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How digital transformation shapes corporate venture capital: Insights from China

Author

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  • Wan, Liangyong
  • Xu, Xiaowei
  • Ou, Jianyou
  • Lin, Bingxuan

Abstract

This study explores the role of digital transformation in shaping corporate venture capital (CVC) investments, focusing on Chinese A-share listed firms from 2009 to 2019. Digital transformation creates strategic opportunities by enhancing internal information coordination and external information transparency, allowing firms to better identify and leverage CVC opportunities. Additionally, we highlight the importance of a firm's absorptive capacity, its ability to adapt and integrate new knowledge as a key factor in maximizing the benefits of digitalization in CVC initiatives. Digital transformation also promotes diversification in CVC portfolios across industries and regions, suggesting a broadened strategic scope. Our findings underscore the necessity of organizational readiness in fully realizing the advantages of digital transformation for corporate investment strategies in today's digital era.

Suggested Citation

  • Wan, Liangyong & Xu, Xiaowei & Ou, Jianyou & Lin, Bingxuan, 2026. "How digital transformation shapes corporate venture capital: Insights from China," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
    • Handle: RePEc:eee:pacfin:v:96:y:2026:i:c:s0927538x25003816
    DOI: 10.1016/j.pacfin.2025.103044
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