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Technological fit, control rights allocation, and innovation performance of corporate venture capital-backed enterprises

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  • Lei Wang
  • Huanhuan Huang
  • Yunbi An

Abstract

Based on 351 sample observations of companies listed on the Growth Enterprise Market (GEM) and Small & Medium Enterprise (SME) Board in China, this paper analyzes how the technological fit between corporate venture capital (CVC) parent companies and CVC-backed start-ups is related to CVC-backed start-ups’ innovation performance, as well as the mediating role of the allocation of control rights within CVC-backed start-ups in explaining the relationship. We find that technological fit has a positive effect on CVC-backed start-ups’ innovation inputs, while it has an inverted U-shaped relationship with start-ups’ innovation outputs. Technological fit also has a positive effect on the control rights acquired by CVCs, while the control rights allocation has no significant effect on innovation inputs, but significantly promotes innovation outputs. This suggests that the impact of technological fit on CVC-backed start-ups’ innovation performance arises from both the direct effect of technological fit and the mediating effect of the control rights acquired by CVCs.

Suggested Citation

  • Lei Wang & Huanhuan Huang & Yunbi An, 2021. "Technological fit, control rights allocation, and innovation performance of corporate venture capital-backed enterprises," Venture Capital, Taylor & Francis Journals, vol. 23(3), pages 229-255, July.
    • Handle: RePEc:taf:veecee:v:23:y:2021:i:3:p:229-255
    DOI: 10.1080/13691066.2021.1905931
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    Cited by:

    1. Chenghua Guan & Shengxue Jin, 2023. "Does the Type of Funding Affect Innovation? Evidence from Incubators in China," Sustainability, MDPI, vol. 15(3), pages 1-19, January.

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