An Empirical Research on Corporate Venture Capital and Value Creation of Invested Enterprises

DOI

10.2991/iccese-18.2018.194How to use a DOI?

Keywords

Corporate Venture Capital; value creation; Tobin's q

Abstract

Corporate Venture Capital (CVC) can bring investment companies with financial and strategic value which can promote the value of invested enterprise. However, because of factors of opportunism and asymmetric information, CVC will hinder the value of invested enterprise. This paper uses the data of A-Shares Listed Companies of China during 2010 to 2014, the analysis results present, (1) The enterprises accepted investment from CVC create less value than the enterprises did not. (2) The enterprises accepted investment from venture investment organization which hold by CVC create less value than the enterprises accepted investment from venture investment organization which shared by CVC. (3) Under the hold of CVC, the proportion of the organization in the invested enterprise is proportional to the value of the invested enterprise.

Copyright

© 2018, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Fu Zheng
AU  - Hongxing Wen
AU  - Xuchu Wen
PY  - 2018/03
DA  - 2018/03
TI  - An Empirical Research on Corporate Venture Capital and Value Creation of Invested Enterprises
BT  - Proceedings of the 2nd International Conference on Culture, Education and Economic Development of Modern Society (ICCESE 2018)
PB  - Atlantis Press
SP  - 847
EP  - 852
SN  - 2352-5398
UR  - https://doi.org/10.2991/iccese-18.2018.194
DO  - 10.2991/iccese-18.2018.194
ID  - Zheng2018/03
ER  -