组织和融资的创新、以及在企业和独立风险投资之间的选择【外文翻译】.doc

1、外文翻译原文ORGANIZATIONANDFINANCINGOFINNOVATION,ANDTHECHOICEBETWEENCORPORATEANDINDEPENDENTVENTURECAPITALMATERIALSOURCEJOURNALOFFINANCIALANDQUANTITATIVEANALYSISAUTHORPAOLOFULGHIERANDMERIHSEVILIRTHISPAPEREXAMINESTHEIMPACTOFCOMPETITIONONTHEOPTIMALORGANIZATIONANDFINANCINGSTRUCTURESININNOVATIONINTENSIVEINDUST

2、RIESWESHOWTHATASANOPTIMALRESPONSETOCOMPETITION,FIRMSMAYCHOOSEEXTERNALORGANIZATIONSTRUCTURESESTABLISHEDINCOLLABORATIONWITHSPECIALIZEDSTARTUPSWHERETHEYPROVIDESTARTUPFINANCINGFROMTHEIROWNRESOURCESASTHEINTENSITYOFTHECOMPETITIONTOINNOVATEINCREASES,FIRMSMOVEFROMINTERNALTOEXTERNALORGANIZATIONOFPROJECTSTOIN

3、CREASETHESPEEDOFPRODUCTINNOVATIONANDTOOBTAINACOMPETITIVEADVANTAGEWITHRESPECTTORIVALFIRMSINTHEIRINDUSTRYWEALSOSHOWTHATASTHELEVELOFCOMPETITIONINCREASES,FIRMSPROVIDEAHIGHERLEVELOFFINANCINGFOREXTERNALLYORGANIZEDPROJECTSINTHEFORMOFCORPORATEVENTURECAPITALCVCOURRESULTSHELPEXPLAINTHEEMERGENCEOFORGANIZATIONA

4、NDFINANCINGARRANGEMENTSSUCHASCVCANDSTRATEGICALLIANCES,WHERELARGEESTABLISHEDFIRMSORGANIZETHEIRPROJECTSINCOLLABORATIONWITHEXTERNALSPECIALIZEDFIRMSANDPROVIDEFINANCINGFOREXTERNALLYORGANIZEDPROJECTSFROMTHEIROWNINTERNALRESOURCESGREATERRESEARCHANDDEVELOPMENTRDCOMPETITIONANDSUBSTANTIALREDUCTIONINPRODUCTLIFE

5、CYCLESCREATEANINCENTIVEFORFIRMSTOINCREASETHESPEEDOFINNOVATIONTOCOPEWITHGREATERCOMPETITIONANDTOACCELERATEPRODUCTDEVELOPMENT,FIRMSCHOOSEAVARIETYOFORGANIZATIONALANDFINANCINGARRANGEMENTSFORTHEIRRDACTIVITIESTHESEARRANGEMENTSRANGEFROMINTERNALLYORGANIZEDPROJECTS,FINANCEDENTIRELYWITHTHEFIRMSOWNCAPITAL,TOEXT

6、ERNALLYORGANIZEDPROJECTS,OUTSOURCEDTOINDEPENDENTFIRMSSPECIALIZINGINRD1MOREOVER,SOMEFIRMSPREFERTOUNDERTAKETHEIRRDINVESTMENTOUTSIDEOFFIRMBOUNDARIESINCOLLABORATIONWITHSPECIALIZEDFIRMSYETSTILLPROVIDEFINANCINGFORTHEPROJECTFROMTHEIROWNINTERNALFUNDSINTHEFORMOFCORPORATEVENTURECAPITALCVCOVERTHELASTDECADE,COM

7、PANIESSUCHASMICROSOFT,INTEL,ANDMERCKHAVEUNDERTAKENSUBSTANTIALAMOUNTSOFCVCINVESTMENTINCOLLABORATIONWITHEXTERNALSTARTUPSWHERETHEYREDUCEDTHESTARTUPSNEEDTORAISEFINANCINGFROMEXTERNALCAPITALMARKETSANDINDEPENDENTVENTURECAPITALISTSCHESBROUGH2002IN2001,MORETHAN400ESTABLISHEDFIRMSPARTICIPATEDIN2,123CVCDEALSWO

