Graduate School of Policy and Management, Doshisha University 35 コーポレートベンチャーキャピタルにおける組織とパフォーマンス 概要 ICT R&D ICT CVC 2014 16% CVC 1 1990 CVC 2010 CVC CVC ICT CVC CVC CVC CVC CVC VC CVC 1 はじめに ICT 2 IT VC IT ICT 1 National Venture Capital Association 2 VB 2011 1 25
36 Google 2005 2014 1 250 130 M&A 3 CVC Google Ventures Eisenhardt and Brown. 1997 M&A R&D IT CVC 1 IT 2015 1 Apple, Google, IBM, Oracle 1 MIT 2014 2015 50 Smartest Companies Google Apple Amazon salesforce.com IT Samsung LG Xiaomi Alibaba Tencent 2015 LINE CVC 4 R&D 700 600 500 時価総額 $B 400 300 200 100 - 図 1 日米主要 IT 企業時価総額比較 : Yahoo Finance 2015 1 3 2014 2 15 4 Connect! 2011 2013 2014
37 表 1 MIT 50 Smartest Companies 2015 2014 1 Tesla Motors Illumina 2 Xiaomi Tesla Motors 3 Illumina Google 4 Alibaba Samsung 5 Counsyl Salesforce.com 6 SunEdison Dropbox 7 Tencent BMW 8 Juno Therapeutics Third Rock Ventures 9 SolarCity Square 10 Netflix Amazon 11 OvaScience Tencent 12 Google Snapchat 13 Amazon Cree 14 AliveCor Box 15 Gllead Science BrightSourceEnergy 16 Apple Wai-Mart Stores 17 Voxcel8 General Electric 18 IDE Technologies Qualcomm 19 Amgen Kaggle 20 Aqulon Energy Second Sight 21 Baidu SpaceX 22 SpaceX Kickstarter 23 Sakti3 Hanergy Holding Group 24 Freescale Semiconductor Siemens 25 Universal Robots 1366 Technologies 26 Bristol-Myers Squibb Uber 27 Teladoc Evernote 28 Nvidia Baidu 29 Facebook GitHub 30 Alnylam Xiaomi 31 Rethink Robotics Oculus VR 32 Phillips Qihoo 360 Technology 33 Cellectis Monsanto 34 Bluebird Bio Aquion Energy 35 ThyssenKrupp IBM 36 Slack Jawbone 37 Line Medtronic 38 Improbable Valve 39 Enlitic Genemics England 40 Coinbase D-Wave Systems 41 HaCon Siluria Technologies 42 3D Systems Kallma Bio-Agritech 43 Generall Datawind 44 Intrexon Freescale Semiconductor 45 DNAnexus Upworthy 46 IBM LG 47 Snapchat Expect Labs 48 Microsoft AngelList 49 Imprint Energy Arcadia Biosciences 50 Uber Ripple Labs : MIT Technology Review 2 CVC 3 CVC 4 3 CVC CVC 5 2 先行研究のレビュー CVC CVC CVC 2. 1 CVC の定義 分類 効果 Chesbrough 2002CVC CVC IPO M&A 2 CVC 2 3 Chesbrough 2002 CVC CVC Kortum and Lerner 2000 Ahuja and Lampert 2001
38 表 2 ベンチャー企業との資本提携手段 CVC 1 VC VCVC 2 CVC VC VC CVC 3 CVC CVC : Gompers 2002 Fulghieri and Sevilir 2009 Lichtenthaler & Lichtenthaler 2009 Cisco salesforce.com Boston Consulting Group Corporate Venture Capital R&D Global Corporate Venturing 750 CVC Winters and Murfin 1988 1. CVC 5 2. 3. 4. 5. CVC CVC 6. 7. CVC TMT Technology, Media & Communication Alter and Buchsbaum 2000, Siegel 1998, Yost and Devlin 1993CVC CVC Maula 2003 CVC 5 Benson and Ziedonis 2009 CVC M&A CVC CVC
