| With today' s rapid technological change and changing market conditions,Companies must deal with challenges from all aspects and adapt to changes in the environment,thus corporate venture capital(CVC)activities are used to promote innovation in businesses and technology to maintain and gain sustainable competitive advantage.Since 1988,after the emergence of the first corporate venture capital in China,the practice of corporate venture capital has rapidly developed and flourished in China.In particular,after the launch of the China growth enterprise market in 2009,the growth of corporate entrepreneurial activity in China is even at its peak.Under such circumstances,to help Chinese enterprises to better search for technology and innovate in complex dynamic environment,it is necessary for them to deeply study the impact of corporate venture capital on Chinese enterprises,which is of great significance to the promotion of the development of Chinese enterprises.Although the current theoretical research on the corporate venture capital of domestic companies is not enough,compared with the situation of practical development,it has gradually obtained attention of the domestic academic circles in recent years.The theoretical research on the corporate venture capital is at an initial stage of exploration.Based on the current company's preference for investing in a number of emerging technology start-ups,this paper focuses on the corporate venture capital portfolio and explores how the CVC parent company and the start-ups are affected by the CVC portfolio characteristics through the interaction of CVC activities.Based on the binary structural logic analysis framework of "CVC parent company-investee enterprise",this paper explores the impact and mechanism of the three characteristics in CVC portfolio on the value of CVC parent company and investee venture.The three characteristics are the diversification of the CVC portfolio,the geographical proximity between the CVC parent company and the venture,and the environmental uncertainty.This paper analyzes the impact of the diversification of CVC portfolio on the value of bilateral companys,exploring whether the CVC parent company value spillover has a mediating effect between the CVC portfolio diversification and the entrepreneurial enterprise value,and regards the geographical proximity and environmental uncertainty as the adjustment variables in the intermediary process.Based on the theoretical research and current situation analysis,this paper puts forward a series of research hypotheses,verifies with empirical analysis and draws conclusions and gets some suggestions.This paper builds panel data based on the annual sample of enterprises formed by 48 listed parent companies of Shanghai and Shenzhen motherboards and 139 startups under their investment projects during the five-year period 2012-2016,and uses quantitative analysis methods to conduct empirical studies test.The study of this paper shows that the relationship between CVC portfolio diversification and the value of CVC parent company presents a U-shaped relationship;CVC portfolio diversification positively promotes the value of startups,And the parent company of CVC has a value spillover effect on startups.The impact of diversification of CVC portfolio on the value of startups comes from two parts.Some of them come from the direct impact of the diversification of CVC portfolio,and the other part is due to intermediary transmission of CVC parent company value spillover,and the growth of value of startups is not the result of CVC parent company's selection effect.Geographical proximity and environmental uncertainty play a regulatory role in the mediation process.Finally,this paper puts forward countermeasures and suggestions for the practice of corporate venture capital in our country,and puts forward the future research directions according to the limitations of this paper. |
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