8、RTHOF165BILLION,REPRESENTING15OFALLVENTURECAPITALINVESTMENTINTHEFIRST6MONTHSOF2007,CVCINVESTMENTSREACHEDNEARRECORDLEVELS,WITHFIRMSINVESTING13BNIN390DEALSTHEHIGHESTLEVELSINCE2001NATIONALVENTURECAPITALASSOCIATIONCONSISTENTWITHTHEGROWINGUSEOFCVCBYESTABLISHEDCOMPANIES,RECENTEMPIRICALRESEARCHINDUSHNITSKY

9、ANDLENOX2006PROVIDESEVIDENCETHATCVCCREATESFIRMVALUE,ESPECIALLYWHENFIRMSUNDERTAKECVCTOEXPLOITNEWTECHNOLOGIESINADDITION,DUSHNITSKYANDLENOX2005A,2005BFINDTHATCVCINVESTMENTINCREASESTHEINNOVATIONRATESOFESTABLISHEDFIRMSSIGNIFICANTLYSIMILARLY,CHEMMANURANDLOUTSKINA2008DOCUMENTTHATCVCREPRESENTSANIMPORTANTSOU

10、RCEOFFINANCINGFORTHEDEVELOPMENTOFINNOVATIVETECHNOLOGIESBYYOUNGANDRISKYENTREPRENEURIALFIRMSTHATWOULDNOTHAVERECEIVEDFINANCINGFROMOTHERSOURCES,SUCHASINDEPENDENTVENTURECAPITALIVCINTHISPAPER,WEPROPOSEAMODELEXPLAININGTHERECENTTRENDSANDEMPIRICALFINDINGSONTHECVCPRACTICEOFESTABLISHEDFIRMSTHEPAPERMODELSESTABL

11、ISHEDFIRMSCHOICEOFORGANIZATIONSTRUCTUREANDTHEFINANCINGOFTHEIRRDPROJECTSTHEFIRSTMAINRESULTOFTHEPAPERISTHATFIRMSCHOOSEEXTERNALLYORGANIZEDRD,UNDERTAKENINCOLLABORATIONWITHSPECIALIZEDSTARTUPS,ASANOPTIMALRESPONSETOCOMPETITIONASTHEINTENSITYOFTHERACETOINNOVATEINCREASES,FIRMSMOVEFROMINTERNALTOEXTERNALORGANIZ

12、ATIONOFPROJECTSTOMAXIMIZETHESPEEDOFPRODUCTINNOVATIONANDTOOBTAINACOMPETITIVEADVANTAGEWITHRESPECTTORIVALFIRMSINTHEIRINDUSTRYTHESECONDMAINRESULTISTHATFIRMSCANINCREASETHESUCCESSRATEOFTHEIRRDPROJECTSBYPROVIDINGAGREATERPROPORTIONOFTHEFINANCINGNEEDSOFTHERDPROJECTINTHEFORMOFCVCBYREDUCINGTHEAMOUNTOFEXTERNALF

13、INANCINGRAISEDBYTHESTARTUPENGAGEDINTHERDPROJECT,CVCLIMITSTHESTARTUPSEQUITYDILUTIONANDLEADSTOBETTEREFFORTINCENTIVESANDINNOVATIONRATESINADDITION,CVCCANPROVIDEASTRATEGICADVANTAGEBYDISCOURAGINGRIVALFIRMSFROMEXERTINGINNOVATIONEFFORTANDBYREDUCINGTHEIRSUCCESSRATESINTHEPRODUCTMARKETHENCE,OURPAPERNOTONLYPROV

14、IDESARATIONALEFORRECENTEMPIRICALFINDINGSONWHYFIRMSUNDERTAKECVCINVESTMENTSANDHOWCVCINVESTMENTSCREATEVALUE,BUTITALSOESTABLISHESANOVELEXPLANATIONFORTHEUSEOFCVCASASTRATEGYTOGAINCOMPETITIVEADVANTAGEINTHEPRODUCTMARKETFURTHERMORE,OURPAPERCOMPARESDIFFERENTSOURCESOFSTARTUPFINANCINGSUCHASCVCANDIVCANDOBTAINSPR