39 Dushnistsky and Lenox 2005 CVC R&D Fulghieri and Sevilir 2009 CVC R&D CVC 2. 2 CVC の成功要因 CVC CVC CVC 3 5 1 Siegel 1988 CVC CVC CVC CVC CVC CVC CVC CVC CVC 2 VC VC Siegel 1988 CVC VC CVC Winters and Murfin 1988 表 3 CVC の成功要因 :
40 CVC CVC CVC McCahery 2012 CVC CVC 6 3 VC Siegel 1988 CVC VC 24% CVC Dushnistsky and Lenox 2005 CVC VC CVC McCahery 2012 CVC 4 Siegel 1988 CVC CVC CVC VC Limited Partner Winters and Murfin 1988 CVC CVC CVC 5 CVC 4 CVC Gompers 2002 McCahery 2012 CVC CVC Winters and Murfin 1988CVC Siegel 1988 CVC CVC VC 6 Bygrave 1998VC VC VC CVC Lerner 1994 VC
41 VC CVC CVC Gompers 2002 Gompers and Lerner 1998 CVC CVC VC Chesbrough 2002 CVC Gompers and Lerner 1998 CVC Dushnistsky and Lenox 2005CVC Yost and Devlin 1993 93% CVC 7 CVC CVC CVC VC 3 国内 CVC の運用形態と実績に関するアンケート調査 CVC 3. 1 国内 CVC 調査対象企業 CVC 4 25 30 CVC CVC CVC 20 CVC CVC IT CVC CVC CVC 3. 2 ヒアリング項目 / 内容 CVC 7 Ernst and Young 2002 CVC 67% CVC
42 表 4 調査対象 CVC 業種別一覧 CVC 2 4 4 16 2 2 30 1 CVC CVC 2 4 CVC IPO M&A IPO CVC IPO CVC 3 5 CVC VC 21 4 4: 3: 2: 1: 表 5 CVC の組織形態に関する質問表 CVC CVC 3 VC VC VC VC VC VC VC VC VC
43 4. CVC CVC CVC CVC CVC 3 CVC CVC CVC VC VC 3 VC VC VC VC 20% CVC VC VC CVC VC VC CVC 3. 3 ヒアリング結果 1 CVC IT IPO 7 CVC 12 2 CVC CVC 14 9 7 CVC 16 20 CVC 14 2,000 10 7,000
44 16 14 12 10 8 6 4 2 0 図 2 CVC の目的別 企業タイプ別分類 CVC 2 IPO M&A 6 IPO M&A 10% 40% CVC 20 7 8 6.9 6.0 CVC 5.28 5.25 3 IPO 表 6 投資パフォーマンス IPO + M&A IPO + M&A + 7.9% 14.3% 38.3% 5.6% 12.5% 41.2% 表 7 CVC タイプ別提携確率 本体事業領域投資確率 49.4% 76.5% 32.1% 60.7% 50.0% 100.0% 9.8% 71.9%
45 9 CVC 13 CVC CVC 3 CVC VC CVC 10 CVC CVC CVC VC VC 11 VC 2.03 2.00 CVC 6 CVC 6 CVC CVC 3 表 8 年間投資件数 6.86 5.28 6.00 5.25 表 9 本体企業との良好な関係と 独立した意思決定に関するスコア CVC 2.60 2.77 3.53 2.00 3.00 4.00 表 10 本体企業のコミットメントに関するスコア 2.60 2.80 3.17 2.00 3.00 3.00 表 11 VC スキル VC 投資経験に関するスコア 2.03 1.30 2.97 2.53 2.00 1.00 3.00 3.00
46 CVC CVC CVC VC 12 CVC CVC VC 2 6 1.43 1.50 1.00 13 CVC CVC VC 14 VC VC VC 表 12 CVC タイプ別提携確率 本体事業領域投資確率 1.43 1.50 1.00 1.00 表 13 戦略的リターン重視に関するスコア 2.27 2.43 1.93 1.97 2.00 2.00 1.50 1.00 表 14 ファイナンシャルリターン重視に関するスコア 3.10 2.50 1.73 2.23 2.17 2.53 3.00 2.00 1.00 2.00 2.00 3.00
47 4 CVC の成功要因分析 CVC 4. 1 仮説の設定 CVC CVC CVC VC CVC CVC CVC CVC CVC CVC CVC CVC 1 - CVC 2 - CVC CVC VC CVC 3- CVC 4. 2 分析結果 Adelie 8 5 Adelie 1 Adelie 1 15 0.18 表 15 平均投資件数に関する統計値 (1) VC 8
48 VC 4 p t 5% 5% 2 16 10% 5% CVC 2 IPO M&A 17 VC 2 CVC CVC 2 0.46 4 5% VC 10% 5% 1% CVC 1 VC 10% 表 16 平均投資件数に関する統計値 (2) 表 17 投資成功確率に関する統計値 VC CVC
49 表 18 提携確率に関する統計値 VC 表 19 本体事業領域投資確率に関する統計値 CVC CVC 3 18 VC 0.49 2 VC 5% 1% VC CVC CVC VC CVC 19 1% 5 考察 IT CVC CVC CVC CVC VC IT
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