We investigate why a corporate investor makes more corporate venture capital (CVC) investments in certain areas than in others. Focusing on firms' different technological capabilities across distinct technology domains, we argue that a corporate investor's technological capabilities in a given domain affect its likelihood of investing in (1) ventures within the domain in an inverted U-shaped manner and (2) ventures operating in other technologically complementary domains in a positive manner. We further claim that these two suggested relationships between technological capabilities and the likelihood of CVC investments are shaped by the technology growth rate of the focal domain. We test these arguments in the US medical sector, where incumbent firms are active in CVC investments as a means to acquire external knowledge.

中文翻译：

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去哪里投资？技术能力对企业风险投资的影响


我们调查为什么企业投资者在某些领域进行的企业风险投资 (CVC) 投资多于其他领域。着眼于企业在不同技术领域的不同技术能力，我们认为企业投资者在特定领域的技术能力会影响其投资于（1）该领域内的企业以倒U形方式的可能性，以及（2）经营企业的可能性在其他技术互补领域以积极的方式进行。我们进一步声称，技术能力和 CVC 投资可能性之间的这两个建议关系是由重点领域的技术增长率决定的。我们在美国医疗行业检验了这些论点，该行业的现有公司积极参与 CVC 投资，作为获取外部知识的手段。