公司风险投资关键成功因素研究

Research on the Critical Success Factors for Corporate Venture Capital

基于公司风险投资理论及关键成功因素理论,根据公司风险投资活动的运作特点,本文以公司风险投资活动参与主体的作用及其相互关系为依据,提炼出了公司风险投资四个方面共11项关键成功因素,其中风险企业因素包括风险企业家素质、管理团队因素、产品技术因素;母公司因素包括投资目标、高层管理者的支持、母公司事业部的参与;公司风险投资机构因素包括投资管理团队、组织机构的独立性以及中介角色发挥程度;而环境因素则包括宏观环境以及行业环境。

This paper studies corporate venture capital theory and the theory of critical success factors. According to the operation characteristics of corporate venture capital（CVC）activity and the relationship between participants of CVC activity,the key success factors of the CVC activity are extracted and summarized in four aspects which conclude eleven elements. The four aspects include venture business factors, parent company factors, CVC institutions factors and the environmental factors. Venture business factors include the venture business entrepreneur quality, management team and technology factors; Parent company factors include investment objectives, the support from top executives and functional department; CVC institutions factors include investment management teams, the independence of organizational structure and value delivery intermediary factors; And environmental factors include the macro-environment and industry environment.