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首页> 外文期刊>The journal of technology transfer >Financing knowledge-intensive enterprises: evidence from CVCs in the US
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Financing knowledge-intensive enterprises: evidence from CVCs in the US

机译：为知识密集型企业融资：来自美国CVC的证据

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摘要

Since the 1990s, the importance of corporate venture capital (CVC) programs has grown around the world. CVCs are investments that established firms make in entrepreneurial companies. At the most basic level, CVC describes an equity investment made by a corporation or its investment entity in a high growth, high potential, privately held business. There is no systematic evidence that corporate venture capital investments create value for the investing firms. Firm value, however, can be created as a result of other benefits from investing (e.g., accessing a new technology). These considerations can explain why many firms currently choose to operate venture units: They have recognized the importance of CVC for strategic innovation in addition to its potential to generate financial returns. Some evidence from the US context described in this paper supports this intuition.
机译：自1990年代以来，企业风险投资（CVC）计划的重要性在世界范围内日益提高。 CVC是老牌公司对创业公司的投资。在最基本的层面上，CVC描述了公司或其投资实体在高增长，高潜力，私有企业中进行的股权投资。没有系统的证据表明企业风险投资为投资公司创造了价值。但是，可以通过投资（例如获得新技术）的其他收益来创造公司价值。这些考虑因素可以解释为什么许多公司当前选择经营风险部门：他们已经认识到CVC对于战略创新的重要性以及潜在的财务收益。本文描述的美国背景下的一些证据支持了这种直觉。

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