How do Corporate Venture Capitalists do Deals? An Exploration of Corporate Investment Practices
通过13个企业风险投资（CVC）项目的案例，揭示了八种独特的投资实践，并区分了“整合型”与“保持距离型”两种投资逻辑，解释了内部与外部利益相关者的同构压力如何导致这两种逻辑的出现。
How do corporate venture capitalists ( CVCs ) do deals? Conversations with CVCs suggest that the putative view of venture capital investing is incomplete. We draw on 13 cases of CVC programs to document eight ‘corporate investment practices’ that are unique to CVCs . These practices reflect pressure on the CVC units for strategic fit and engagement with the corporation and also an opportunity to utilize parental resources. We then show that CVCs vary their emphasis on corporate investment practices, diverging into two distinct investment logics, ‘integrated’ versus ‘arm's‐length.’ Focus of isomorphism on internal versus external stakeholders explains the emergence of the two logics. Copyright © 2014 Strategic Management Society.