When do firms undertake R&D by investing in new ventures?
研究了企业在何种条件下会通过股权投资新创企业来获取创新想法，发现知识产权保护弱、技术变革快、分销能力重要的行业以及现金流和吸收能力强的企业更可能进行此类投资。
Abstract We explore the conditions under which firms are likely to pursue equity investment in new ventures as a way to source innovative ideas. We find that firms invest more in new ventures—commonly referred to as ‘corporate venture capital’—in industries with weak intellectual property protection and, to some extent, in industries with high technological ferment and where complementary distribution capability is important. Furthermore, we find that the greater a firm's cash flow and absorptive capacity, the more likely it is to invest. Our results suggest that in Schumpeterian environments incumbents may supplement their innovative efforts by tapping into the knowledge generated by new ventures. Copyright © 2005 John Wiley & Sons, Ltd.