15、EDICTIONSONTHEUSEOFDIFFERENTFINANCINGCHOICESASAFUNCTIONOFTHEFEATURESOFTHEPRODUCTMARKETCOMPETITIONANDTHETYPEOFPROJECTUNDERCONSIDERATIONASIGNIFICANTBODYOFRESEARCHFOCUSESONIVCASANIMPORTANTSOURCEOFFINANCINGFORENTREPRENEURIALVENTURESTHISSTRANDOFRESEARCHHIGHLIGHTSTHEROLEOFVENTURECAPITALISTSVCSNOTONLYASPRO

16、VIDERSOFCAPITALBUTALSOASPROVIDERSOFSPECIALIZEDHUMANCAPITAL,ADVICE,ANDMONITORINGSEEHELLMANNANDPURI2002,GOMPERSANDLERNER2000,CHEMMANURANDCHEN2006,ANDCASAMATTA2003,AMONGOTHERSDESPITETHEGROWINGIMPORTANCEOFCVC,BOTHASASTRATEGYFORESTABLISHEDFIRMSTOSOURCEINNOVATIVETECHNOLOGIESANDASANALTERNATIVESOURCEOFFINAN

17、CINGFORENTREPRENEURIALVENTURES,THEREHASBEENRELATIVELYLITTLERESEARCHABOUTCVC,ESPECIALLYONTHETHEORETICALFRONTINHELLMANN2002,CVCISBENEFICIALTOSTARTUPSBECAUSEITALLOWSTHEMTOPROFITFROMPOTENTIALSYNERGIESGENERATEDWITHSTRATEGICINVESTORS,BUTITEXPOSESTHEMTOAPOSSIBLECONFLICTOFINTERESTWITHTHEFIRMPROVIDINGTHECVCO

18、URPAPERSCONTRIBUTIONTOTHISLITERATUREISTHATWEFOCUSONTHESTRATEGICROLEOFCVCINACOMPETITIVESETTING,WHERECVCPROVIDESAFIRMWITHACOMPETITIVEADVANTAGEWITHRESPECTTORIVALFIRMSANDINCREASESITSINNOVATIONRATEHENCE,INOURMODELCVCEMERGESASANINVESTMENTSTRATEGYTOMOVEAHEADOFRIVALFIRMSINTHERACETOINNOVATEANDTHUSISMOSTVALUA

19、BLEININDUSTRIESWITHAHIGHLEVELOFCOMPETITIONINOURMODELWECONSIDERAFIRMINVESTINGINANRDPROJECTTOGENERATEANEWPRODUCTTHEFIRMHASACCESSTOASPECIALIZEDRESEARCHUNITTHATISMOREPRODUCTIVETHANTHEFIRMITSELFINTERMSOFGENERATINGANINNOVATIONIFTHERESEARCHUNITOBTAINSANINNOVATION,THEFIRMBUYSTHEINNOVATIONANDDEVELOPSITINTOAM

20、ARKETABLEPRODUCTWECONSIDERTWOORGANIZATIONSTRUCTURESTHATTHEFIRMCANADOPTTOORGANIZEITSPROJECTTHEFIRSTSTRUCTUREISTHEORGANIZATIONOFTHERDPROJECTWITHINFIRMBOUNDARIES,WHERETHERESEARCHUNITISINTEGRATEDMERGEDASANINTERNALDIVISIONINTHISCASETHEINVESTMENTEXPENDITURESFORTHERDPROJECTARESUSTAINEDBYTHEFIRMWEREFERTOTHI

21、SSTRUCTUREAS“MERGER”THESECONDSTRUCTUREISTHEEXTERNALORGANIZATIONOFTHERDPROJECT,WHERETHERESEARCHUNITISORGANIZEDASADISTINCTANDINDEPENDENTENTITYINTHISCASE,WEASSUMETHATTHERESEARCHUNITISWEALTHCONSTRAINED,ANDITCANOBTAINFINANCINGEITHERFROMTHEFIRMASCVCORFROMEXTERNALINVESTORSWEREFERTOTHISSTRUCTUREAS“NONINTEGR

