International Analysis of Venture Capital Programs of Large Corporations and Financial Institutions
研究了全球财富500强中的大型企业（非金融公司和金融机构）开展风险投资项目的驱动因素，发现所在国的早期投资市场发达程度、创新资源可用性以及个人破产法规的严格程度显著影响企业决策，但不利的本地条件并未促使项目国际化。
In this article, we investigate what drives large companies (nonfinancial corporations and financial institutions) worldwide to run venture capital (VC) programs, specifically targeting Fortune Global 500 companies. Such a decision involves trade–offs between expected strategic and financial benefits and costs of managing and financing a portfolio of ventures, which are influenced by the institutions and regulations that affect innovation–oriented entrepreneurship. We determine that companies are more likely to run a program if they are based in countries in which the market for early–stage investments is well developed and innovation–related resources are more widely available. Moreover, companies based in countries with costly personal bankruptcy regulations are less likely to run a VC program, which is consistent with the prediction that these regulations discourage entrepreneurial initiatives. These findings emphasize the importance of favorable local conditions for an affiliated VC program. We observe no evidence, however, that unfavorable local conditions affect the degree of internationalization of programs, suggesting that running international programs entails significant extra costs. Finally, no significant difference emerges between U.S.–based and Western European–based companies.