An Empirical Research On The Influence Of Listed Companies' Corporate Value In The CVC

Under the background of intensified competition in the field of global science and technology,the market environment enterprises are facing is becoming more complex and changeable.How to obtain sustainable value creation ability and competitive advantage is very important.In recent years,the investment environment of China's capital market has become more and more mature.Large companies participate in the corporate venture capital(CVC)activities actively and use it as an important way to obtain innovation and development momentum.However,compared with the vigorous development of China corporate venture capital practice,the academia has not paid enough attention,and the relevant research system is still in its infancy.Therefore,the study of this paper can further enrich and supplement our country's research in the field of corporate venture capital theory.Firstly,this paper analyzes the theoretical research achievements in the field of corporate venture capital systematically through the method of literature research,then reviews the historical emergence conditions comprehensively,combs the relevant national policies and market demand,and dissects the shape,development characteristics of the corporate venture capital in China.This paper introduces the resource based theory,organizational learning theory and diversification theory as the theoretical basis for empirical research to establish a theoretical model.101 a-share listed companies with equity or holding venture capital firms are selected as samples.The descriptive analysis of the sample data shows that: in general,the main motive of corporate venture capital is strategic income rather than financial income.As far as strategic value,most of them are related to the transformation and development of themselves and the industries in which they are located and themselves.Most of manufacturing companies in China have successfully completed scale expansion,and tend to use the power of capital to achieve the goal of industrial upgrading,so they have become the backbone of China's listed companies participate in the venture investment.Relatively,information transmission,software and information technology services industry started late.However,it has strong influence due to the large amount of venture capital absorbed in the early stage,and cultivation of a number of giant enterprises which powerful and have strong desire to entering into Chinese venture capital.In the empirical analysis stage,this paper takes the 3 years Tobin Q after the listed companies participate in venture capital as the dependent variable to reflect the comprehensive value of venture capital activities for investment companies.The strength of the listed companies participate in venture capital,the proportion of shares in venture capital companies,the main investment motivation and the industry correlation between listed companies and startups are used as independent variable,and establishes the multiple linear regression model to analyze the impact of the above factors on the promotion of corporate value in CVC activities.The results show that listed companies participate in CVC has a significant increase in corporate value in a short period of time,but the effect is not obvious in a long period of time;the intensity of listed companies participate in CVC has a positive correlation with corporate value in both the long term and short term,that is to say,the greater the investment intensity,the greater the corporate value;the contribution of value promotion is greater;the proportion of listed companies participating in or holding venture capital companies is negatively correlated with corporate value promotion in both long-term and short-term,that is to say,the smaller the proportion of shares,the more corporate value promotion;listed companies often invest in venture capital investments motivated by strategic motives;in industry related fields,investment motivated by financial motives tends to be unrelated to industries;in the early stage of venture capital,the investment behavior which emphasizes strategic motivation has a significant effect on the value creation of the company,but in the long run,the investment motivation has no significant effect on the value promotion of the company,whether it is strategic income or financial income.Finally,according to the research results,this paper puts forward feasible suggestions to the government,investment companies.At the same time,the study of this paper can provide reference for large companies to operate the venture capital,provide theoretical support for the development of venture capital in China,and help regulatory authorities to formulate policies conducive to the development of the industry.