全球智库信息集成服务系统(G2TT): Corporate Venture Capital as a Real Option in the Markets for Technology

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21424
来源ID	Working Paper 21424
	Corporate Venture Capital as a Real Option in the Markets for Technology
	Marco Ceccagnoli; Matthew J. Higgins; Hyunsung D. Kang
发表日期	2015-08-03
出版年	2015
语种	英语
摘要	Despite the fact that one of the main goals of corporate venture capital (CVC) investments in high-tech industries is to gain a window on future technologies, the relationship between CVC investments and strategies used to acquire technologies in the markets, such as licensing, has not been adequately explored. To address this gap, we build on the real option literature suggesting that CVC investments can be used as real options in the markets for technology. Accordingly, we formulate hypotheses about key drivers of the option value of CVC investments and the decision to exercise the option. Using a longitudinal dataset based on 604 dyads formed by a sample of global pharmaceutical firms and their external technology partners, we find that corporate investors’ scientific capabilities, technological domains, research pipelines, and the resolution of exogenous uncertainty related to partner firms’ technologies impact investors’ decisions on CVC investments and ex post technology acquisition. In our research setting, the most common way to exercise the option post-CVC investment is via technology licensing.
主题	Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior ; Industry Studies ; Development and Growth ; Innovation and R& ; D
URL	https://www.nber.org/papers/w21424
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/579099
推荐引用方式 GB/T 7714	Marco Ceccagnoli,Matthew J. Higgins,Hyunsung D. Kang. Corporate Venture Capital as a Real Option in the Markets for Technology. 2015.