Do Corporate Venture Capitalists Add Value to Start‐Up Firms? Evidence from IPOs and Acquisitions of VC‐Backed Companies
研究发现，只有当初创企业与母公司存在战略契合时，企业风险投资才能为其增加价值，具体表现为IPO估值更高、收购溢价更大。
We present evidence that corporate venture capitalists (CVCs) add value to start‐up companies only when the start‐ups have a strategic fit with the parent corporations of CVCs. We find that CVCs provide a variety of services and support that suit the specific needs of start‐ups operating in different industries. CVC‐backed start‐ups are able to obtain higher valuations at the IPO than non‐CVC‐backed ones, and the value added by CVCs concentrates in start‐ups with a strategic overlap with CVC parents. Entrepreneurial companies with strategic CVC backing also receive higher takeover premiums when they become acquisition targets .