Corporate Venture Capital and Firm Scope
研究企业风险投资是否及如何推动母公司业务范围变化，发现其能催生新兴业务和新部门，且主要依靠内部建设而非收购，为母公司创造价值。
Abstract This study examines whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two text-based measures of firm scope, I provide evidence that CVC investments are strongly correlated with subsequent changes in firm scope among CVC parent firms, including seeding emerging businesses and creating new segments or divisions. Further evidence is consistent with an experimentation view, with more promising ventures having a stronger strategic impact on the scope changes of parent firms. Moreover, the study finds that post-CVC scope changes are primarily built internally and rarely involve killer acquisitions. These changes create value for CVC parents.