Transferability of the venture capital model to the corporate context: Implications for the performance of corporate venture units
研究了将风险投资实践和结构转移到企业风险投资单元的效果，发现高能激励、自主组织、联合投资、分阶段投资和专业化等要素能提升单元的战略或财务绩效，并增强其生存能力。
Abstract While recent literature has advocated the transfer of venture capital (VC) practices and structures to corporate venture (CV) units, the wisdom of this advice has not been subject to rigorous empirical scrutiny. We test the implications of the VC model for CV unit performance using a longitudinal database combining survey, archival, and survival data on 95 CV units. VC model elements of high‐powered incentives, autonomous organization, investment syndication, investment staging, and specialization were each associated with higher CV unit performance. Critically, different elements of the VC model predicted improvements in either strategic or financial performance in CV units. Survival of the CV unit was strongly associated with employing the VC model, partially mediated by enhanced performance. Copyright © 2009 Strategic Management Society.