CAJ | 학술논문

公司创业投资（Corporate Venture Capital，CVC）是企业价值的一个重要来源，提供了增长的多重选择平台而充满战略吸引力。一个重要但仍待探索的问题是CVC项目投资的创业企业组合多元化与企业价值创造之间的关系。基于多重实物期权理论，本文把CVC投资的相关三方（CVC投资企业、CVC项目、CVC投资的创业企业）纳入整体框架，聚焦于研究CVC投资组合多元化对企业价值的影响，以及组织冗余对两者关系的调节作用。基于沪深主板77家上市企业2000～2012年期间CVC投资的670个创业企业样本组成的非平衡面板数据的实证研究发现，CVC投资组合多元化与企业价值之间存在“U形”关系，组织冗余对两者之间的关系具有积极的调节作用。
공사창업투자（Corporate Venture Capital，CVC）시기업개치적일개중요래원，제공료증장적다중선택평태이충만전략흡인력。일개중요단잉대탐색적문제시CVC항목투자적창업기업조합다원화여기업개치창조지간적관계。기우다중실물기권이론，본문파CVC투자적상관삼방（CVC투자기업、CVC항목、CVC투자적창업기업）납입정체광가，취초우연구CVC투자조합다원화대기업개치적영향，이급조직용여대량자관계적조절작용。기우호심주판77가상시기업2000～2012년기간CVC투자적670개창업기업양본조성적비평형면판수거적실증연구발현，CVC투자조합다원화여기업개치지간존재“U형”관계，조직용여대량자지간적관계구유적겁적조절작용。
Corporate venture capital（CVC） investments are direct or indirect minority equity investment made by established firms （corporate investors）in external privately held entrepreneurial ventures （portfolio companies ） . CVC investments are recognized as a source of firm value, which may relate to their attractiveness as multi-choice platforms from which to pursue strategic benefits. Accordingly , growing attention has been given in the academic lit- erature to CVC activities in USA, sometimes as a distinct dimension of corporate entrepreneurship. The literature has so far focused on either the standalone, individual effect of CVC investments or the impact of total amount of CVC investments on corporate investors＇ performance. An important but as yet unexplored question is the relationship of the industry diversification profile of the portfolio of venture companies to corporate value creation~ Furthermore, the programs structure,investments channels, investments models and practices of CVC activities between USA and Chi- na has significant differences. The conclusions derive of America does not necessarily fit China＇s CVC activities. However,partly because China does not have related databases, which is essential to researchers, China scholars hardly take the final investee, the entrepreneurial ventures into consideration. This is an important gap in the literature. In this paper, we take all three parties involving CVC activities （corporate investors, CVC program, and the entrepreneurial enterprises）into the whole framework and invoke a multiple real options theory framework to in- vestigate this topic, focusing on CVC portfolio diversification and its influence on corporate investor value creation and the moderating effects of organizational slack on their relationship. Our empirical analysis dataset is based on evaluating the firm value created by listed companies in the Shang- hai and Shenzhen motherboards corporate investors between 2000 and 2012 which includes 77 firms and 670 firm- year observations. We used generalized unbalanced panel-data linear regression fixed effects and random effects models to examine the relationships between a corporate investor＇s value （measured by Tobin＇s Q）and its CVC port- folio diversification（ measured by the Herfindahl-Hirschman Index,HHI）as well as the potential moderating effects of the corporate investor＇s organizational slack （measured by half the sum of current ratios and debt-to-equity） . Empirical results shows that, 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~ The finding of the U-shaped relationship not only contributes to the understanding of strategic benefits of CVC ance. In addition, we find that a corporate investor＇s organizational slack positively moderate the U-shaped relation- ship. The findings from our results may have significant practical implications to CVC investment decisions as well as prompting strategic managers who are considering future CVC investments to take into account the impact of or- ganizational slack in a positive way. More specifically, our findings may help to shape the pattern of how CVC pro- grams invest and suggest that incumbents need to be mindful of their diversification strategy at the same time main- tain appropriate available slack and potential slack.