An Empirical Research on Corporate Venture Capital and Value Creation of Invested Enterprises

被引：0

作者：

Zheng, Fu ^{[1
]}

Wen, Hongxing ^{[1
]}

Wen, Xuchu ^{[2
]}

机构：

[1] Sichuan Univ, Business Sch, Chengdu, Sichuan, Peoples R China

[2] Chengdu Univ Technol, Sch Management & Sci, Chengdu, Sichuan, Peoples R China

来源：

PROCEEDINGS OF THE 2ND INTERNATIONAL CONFERENCE ON CULTURE, EDUCATION AND ECONOMIC DEVELOPMENT OF MODERN SOCIETY (ICCESE 2018) | 2018年 / 205卷

关键词：

Corporate Venture Capital; value creation; Tobin's q;

D O I：

暂无

中图分类号：

C [社会科学总论];

学科分类号：

03 ; 0303 ;

摘要：

Corporate Venture Capital (CVC) can bring investment companies with financial and strategic value which can promote the value of invested enterprise. However, because of factors of opportunism and asymmetric information, CVC will hinder the value of invested enterprise. This paper uses the data of A-Shares Listed Companies of China during 2010 to 2014, the analysis results present, (1) The enterprises accepted investment from CVC create less value than the enterprises did not. (2) The enterprises accepted investment from venture investment organization which hold by CVC create less value than the enterprises accepted investment from venture investment organization which shared by CVC. (3) Under the hold of CVC, the proportion of the organization in the invested enterprise is proportional to the value of the invested enterprise.

引用

页码：847 / 852

页数：6

共 50 条

[21] The Empirical Study on the Creation of Corporate Intellectual Capital from the Perspective of Social Capital
Ren, Jun-yi
[J]. 2009 IEEE INTERNATIONAL CONFERENCE ON INDUSTRIAL ENGINEERING AND ENGINEERING MANAGEMENT, VOLS 1-4, 2009, : 2399 - 2403
[22] The Effect of Venture Capital on Invested Firms' Social Responsibility: Evidence from Venture Capital's Exits
Cheng, Minying
Liu, Jun
Chen, Zezhou
[J]. EMERGING MARKETS FINANCE AND TRADE, 2023, 59 (06) : 1668 - 1689
[23] Corporate social strategy in multinational enterprises: Antecedents and value creation
Husted, Bryan W.
Allen, David B.
[J]. JOURNAL OF BUSINESS ETHICS, 2007, 74 (04) : 345 - 361
[24] Corporate Social Strategy in Multinational Enterprises: Antecedents and Value Creation
Bryan W. Husted
David B. Allen
[J]. Journal of Business Ethics, 2007, 74 : 345 - 361
[25] New Venture Value Creation in Syndicates between Independent and Corporate Investors
Balz, Frank P.
Bugl, Benjamin M.
Kanbach, Dominik K.
[J]. INTERNATIONAL JOURNAL OF INNOVATION AND TECHNOLOGY MANAGEMENT, 2022, 19 (06)
[26] Corporate venture capital and Cambridge
Margaret G McCammon
Edwina Pio
Shima Barakat
Shailendra Vyakarnam
[J]. Nature Biotechnology, 2014, 32 : 975 - 978
[27] Corporate venture capital and Cambridge
McCammon, Margaret G.
Pio, Edwina
Barakat, Shima
Vyakarnam, Shailendra
[J]. NATURE BIOTECHNOLOGY, 2014, 32 (10) : 975 - 978
[28] Corporate Venture Capital Contracts
Cumming, Douglas
[J]. JOURNAL OF ALTERNATIVE INVESTMENTS, 2006, 9 (03): : 40 - 53
[29] WHEN DOES CORPORATE VENTURE CAPITAL ADD VALUE FOR NEW VENTURES?
Park, Haemin Dennis
Steensma, H. Kevin
[J]. STRATEGIC MANAGEMENT JOURNAL, 2012, 33 (01) : 1 - 22
[30] When does corporate venture capital investment create firm value?
Dushnitsky, Gary
Lenox, Michael J.
[J]. JOURNAL OF BUSINESS VENTURING, 2006, 21 (06) : 753 - 772

← 1 2 3 4 5 →