The Selection and Nurturing Effects of Corporate Investors on New Venture Innovativeness
研究了企业投资者与独立风险投资共同投资时，如何影响新创企业的选择与后续创新，发现企业投资者更倾向投资创新能力强的新创企业，且能提升其创新率。
Corporate investors can provide valuable resources to their new venture investees, but their interests may conflict with those of independent venture capitalist ( IVC ) coinvestors. We explore how the preferences, resources, and influence of corporate investors vis‐à‐vis their IVC coinvestors affect their selection of investment opportunities and subsequent nurturing of new venture investees. We show that corporate investors tend to fund new ventures with greater pre‐funding innovative capabilities and new ventures receiving corporate funding exhibit greater post‐funding rates of innovation compared to those funded solely by IVC s, particularly when their corporate investors are highly reputable relative to their IVC coinvestors. Copyright © 2013 Strategic Management Society.