As a strategic investment method, corporate venture capital (CVC) has unique advantages. Through cooperation with external entrepreneurial companies, CVC can be used to acquire innovative technologies and market opportunities. CVC can provide financial support and expertise to help entrepreneurial companies solve problems in their development. Also, CVC can be used to achieve resource sharing and cooperative innovation through collaboration with entrepreneurial companies. CVC can help an enterprise quickly acquire innovation resources, thereby promoting improvements in the enterprise's own innovation capability and competitiveness and giving the enterprise the impetus to develop and grow.

CVC is one of the important means to promote innovation. In recent years, CVC has received increasing attention in China and abroad. The aim of this study is to explore the impact of CVC participation on corporate innovation as well as the moderating effect of innovation environment on the relationship between CVC participation and corporate innovation, in this way to provide a beneficial reference for policy-makers and enterprises.

The empirical result in this study shows that CVC participation is positively related to the innovation performance of entrepreneurial companies, and corporate venture capital are particularly important when the innovation environment is imperfect.

Thus, it is highly recommended to actively and vigorously promote CVC and the entrepreneurial companies should make every effort to attract corporate venture capital.

In summary, CVC is an important force to drive corporate development and social progress, an important link in strengthening the interconnectedness of the industrial chain, and a lever for regulatory authorities to promote industry progress, which needs active promotion from all sides.