【作者】 张晨；

【导师】 崔毅；

【作者基本信息】 华南理工大学 ， 技术经济及管理， 2011， 硕士

【摘要】 公司风险投资(CVC)是指企业外部的直接股权投资,这一投资的目的是为了获取战略上和财务上的双重回报,对象多为创业企业。目前该领域的研究还主要停留在一些表面的浅层分析上。尤其是国内学者的研究,无论从研究数量上和研究方法上都相对落后。本文的研究在我国创业板推出、资本市场不断完善、风险投资市场迅速发展的大背景下,具有重要的实践意义。第一,可以结合我国国情和资本市场的特点,探索我国风险投资的发展现状,CVC活动如何为公司投资者和创业企业双方创造效益;第二,可以发现在CVC的过程中存在哪些障碍,与投资绩效密切相关的组织学习过程是如何的,最终帮助投资者和创业企业找到影响知识挖掘及知识探索的关键性因素,使得企业能够在有限的资源与能力下兼顾短期与长期效益。本文的研究是在对相关理论研究回顾和评述的基础上,提出CVC过程中知识利用及知识探索的相关假设。然后通过科学的方法进行问卷设计,并对初始问卷进行预调查与检验,保证问卷的信度和效度,最终通过回归模型进行实证检验与结果分析,结果发现: CVC下企业知识共享惯例、共同解决问题惯例、互补性资源对知识探索与知识挖掘的平衡关系有促进作用。在CVC下,如何搭建一个平台,使得投资企业与被投资企业在此能够共享知识,提供自己的优势资源并共同解决问题将对企业的长远发展带来举足轻重的作用。但是由于CVC投资企业的行业与发展阶段具有很大的限定性,因此环境因素对知识探索与知识挖掘的平衡关系并没有明显的促进作用,而这也正是CVC情景所具有的特殊性。更多还原

【Abstract】 Corporate venture capital refers to the direct equity investment outside the enterprises, which aims at both financial returns and strategic objectives, and its investment object is mostly start-up enterprises. Current research on this field still remains on the surface, especially domestic research , which is far left behind both quantitatively and methodologically.In the context of the lunch of growth enterprise market, constant improvement of capital market and the rapid development of venture capital, the paper is of practical significance. First of all, it could be combined with our national conditions and capital market characteristics to explore the current development of venture capital, and figure out how CVC activities create benefits for both investors and start-up enterprises. What’s more, it could find out obstacles existing in the CVC process, discover how organizational learning related to investment performance, and ultimately figure out the key factors that influence knowledge exploration and exploitation, which enable the enterprises to acquire short-term and long-term benefits under limited resources and capability.The paper based on others literature,proposes related hypotheses on .exploration and exploitation during CVC process, it designs and recycles questionnaires scientifically by pre-investigating and examining the initial questionnaires to ensure reliability and validity,finally the research find out:the empirical study concludes that in the context of CVC, knowledge sharing practice, joint problem-solving practice and complementary resources facilitate the balance between exploration and exploitation; how to build a platform that enables investors and enterprises to share knowledge, provide their own strengths and jointly solve the problems could play an essential role in enterprises’long-run development. However, due to the significant constraints of CVC industry and its development stage, the environmental factors could not significantly facilitate the balance relationship between exploration and exploitation, which does reflect the particularity of CVC circumstances.更多还原