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

摘要： 公司创业投资活动是创新性技术、产品及商业模式的重要来源，也是企业创新战略的重要内容。然而，公司创业投资是一项冒险行为决策，其启动和终止始终在实现战略目标、财务收益和控制风险之间权衡。基于企业行为理论，从业绩反馈视角探究公司创业投资决策的驱动及情境影响因素，并利用2007~2015年中国信息科技行业上市公司数据研究发现：①当实际业绩高于行业期望目标而处于绩优状态时，企业对当前状态满意，公司创业投资的强度减弱；②当实际业绩低于行业期望目标而处于绩差状态时，企业为改善业绩而增强了风险承受度，公司创业投资的强度提高；③外部竞争环境和内部治理结构对业绩反馈与公司创业投资强度之间的关系起到显著的调节作用，行业竞争性越高将推动绩优企业开展公司创业投资活动，而董事会权力越大将遏制绩差企业进行公司创业投资。本文在中国经济转型和产业升级背景下探讨公司创业投资行为的驱动因素，丰富了企业创新与适应能力研究成果，也为企业冒险行为研究提供了新视角。

关键词: 业绩反馈, 公司创业投资, 行业竞争性, 董事会权力