Industry-relatedness, geographic proximity and strategic decisions of corporate and independent venture capital-backed companies
研究了独立风险投资与公司风险投资支持的企业在成功退出（IPO或收购）上的差异，发现公司风投支持的企业投资周期更长、金额更大，且行业关联性更易导致收购退出，地理邻近性则更有利于IPO。
In this paper, we use the essential dichotomy between independent venture capital (IVC) and corporate venture capital (CVC) to investigate the investment mechanisms that lead venture-backed companies to take different successful exit routes, that is, an initial public offering (IPO) or an acquisition. Through an analysis of a sample of 4206 US companies, we find that CVC-backed companies have a longer investment duration and a larger investment amount than IVC-backed companies. Our analysis reveals that geographic distance and industry-relatedness are influential for the success of the company. We show that industry-relatedness is more likely to lead to an acquisition exit while geographic proximity rather fosters IPO exits.