Corporate Venture Capital, Value Creation, and Innovation

• 成果类型: Article
• 署名作者: Chemmanur, Thomas J.; Loutskina, Elena; Tian, Xuan
• 署名单位: Boston College; University of Virginia; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Tsinghua University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhu033
• 发表日期: 2014
• 页码: 2434
• 关键词: start-up firms; dark side; INVESTMENT; BOUNDARIES; performance; CHOICE

摘要

We analyze how corporate venture capital (CVC) differs from independent venture capital (IVC) in nurturing innovation in entrepreneurial firms. We find that CVC-backed firms are more innovative, as measured by their patenting outcome, although they are younger, riskier, and less profitable than IVC-backed firms. Our baseline results continue to hold in a propensity score matching analysis of IPO firms and a difference-in-differences analysis of the universe of VC-backed entrepreneurial firms. We present evidence consistent with two possible underlying mechanisms: CVC's greater industry knowledge due to the technological fit between their parent firms and entrepreneurial firms and CVC's greater tolerance for failure.