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| An Empirical Study of the Impact of CVC Investment Model on the Performance of Large Companies' Technological Innovation |
| Zeng Wei,Shen Yaning,Tang Yu,Yang Huanhuan |
| (School of Business, Central South University, Changsha 410083，China) |
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Abstract Corporate Venture Capital (CVC) usually occurs in industries with rapid technological changes and fierce competition.Large companies use CVC to acquire new technologies, open up new markets, identify new opportunities and develop new business relationships, and realize big company technology.Innovative performance strategy goals also bring financial performance.Due to the motivation of CVC investment, organizer background and mechanism, the different investment modes formed in CVC investment practice affect the technological innovation performance of large companies to varying degrees.At present, the research on venture capital of large companies at home and abroad rarely involves From this perspective, it is of great theoretical and practical significance to study the impact of CVC investment model on technological innovation performance.This paper proposes research hypotheses based on the impact of CVC investment model on technological innovation performance, and uses T test and T-test and 918 CVC investment events involving 12 active CVC listed companies in Tencent and Alibaba.The one-way ANOVA method empirically studies the impact of CVC investment model on technological innovation performance.The empirical results show that: (1) There are significant differences in the impact of different CVC investment models on the technological innovation performance of large companies; (2) The impact of the alliance model on technological innovation input and output is significantly better than the affiliated venture capital and entrusted investment models.(3) Different CVC investment model selection proposals are proposed for large companies with different capital, experience and risk tolerance.
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Received: 14 January 2020
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