大型老牌企业介入创业投资的模式及其选择

随着全球创业投资业的复苏,近年来我国很多大型老牌企业纷纷加入了创业投资的行列,其进入渠道各有不同。不同的渠道对应的是不同的投资程序和投资管理过程,最终会对签约成本、投资项目目标的实现程度、监管协调成本以及可选择的投资项目的数量和质量产生决定性影响。大型老牌企业怎样选择投资于创业企业的渠道?从交易成本理论和战略管理理论的角度出发,比较两类介入模式的优势和成本,融合资源本位企业观的相关研究成果,可得出如下结论:企业主导型创业投资(简称CVC)是大型老牌企业和创业企业的一种权益型战略联盟,采用组建附属的创业投资基金或子公司的形式更能实现联盟的利益。

The choice of mode for venture capital investment by large established firms

With the invigoration of the global venture capital industry,many large established firms in China investe in small entrepreneurial firms through all kinds of channels.Investment process and management of corporate venture capital programs will be decided by investment channels which will finally influence the cost of signing contracts,the degree of realizing investment objective,the cost of monitoring and control,as well as the quantity and quality of investment programs.Based on the transactional cost theory and the strategy management theory,this paper discuses how to choose investment channels of corporate venture capital programs.After comparing benefits and costs of two kinds of investment channels,we argue that CVC is a kind of equity strategic alliance,and the forms of venture capital funds or subsidiary companies are more likely to achieve profits of strategic alliance.