A Research on the Investment Behavior of Japanese Corporate Venture Capital Firms Based on the Principles of Corporate Finance

2014 Fiscal Year Final Research Report

• Project/Area Number: 24530426
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Business administration
• Research Institution: Toyo University
• Principal Investigator: OGURA Yasuhiro 東洋大学, 経営学部, 教授 (40058144)
• Co-Investigator(Kenkyū-buntansha): DONG Jinghui 東洋大学, 経営学部, 准教授 (80408955)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: コーポレート・ベンチャー・キャピタル / 投資評価手法 / 投資行動基準 / 企業家精神 / 企業家的経営者 / リアルオプション・モデル

Outline of Final Research Achievements

In this research, first of all, we try to elucidate the reality of the investment behavior of Japanese corporate venture capital firms through a questionnaire survey. Based on the analysis results of the questionnaire survey, we discuss the spirit of an entrepreneur which is required to be the management of a venture firm nowadays on the point of view of practical business administration. Furthermore, we examine the problematic issues in the case of using the real options method as an evaluation method to evaluate a venture firm when a venture capital firm plans to invest in the venture firm, and propose a method to solve the issues. Finally, we propose a real options model for determining the optimal timing of a merger and acquisition as a method of realizing the revenue from the investment in a venture firm.

Free Research Field

経営学