Citation Context

...t abroad. It is found that the main difference between industrial capital investors and pure financial investors is that the formers are willing to pay higher price so as to acquire strategic benefits [1]. The main reason why industrial capital investors would like to pay higher evaluation is that the successful invested project may exert positive or negative influences on the current business of industrial capital investors who belong to companies in some certain kinds of fields and own their own main business. And their technologies relied on by the main business is the true influenced ones [2] [3]. Henry Chesbrough (2000) considers that industrial capital investors are equipped with some advantages over pure financial investors. These advantages come from industrial capital investors’ ownership of important basic knowledge and some other intangible assets. Actually these assets can’t be traded freely to some certain extent for the reason that they belong to the investors’ company to own or control. Hence, compared with pure financial investors, industrial capital investors enjoy structural advantages in the development of coordinating and complementary technology. When there exists...

Citation Context

...he influence of the new venture on the value of the captive VC’s core assets (Hellmann, 2002), differences between captive and independent VCs to enhance the entrepreneur’s incentive to exert effort (=-=Arping and Falconieri, 2010-=-), or by the ability of captive venture capitalists to attain central positions in syndication networks (Keil et al., 2010). This paper is the first to link these two strands of the VC literature. It ...