The relationship between portfolio diversification and firm value: The evidence from corporate venture capital activity
研究了公司风险投资组合的行业多元化程度与企业价值创造之间的U型关系，并发现财务约束会调节这一关系，对从事风险投资的企业有参考价值。
Corporate venture capital ( CVC ) activity exposes firms to new technologies and markets. 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. Insights from options and diversification perspectives support our hypothesis that diversification of a corporate investor's portfolio of venture companies is related to corporate wealth creation in a U ‐shaped relationship. We also propose that a corporate investor's financial constraints moderate the relationship between the diversification profile of its CVC portfolio and value creation. When we tested our hypotheses using a sample of CVC investments across multiple industries, we found support for them, and these findings may inform the CVC activities of corporate investors . Copyright © 2013 John Wiley & Sons, Ltd.