Social trust and CVC effect.

In an uncertain and risky business environment, the decision for corporate venture capital (CVC) often requires courage and determination. This article empirically examines the relationship between social trust and corporate venture capital based on CVC data from Chinese companies spanning from 2006 to 2018. The findings reveal that social trust significantly positively influences a company’s willingness and scale of involvement in venture capital. Further analysis highlights the variations in social trust effects under diverse governance environments, particularly in non-state-owned firms and firms with separate CEO and chairman roles. Meanwhile, in regions characterized by a more developed market environment and a robust legal framework, social trust demonstrates a more pronounced motivating effect. Moreover, social trust fosters innovation within CVC deals. Focused on emerging markets, this research delves into the significance of informal institutions in incentivizing corporate innovation and venture capital, offering a fresh perspective on the driving forces behind CVC.

在充满不确定性与风险的商业环境中，企业风险投资（Corporate Venture Capital，CVC）的决策往往需要魄力与决心。本文基于2006至2018年中国企业的CVC数据，实证检验了社会信任与企业风险投资之间的关联。研究结果表明，社会信任对企业参与风险投资的意愿与规模均具有显著的正向影响。进一步分析显示，社会信任的影响效应在不同治理环境下存在异质性，尤其体现在非国有企业以及CEO与董事长两职分离的企业中。与此同时，在市场环境更完善、法律框架更健全的地区，社会信任的激励效应更为显著。此外，社会信任能够推动CVC交易中的创新活动。本研究聚焦新兴市场，深入探讨了非正式制度在激励企业创新与风险投资中的重要意义，为揭示企业风险投资的驱动因素提供了全新视角。