Knowledge Creation Through External Venturing: Evidence from the Telecommunications Equipment Manufacturing Industry
研究了电信设备制造企业的公司风险投资（CVC）对知识创造的影响，发现投资者参与度低时投资数量与创新绩效呈倒U型关系，参与度高时则正向促进。
Investment in entrepreneurial ventures has gained recent popularity as a means for established firms to learn about new technologies and markets. However, the link between such corporate venture capital (CVC) investments and innovation outcomes has not been examined in detail. Using panel data from corporate investors in telecommunications equipment manufacturing, we investigated the conditions under which CVC investments affect knowledge creation for corporate investors. We found that, when investor involvement is low, number of CVC investments has an inverted U-shaped relationship with innovation performance. However, when investor involvement is high, the relationship reverses, and an increase in investments boosts innovation.