture is said CVC-superior if investing in it is better than investing in internal R&D to an investing company. We find that ventures with high expected technologies are CVC-superior; ventures with medium expected technologies are CVC-inferior; and ventures with low expected technologies are CVC-superior if the ventures have excellent financial profiles. CVC offers an option for the investing company to choose between an acquisition or a sale off of the venture. The option is said desirable if it improves efficiency. We find that this option is desirable for ventures with superior financial profiles, but undesirable for ventures with superior technological profiles.\",\"PeriodicalId\":18891,\"journal\":{\"name\":\"Mutual Funds\",\"volume\":\"41 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-05-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Mutual Funds\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3840357\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Mutual Funds","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3840357","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Strategic Investment in Technology via Corporate Venture Capital
We study corporate strategic investment in technology via corporate venture capital (CVC). An entrepreneurial venture is said CVC-superior if investing in it is better than investing in internal R&D to an investing company. We find that ventures with high expected technologies are CVC-superior; ventures with medium expected technologies are CVC-inferior; and ventures with low expected technologies are CVC-superior if the ventures have excellent financial profiles. CVC offers an option for the investing company to choose between an acquisition or a sale off of the venture. The option is said desirable if it improves efficiency. We find that this option is desirable for ventures with superior financial profiles, but undesirable for ventures with superior technological profiles.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
