ABSTRACT

Corporate venture capitalists (CVCs) have shorter lifespans than independent venture capitalists (IVCs), but the reasons for this are not well understood. This paper identifies influencing factors affecting lifespans of CVCs and IVCs. Based on a sample of 190 articles, this systematic review identifies 41 factors that influence VC performance across four dimensions: decisions about strategies, the exploitation of venture capital resources and characteristics, active involvement in the venture capital environment, and limited underlying room for maneuvering. These dimensions show differences in the decision-making of IVCs and CVCs and impact lifespan. CVCs yield greater financial performance than IVCs. However, our results suggest that five CVC-specific factors are significant influencing factors which can explain lifespan differences: investment objectives, organizational autonomy and structure, interorganizational relationships, commitment of corporate parent, and parent company size. Overall, the longevity of CVCs is largely determined by a number of internal decisions made between the CVC and its parent company. Limiting the influence of corporate parents is suggested to enhance the success and lifespan of CVCs.

摘要

企业风险投资家（CVC）的寿命比独立风险投资家（IVC）短，但其原因尚不清楚。本文确定了影响 CVC 和 IVC 寿命的影响因素。这篇系统综述以 190 篇文章为样本，从四个维度确定了影响风险投资绩效的 41 个因素：战略决策、风险投资资源和特征的利用、对风险投资环境的积极参与以及有限的潜在回旋空间。这些维度显示了 IVC 和 CVC 决策的差异以及对寿命的影响。CVC 比 IVC 产生更好的财务绩效。然而，我们的结果表明，五个 CVC 特定因素是可以解释寿命差异的重要影响因素：投资目标、组织自主权和结构、组织间关系、母公司的承诺以及母公司规模。总体而言，CVC 的寿命很大程度上取决于 CVC 与其母公司之间做出的一系列内部决策。建议限制企业母公司的影响力，以提高 CVC 的成功率和寿命。