公司创业投资(CVC)、实物期权和公司价值创造

Corporate Venture Capital,Real Option and Corporate Value Creation

在近年国内兴起的一波"PE+上市公司"模式CVC浪潮背景下,本文基于实物期权理论的视角,实证检验了CVC项目投资与投资企业的公司价值创造之间的关系,并考察不确定性、市场竞争程度和CVC项目异质性对二者关系的调节作用。结果发现:CVC项目投资会通过提高实物期权的战略柔性价值,对公司价值创造产生显著的正向影响。不确定性的增加会凸显实物期权战略柔性的重要性和价值,产生正向的调节作用。市场竞争程度的加剧会抑制实物期权价值,产生负向的调节作用。"PE+上市公司"模式特有的CVC项目异质性也会对二者的关系产生影响。

In the context of＂PE ＋ listed companies＂,this paper examines the relationship between CVC program investment and corporate value based on real option theory,and moderating effect of uncertainty,competition and CVC program features. We find that CVC program investment has a positive effect on corporate value by improving the strategic flexibility value of real options. Uncertainty has a positive moderating effect on the relationship between CVC program investment and corporate value. Competition has a negative moderating effect on the relationship between CVC program investment and corporate value. CVC program heterogeneity will also impact the relationship between them.