Proceedings of the 2nd International Conference on Culture, Education and Economic Development of Modern Society (ICCESE 2018)

An Empirical Research on Corporate Venture Capital and Value Creation of Invested Enterprises

Authors
Fu Zheng, Hongxing Wen, Xuchu Wen
Corresponding Author
Fu Zheng
Available Online March 2018.
DOI
10.2991/iccese-18.2018.194How to use a DOI?
Keywords
Corporate Venture Capital; value creation; Tobin's q
Abstract

Corporate Venture Capital (CVC) can bring investment companies with financial and strategic value which can promote the value of invested enterprise. However, because of factors of opportunism and asymmetric information, CVC will hinder the value of invested enterprise. This paper uses the data of A-Shares Listed Companies of China during 2010 to 2014, the analysis results present, (1) The enterprises accepted investment from CVC create less value than the enterprises did not. (2) The enterprises accepted investment from venture investment organization which hold by CVC create less value than the enterprises accepted investment from venture investment organization which shared by CVC. (3) Under the hold of CVC, the proportion of the organization in the invested enterprise is proportional to the value of the invested enterprise.

Copyright
© 2018, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 2nd International Conference on Culture, Education and Economic Development of Modern Society (ICCESE 2018)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
March 2018
ISBN
10.2991/iccese-18.2018.194
ISSN
2352-5398
DOI
10.2991/iccese-18.2018.194How to use a DOI?
Copyright
© 2018, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Fu Zheng
AU  - Hongxing Wen
AU  - Xuchu Wen
PY  - 2018/03
DA  - 2018/03
TI  - An Empirical Research on Corporate Venture Capital and Value Creation of Invested Enterprises
BT  - Proceedings of the 2nd International Conference on Culture, Education and Economic Development of Modern Society (ICCESE 2018)
PB  - Atlantis Press
SP  - 847
EP  - 852
SN  - 2352-5398
UR  - https://doi.org/10.2991/iccese-18.2018.194
DO  - 10.2991/iccese-18.2018.194
ID  - Zheng2018/03
ER  -