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首页> 外文会议>2017 IEEE Technology amp; Engineering Management Conference >Corporate venture capital as a real option in the markets for technology
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Corporate venture capital as a real option in the markets for technology

机译：企业风险投资是技术市场中的真正选择

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摘要

Despite the fact that one of the main goals of corporate venture capital (CVC) investments in high-tech industries is to gain a window on future technologies, the relationship between CVC investments and strategies used to acquire technologies in the markets, such as licensing, has not been adequately explored. To address this gap, we build on the real option literature suggesting that CVC investments can be used as real options in the markets for technology. Accordingly, we formulate hypotheses about key drivers of the option value of CVC investments and the decision to exercise the option. Using a longitudinal dataset based on 604 dyads formed by a sample of global pharmaceutical firms and their external technology partners, we find that corporate investors' scientific capabilities, technological domains, research pipelines, and the resolution of exogenous uncertainty related to partner firms' technologies impact investors' decisions on CVC investments and ex post technology acquisition. In our research setting, the most common way to exercise the option post-CVC investment is via technology licensing.
机译：尽管企业风险投资（CVC）在高科技行业中的投资的主要目标之一是了解未来的技术，但CVC投资与用于在市场上获取技术的策略（例如许可，尚未充分探索。为了解决这一差距，我们在实物期权文献的基础上提出，建议将CVC投资用作技术市场中的实物期权。因此，我们就CVC投资的期权价值的主要驱动因素和行使期权的决策制定了假设。使用基于全球制药公司及其外部技术合作伙伴样本形成的604个二元组的纵向数据集，我们发现公司投资者的科学能力，技术领域，研究渠道以及与合作伙伴公司技术影响相关的外在不确定性的解决投资者对CVC投资和事后技术收购的决定。在我们的研究环境中，行使CVC后投资选择权的最常见方法是通过技术许可。

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