CVC Investments and Internal Capital Markets

2016 Fiscal Year Final Research Report

• Project/Area Number: 26380407
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Waseda University
• Principal Investigator: Hibara Nobuhiko 早稲田大学, 商学学術院(経営管理研究科), 准教授 (10434698)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Keywords: CVC / オープンイノベーション / コーポレートベンチャーキャピタル / ベンチャーキャピタル / 内部資本市場 / イノベーションのディレンマ / エコシステム / スタートアップ

Outline of Final Research Achievements

This study investigates Corporate Venture Capital (CVC) activities by Japanese corporations. We find that 1) Japanese corporation's organizational and behavioral characteristics effect CVC investments and 2) CVC investments are significantly driven by higher Tobin's Q. As a related future research, we suggest investigating effects of degree of innovation of corporations on their CVC activities and possible interrelations between CVC activities and the emergence of entrepreneurial ecosystem.

Free Research Field

ファイナンス、イノベーション