This study views corporate venture capital (CVC) investment as a form of inter-firm rivalry. Adopting a competitive dynamics perspective, we argue that when a focal corporate investor invests in an entrepreneurial venture, that investment sends important competitive signals to its rivals, thereby increasing their likelihood of initiating a matching response. We theorize how three factors characterizing such investment—the amount of funding, industry relatedness between the corporate investor and the entrepreneurial venture, and the reputation of the corporate investor—can influence rivals' awareness of competitive threat, their motivation to respond, and therefore their likelihood of launching a matching counterattack. Our results demonstrate substantial support for our theoretical model.

中文翻译：

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企业风险投资和公司间竞争：动态竞争视角

本研究将企业风险投资 (CVC) 投资视为公司间竞争的一种形式。采用竞争动力学的观点，我们认为，当焦点企业投资者投资创业企业时，该投资向其竞争对手发出重要的竞争信号，从而增加他们发起匹配反应的可能性。我们推论了表征此类投资的三个因素——资金数额、企业投资者与创业企业之间的行业相关性以及企业投资者的声誉——如何影响竞争对手对竞争威胁的认识、他们的反应动机，并因此影响他们的行为。发起匹配反击的可能性。我们的结果表明对我们的理论模型有很大的支持。