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Corporate Venture Capital (CVC) can bring investment companies with financial and strategic value which can promote the value of invested enterprise . However, because of factors of opportunism and asymmetric information, CVC will hinder the value of invested enterprise. This paper uses the data of A-Shares Listed Companies of China during 2010 to 2014, the analysis results present, (1) The enterprises accepted investment from CVC create less value than the enterprises did not. (2) The enterprises accepted investment from venture investment organization which hold by CVC create less value than the enterprises accepted investment from venture investment organization which shared by CVC. (3) Under the hold of CVC, the proportion of the organization in the invested enterprise is proportional to the value of the invested enterprise. Keywords—Corporate Venture Capital; value creation; Tobin's q

An Empirical Research on Corporate Venture Capital and Value Creation of Invested Enterprises