The Impact of Corporate Venture Capital (CVC) Information Disclosure on Corporate Value

摘要

This paper examines the relation between CVC information disclosure and corporate value based on real option theory. We used data of CVC from 2010 to 2015, analysis value relevance of CVC information disclosure. First, this article establish a theory model to explain value relevance of CVC information disclosure. And this article point out that the value of real option embedded in corporate venture capital. Second, this article used event study method finds that CVC information disclosure can create positive return. By using multiple regression analysis, this article finds that CVC information disclosure is positively correlated with the corporate value. Our study broad knowledge on CVC information disclosure influence corporate value.