Evolution ofCorporate Venture Capital Operationsof Japanese Electronics Companies
Evolution ofCorporate Venture Capital Operationsof Japanese Electronics Companies
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日本电子企业风险投资运作的演变
DOI：
10.1109/itmc.2011.5996011
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发表时间：
2011
期刊：
影响因子：
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通讯作者：
Katsuya Hasegawa
中科院分区：
文献类型：
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作者：
岩田拓真;寺澤廣一;長谷川克也;影山和郎;Katsuya Hasegawa
通过对日本6家主要电子企业15年来的企业风险投资（CVC）活动进行案例分析。这六家公司都是在20世纪90年代中期开始CVC业务的，主要是在硅谷，随后扩展到其他地区。我们研究的所有CVC都强调战略回报而不是财务回报作为CVC的使命。一个公司具有CVC功能的战略动机是探索或利用外部技术。勘探和开采之间的取向因公司而异，但CVC业务结构存在一个共同模式。当CVC的战略重点是探索公司外部的新技术时，CVC倾向于通过外部风险资本基金进行投资，当CVC的目标是为母公司的业务开发外部技术时，CVC的业务更倾向于具有内部直接投资功能。由于管理层变更和母公司业绩等因素，CVC运营经常会出现目标和结构的变化，但可以确定一些常见的演变模式。一个探索性的CVC往往会演变成一个剥削性的CVC，但反之亦然。具有内部直接投资功能的CVC通常会在积累CVC知识的过程中寻求使业务更加独立于母公司，但公司往往会通过限制其自主权来避免失去对CVC的控制。战略回报和财务回报并不是CVC相互排斥的目标。CVC应该定位于追求各种战略目标的条件下，投资将收回财务。财务成功对于确保CVC运营的持续性非常重要，即使CVC纯粹是战略驱动的。
We analyzed corporate venture capital (CVC) activities of Japanese corporations through case studies of six major electronics companies over the past 15 years. All six companies started their CVC operations in the mid-1990s, mostly in Silicon Valley, with subsequent expansion to other regions. All CVCs we studied emphasize strategic return rather than financial return as the CVC mission. A corporation's strategic motive of having a CVC function is either the exploration or exploitation of external technologies. The orientation between exploration and exploitation varies among companies, but a common pattern exists in the structure of CVC operations. When the strategic emphasis of CVC is to explore new technologies outside of the corporation, a CVC tends to invest through external venture capital funds and when the CVC goal is to exploit external technologies for the businesses of the parent corporation, CVC operations are preferred to have internal direct investment functions. The CVC operations often show changes in goals and structures because of factors such as management change and the parent company's performance, but some common evolution patterns can be identified. An explorative CVC often evolves into an exploitive CVC, but not vice versa. A CVC with internal direct investment functions typically seeks to make operations more independent from the parent corporation as they accumulate CVC knowledge, but the corporation often avoids losing control of the CVC by restricting its autonomy. Strategic return and financial return are not mutually exclusive goals of a CVC. A CVC should be positioned to pursue various kinds of strategic goals under the condition that an investment will be recovered financially. Financial success is important to secure continuation of CVC operations even if the CVC is purely strategically driven.