关键词: 业绩反馈, 公司创业投资, 行业竞争性, 董事会权力

Abstract: Corporate venture capital(CVC) is a significant source of innovative technologies, products, and business modes, which is also a key component of a firm’s innovation strategy. However, CVC is a risk-taking behavior and its start-up and termination always seek balance among achieving strategic objectives, financial returns, and risk management. Based on the theory of corporate behavior, this paper explores the driving forces and situational factors of CVC decision-making from the perspective of performance feedback. By using the data of Listed Companies in China’s information technology industry from 2007 to 2015, it is found that when the actual performance is higher than the expected goal of the industry, the enterprise is satisfied with the current situation and the CVC intensity is reduced; when the actual performance is lower than the expected goal of the industry, the enterprise enhances the risk tolerance and the intensity of the CVC to improve the performance; external competitive environment and internal governance structure play a significant role in regulating the relationship between performance feedback and the intensity of CVC. A higher industry competitiveness will promote high-performance enterprises to carry out CVC activities. However, as the power of the board of directors becomes greater, the poor-performance companies will be restrained from pursuing CVC. Under the background of China’s economic transformation and industrial upgrading, this paper explores the driving factors for CVC behavior, enriches the research on enterprise innovation and adaptability, and provides a new perspective for the study of corporate venture behavior.

Key words: performance feedback, corporate venture capital (CVC), industry competition, board power