中文摘要：

企业风险投资（CVC）作为风险投资市场的重要参与者,其投资战略目标和策略与独立风险资本（IVC）存在差异。本文选取了1999-2015年中国资本市场上78家CVC的1853起投资事件为研究样本,实证分析了资源整合、联合投资、分阶段投资三种投资策略对CVC投资绩效的影响机理。结果表明：CVC采取资源整合策略时更容易实现退出;联合投资策略能够提高CVC成功退出的可能性;分阶段投资策略对CVC投资的最终退出没有显著影响。

英文摘要：

Corporate venture capital （CVC） plays a significant role in venture capital market. Its investment objectives and strate- gies differ from independent venture capital （IVC）. This paper collected 1853 investments of 78 CVCs from 1999 to 2015 in Chinese venture capital market as research sample. The empirical analysis studied the impact mechanism of three investment strategies, resource-integration, syndication and staged-financing, on investment performance. The results indicate： The re- source-integration and syndication have positive effect on investment performance; the staged-financing strategy shows no sig- nificant help to CVC＇ s exit.