隨著全球經濟發展，世界各國都在積極尋求促進本國經濟發展的有效途徑，通過風險投資進行投資已經成為一個全球現象。風險投資（Venture Capital），也可稱為創業投資，最早發源於美國。中國的創投風投行業誕生21世紀初，在過去的十年中，中國風險投資行業經歷了高速的發展，機構數量和管理規模大大提升，影響力也逐年增大，成為推動創新創業促進經濟結構調整的動力之一。2018年全球風投行業的投資額以及投資數量達到頂峰，2019年因為不確定風險市場參與者愈發謹慎，2019年創投風投的總額和投資數量均較2018年有所下降，並且出現規避風險和不確定性，導致投資階段後後移趨勢。而公司風險投資在本文也稱之為集團風險投資，最早出現於2O世紀60年代中期的美國。公司風險投資（CVC）投資戰略定義為非金融公司出於財務和戰略目標對初創公司進行的任何股權投資。不少獲得風險投資發展起來的公司，尤其是獨角獸企業，自身設置投資部門，完成了從獲得風險投資到企業戰略投資的轉變。
本文對風險投資和企業風投進行了梳理和分析，近年來風險投資仍處於不斷發展之中，通過中國與美國的比較，發現中美兩國風險投資的發展相同與不相同之處，中國風投行業發展速度超過美國，但同樣遇到美國風投發展史上的種種問題。同時本文以字節跳動為例，介紹其商業模式獲得風險投資的歷程與其自身集團戰略投資策略。最後總結傳統風險投資與集團戰略投資所遇問題與建議。

With the development of the global economy, venture investment has become an effective way to promote a global economy. Venture capital originated in the United States. China's venture capital industry was born at the beginning of the 21st century. In the past decade, China's venture capital industry has experienced rapid development. The number of institutions and management scale has dramatically improved, and the influence has also increased year by year. In 2018, the amount of investment in the global venture capital industry reached the peak. In 2019, due to the uncertainty of risk, market participants became more cautious, the total amount and amount of venture capital investment in 2019 decreased compared with that in 2018. Risk aversion and uncertainty appeared, leading to a backward trend of the investment stage. Corporate venture capital first appeared in the United States in the mid-1960s. Corporate venture capital (CVC) investment strategy is defined as an equity investment made by non-financial companies to startups for financial and strategic purposes. Many companies, especially Unicorn enterprises, have set up their investment departments and completed the transformation from venture capital to corporate venture capital.
This paper analyzes venture capital and corporate venture capital. In recent years, venture capital is still in constant development. Through the comparison between China and the United States, it is found that venture capital in China and the United States is similar and different. China's venture capital industry is growing faster than the U.S., but it has run into problems. At the same time, this paper takes ByteDance as an example to introduce its process of obtaining venture capital due to its excellent business model and its strategic investment strategy. Finally, it summarizes the problems and suggestions of traditional venture capital and corporate venture capital.

Thesis Validation Letter i
Acknowledgements ii
Chinese Abstract iii
English Abstract iv
Contents v
Figures vii
Tables viii
I．Introduction 1
1. Research background and significance 1
2. Literature review 3
1.2.1Venture capital 3
1.2.2 Corporate venture capital 10
1.2.3 Literature summary 16
3. Research method 17
II．Venture Capital Overview 19
1. Analysis of the American venture capital industry 19
2.1.1 American venture capital market 19
2.1.2 American unicorn enterprise 22
2.Analysis of China venture capital industry 24
2.2.1 China venture capital market 24
2.2.2 China unicorn enterprises 30
3. Analysis of venture capital in China and America 31
4. Analysis of unicorn enterprises in China and America 35
III．The Theory and Research of Corporate Venture Capital 38
1. Definition and characteristics of corporate venture capital 38
2. Comparison between venture capital and corporate venture capital 40
3. Chinese corporate venture capital 45
IV．The Case Study of Venture Capital——ByteDance 48
1. ByteDance corporate business 48
2. ByteDance ventures history and current situation 51
3. ByteDance corporate venture capital 52
V．Conclusion 59
References 61

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