ABSTRACT

Using a framework combining the real option perspective and appropriation concerns raised in the entrepreneurial finance literature, we find that technology spillovers and capital gains created by corporate venture capital (CVC) investments are positively related with each other in the biopharmaceutical industry. However, this positive relationship is significantly decreased or becomes negative when CVC investments are made with solely financial objectives or in early-stage startups. This study provides evidence that the nature of the relationship between technology spillovers and capital gains that constitute the corporate investors’ total returns created by CVC investments.

摘要

通过使用结合实物期权观点和企业家融资文献中提出的拨款问题的框架，我们发现技术溢出和企业风险资本（CVC）投资创造的资本收益在生物制药行业中正相关。但是，当仅出于财务目标或在早期创业公司进行CVC投资时，这种正向关系将大大减少或变为负向。这项研究提供了证据，证明了技术溢出与资本收益之间的关系的本质，资本收益构成了由CVC投资创造的企业投资者总收益。