公司创业投资对企业价值创造的影响机制——基于CVC项目异质性视角

The Influence Mechanism of Corporate Venture Capital on Firm Value——Based on the CVC Programs Heterogeneity Perspective

公司创业投资（Corporate Venture Capital，cvc）是企业价值的重要来源。本文基于CVC项目异质性视角，探讨控股与非控股CVC项目治理结构下CVC投资组合多元化与企业价值关系的差异以及组织冗余调节效应的差异。通过2000～2012期间沪深主板78家上市公司CVC项目投资的686个创业企业样本组成的非平衡面板数据的实证研究发现：非控股型CVC项目治理结构下，CVC投资组合多元化与企业价值之间呈“U形”关系，组织冗余对两者关系具有积极的调节作用。

Corporate venture capital （CVC） investments are recognized as an important source of finn value. From the CVC pro- grams heterogeneity perspective, this paper studied the influence of CVC portfolio diversification on finn value under holdings and non- holdings CVC programs governance structure and the moderating effects of the corporate investor＇s organizational slack. After conducting an empirical study based on unbalanced panel data which take samples from 686 entrepreneurial enterprises receiving CVC investment from 78 listed companies in the Shanghai and Shenzhen motherboards during the period from 2000 to 2012, this paper draws the following conclu- sions： when the CVC programs governance structure is a non- holding type, the diversification of a corporate investor＇s portfolio of venture companies is related to corporate value creation in a U - shaped relationship, and the U - shaped relationship is positively moderated by the corporate investor＇s organizational slack.