Corporate venture capital and the balance of risks and rewards for portfolio companies
Corporate venture capital and the balance of risks and rewards for portfolio companies
复制标题
企业风险投资以及投资组合公司的风险与回报平衡
DOI：
10.1016/j.jbusvent.2008.10.012
复制
发表时间：
2009
影响因子：
8.7
通讯作者：
Gordon Murray
中科院分区：
文献类型：
--
作者：
Markku V. J. Maula;E. Autio;Gordon Murray
本文通过从被投资企业的角度研究企业风险投资的管理，为企业风险投资（CVC）的文献做出了贡献。我们专注于社会互动和关系保障之间的权衡，并研究其对学习收益和风险的双重关系结果的影响。该模型使用从接受CVC资助的美国技术型新公司的首席执行官那里收集的数据进行测试。被投资公司与其CVC投资者之间的互补性与社会互动水平呈正相关，与被投资公司使用不同类型的关系保障措施呈负相关。保障措施的使用与已实现的关系风险和社会互动呈负相关。社会互动与实现的学习效益呈正相关。这些发现突出了被投资公司在CVC关系中必须在开放和自我保护之间取得的微妙平衡。未来的研究和目前的做法的影响进行了讨论。
This paper contributes to the literature on corporate venture capital (CVC) by examining the management of CVC investments from the perspective of the investee firm. We focus on the trade-off between social interactions and relationship safeguards and examine their effects on the twin relationship outcomes of learning benefits and risks. The model is tested using data collected from CEOs of U.S. technology-based new firms receiving CVC funding. Complementarities between the investee firm and its CVC investor are positively related to the level of social interaction and negatively related to the use of different types of relationship safeguards by the investee firm. The use of safeguards is further negatively related to both realized relationship risks and social interaction. Social interaction is positively related to realized learning benefits. These findings highlight the fine balance that the investee firm has to strike between openness and self protection in a CVC relationship. Implications for future research and current practice are discussed.
影响因子：
10.5
作者：
Keil T
通讯作者：
Keil T
影响因子：
22.4
作者：
MACCALLUM, RC;BROWNE, MW
通讯作者：
BROWNE, MW