企业和独立风险资本家的寿命:系统回顾

IF 2.8 4区 管理学 Q2 BUSINESS, FINANCE Venture Capital Pub Date : 2022-12-06 DOI:10.1080/13691066.2022.2150909
F. Brinkmann, D. Kanbach
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引用次数: 3

摘要

企业风险资本家(cvc)的寿命比独立风险资本家(IVCs)短,但其原因尚不清楚。本文确定了影响cvc和IVCs寿命的因素。基于190篇文章的样本,本系统综述确定了41个影响风险投资绩效的因素,涉及四个维度:战略决策、风险资本资源和特征的利用、对风险资本环境的积极参与以及有限的潜在操作空间。这些维度显示了IVCs和cvc决策和影响寿命的差异。cvc比IVCs产生更大的财务绩效。然而,我们的研究结果表明,投资目标、组织自治和结构、组织间关系、母公司承诺和母公司规模这五个cvc特有的因素是解释寿命差异的显著影响因素。总的来说,CVC的寿命在很大程度上取决于CVC与其母公司之间做出的一些内部决策。建议限制企业母公司的影响,以提高cvc的成功率和寿命。
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Lifespans of corporate and independent venture capitalists: a systematic review
ABSTRACT Corporate venture capitalists (CVCs) have shorter lifespans than independent venture capitalists (IVCs), but the reasons for this are not well understood. This paper identifies influencing factors affecting lifespans of CVCs and IVCs. Based on a sample of 190 articles, this systematic review identifies 41 factors that influence VC performance across four dimensions: decisions about strategies, the exploitation of venture capital resources and characteristics, active involvement in the venture capital environment, and limited underlying room for maneuvering. These dimensions show differences in the decision-making of IVCs and CVCs and impact lifespan. CVCs yield greater financial performance than IVCs. However, our results suggest that five CVC-specific factors are significant influencing factors which can explain lifespan differences: investment objectives, organizational autonomy and structure, interorganizational relationships, commitment of corporate parent, and parent company size. Overall, the longevity of CVCs is largely determined by a number of internal decisions made between the CVC and its parent company. Limiting the influence of corporate parents is suggested to enhance the success and lifespan of CVCs.
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来源期刊
Venture Capital
Venture Capital BUSINESS, FINANCE-
CiteScore
4.10
自引率
16.70%
发文量
21
期刊介绍: Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy
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