مدیریت نوآوری

مدیریت نوآوری

مدل یکپارچه عوامل مؤثر بر عملکرد زنجیره ارزش سرمایه‌گذاری خطرپذیر شرکتی: رویکرد مرور نظام‌مند

نوع مقاله : مقاله پژوهشی

نویسندگان
1 گروه مدیریت عملیات و فناوری اطلاعات، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران، ایران
2 گروه مدیریت فناوری و کارآفرینی، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران، ایران
3 گروه مدیریت فناوری و کارآفرینی، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران، ایران.
4 گروه مدیریت عملیات و فناوری اطلاعات، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران، ایران.
10.22034/imj.2026.548834.2940
چکیده
سرمایه‌گذاری خطرپذیر شرکتی ابزاری راهبردی برای پیوند میان شرکت‌ مادر، شرکت‌های سرمایه‌پذیر و واحد سرمایه‌گذاری است که در خلق ارزش و ارتقای مزیت رقابتی نقش کلیدی دارد. بااین‌حال، پژوهش‌ها اغلب به‌صورت بخشی‌نگر تنها بر یکی از ابعاد مالی، فناورانه یا نوآوری تمرکز داشته‌اند. هدف پژوهش حاضر ارائه تصویری یکپارچه از عوامل مؤثر بر عملکرد در کل زنجیره ارزش سرمایه‌گذاری خطرپذیر شرکتی است. برای این منظور، از مرور نظام‌مند شواهد استفاده شد. جست‌وجو در پایگاه اسکوپوس ۳۹۲ مقاله شناسایی کرد که پس از اعمال معیارهای ورود و خروج و غربال‌گری چندمرحله‌ای، ۲۹ مقاله واجد شرایط برای تحلیل نهایی انتخاب شدند. داده‌ها به‌صورت نظام‌مند استخراج و با رویکرد ترکیبی قیاسی–استخراجی تحلیل شدند. سرمایه‌گذاری خطرپذیر شرکتی می‌تواند عملکرد کلی، نوآوری، فناورانه و مالی را بهبود دهد، هرچند شدت و جهت این اثرات تحت تأثیر عواملی مانند قابلیت جذب دانش، ساختار حاکمیتی، استقلال واحد سرمایه‌گذاری و ویژگی‌های صنعت و جغرافیا قرار دارد. مرور حاضر نشان داد که تنش‌های بنیادین، از جمله تضاد میان اکتشاف و بهره‌برداری یا نگرش منفی شرکت‌های نوپا، بخشی جدایی‌ناپذیر از فرآیند اثرگذاری بر عملکرد هستند. نوآوری پژوهش در یکپارچه‌سازی یافته‌ها و ارائه چارچوبی جامع است که تعامل سه بازیگر اصلی را در نظر می‌گیرد و مبنای نظری طراحی راهبردهای آتی فراهم می‌کند.
کلیدواژه‌ها
موضوعات

عنوان مقاله English

An Integrated Model of Factors Influencing the Performance of the Corporate Venture Capital Value Chain: A Systematic Review Approach

نویسندگان English

Ali Panahi 1
Soroush Ghazinoori 2
Laya Olfat 3
Abolfazl Kazazi 4
1 Department of Operations Management and Information Technology, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran
2 Department of Technology Management and Entrepreneurship, Faculty of Management and Accountin, Allameh Tabataba'i University, Tehran, Iran
3 Department of Operations Management and Information Technology, Faculty of Management and Accounting, Allameh Tabataba'i University, Tehran, Iran
4 Department of Operations Management and Information Technology, Faculty of Management and Accounting, Allameh Tabataba'i University, Tehran, Iran
چکیده English

Corporate venture capital (CVC) is a strategic tool linking the parent company, investee firms, and the investment unit, playing a key role in value creation and enhancing competitive advantage. However, most studies have focused narrowly on one dimension—financial, technological, or innovation. This study aims to provide an integrated view of factors affecting performance across the entire CVC value chain. A systematic review was conducted, searching the Scopus database, which yielded 392 articles. After applying inclusion and exclusion criteria and multi-stage screening, 29 articles were selected for final analysis. Data were systematically extracted and analyzed using a combined deductive–inductive approach. CVC can improve overall, innovation, technological, and financial performance, although the magnitude and direction of these effects depend on factors such as knowledge absorption capability, governance structure, investment unit independence, and industry and geographic characteristics. The review also revealed that inherent tensions—such as the exploration–exploitation trade-off or negative perceptions from startups—are an integral part of the performance impact process. The study’s contribution lies in integrating fragmented findings and presenting a comprehensive framework that simultaneously considers the three main actors, showing that influencing factors can only be fully understood through their interactions. This framework provides a theoretical basis for better understanding these interactions and can inspire the design of future strategic initiatives.

کلیدواژه‌ها English

Venture capital (VC)
Corporate venture capital (CVC)
value chain performance
Financial performance
Innovation performance
Technological performance
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  • تاریخ دریافت 11 شهریور 1404
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  • تاریخ پذیرش 03 آذر 1404