22、ATION”WEFIRSTCONSIDERTHEFIRMSCHOICEOFORGANIZATIONSTRUCTUREINTHECASETHATTHERESEARCHUNITCANNOTRAISEANYCAPITALFROMEXTERNALINVESTORSAND,THEREFORE,THERESEARCHPROJECTISENTIRELYFINANCEDBYTHEFIRMABSENTCOMPETITION,THEORGANIZATIONSTRUCTURECHOICEHASTWOEFFECTSONTHEFIRMSEXPECTEDPROFITSTHEFIRSTEFFECTISANINCENTIVE

23、EFFECTORIGINATINGFROMCONTRACTINCOMPLETENESS,WHICHWETAKEASANINTRINSICFEATUREOFTHEINNOVATIONPROCESSFROMTHEINCOMPLETECONTRACTLITERATUREOFGROSSMANANDHART1986ANDHARTANDMOORE1990,WEKNOWTHATTHEALLOCATIONOFPROPERTYRIGHTSAFFECTSPAYOFFSANDTHEREFOREINDIVIDUALINCENTIVESNONINTEGRATIONPROVIDESTHERESEARCHUNITWITHS

24、TRONGERINCENTIVESTOEXERTRDEFFORT,SINCETHISSTRUCTUREISDEFINEDASONEWHERETHERESEARCHUNITOWNSTHEPROPERTYRIGHTSOFANYFUTUREINNOVATIONAND,HENCE,CANEXTRACTAHIGHERPAYOFFFROMTHEPROJECTINTHISCASE,THERESEARCHUNITSPAYOFFFROMEXPENDINGEFFORTDEPENDSONLYONITSBARGAININGPOWERRELATIVETOTHEFIRMSBARGAININGPOWERCONTRACTUA

25、LINCOMPLETENESSIMPLIESTHATANYPREEXISTINGCONTRACTWITHTHEFIRMISRENEGOTIATEDAWAYATTHEBARGAININGSTAGEAND,THUS,THATTHERESEARCHUNITSPAYOFFISINDEPENDENTFROMANYEQUITYSTAKETHATTHEFIRMMAYHAVEONTHERESEARCHUNITSEQUITYMERGER,ONTHEOTHERHAND,RESULTSINWEAKERINCENTIVESFORTHERESEARCHUNIT,SINCETHISSTRUCTUREISDEFINEDAS

26、ONEWHERETHEFIRMOWNSTHEPROPERTYRIGHTSOFANYFUTUREINNOVATIONANDCANFREELYUSETHEINNOVATION,RESULTINGINALOWERPAYOFFFORTHERESEARCHUNITCOMPAREDTONONINTEGRATIONHENCE,MERGERISCOSTLYFORTHEFIRMDUETOALOWERRDEFFORTEXERTEDBYTHERESEARCHUNITANDTHUSALOWERPROBABILITYOFOBTAININGANINNOVATIONTHESECONDEFFECTOFORGANIZATION

27、STRUCTUREISACASHFLOWEFFECTUNDERNONINTEGRATION,THEFIRMEXTRACTSALOWERCASHFLOWFROMDEVELOPINGTHEINNOVATION,SINCEITMUSTBUYTHEINNOVATIONFROMTHERESEARCHUNITTHATHASTHEPROPERTYRIGHTSOFTHEINNOVATIONATTHEBARGAININGSTAGEINADDITION,DUETOTHEWEALTHCONSTRAINT,THERESEARCHUNITCANNOTCOMPENSATETHEFIRMEXANTEFORTHISLOSSO

28、FVALUEUNDERMERGER,HOWEVER,THEFIRMOWNSTHEINNOVATIONANDCANFREELYDEVELOPANDUSEITBYITSELFTHEREFORE,THEBENEFITOFMERGERISTHATTHEFIRMRETAINSAHIGHERFRACTIONOFTHEVALUEFROMTHEPROJECTRELATIVETONONINTEGRATIONINTHEABSENCEOFCOMPETITION,THEFIRMCHOOSESTHEORGANIZATIONOFTHEPROJECTASTHEOUTCOMEOFTHEINTERACTIONOFTHEINCE

29、NTIVEEFFECTANDTHECASHFLOWEFFECTOFORGANIZATIONSTRUCTUREWHENTHEPOSITIVEINCENTIVEEFFECTOFNONINTEGRATIONDOMINATESITSNEGATIVECASHFLOWEFFECT,THEFIRMOPTIMALLYCHOOSESNONINTEGRATIONSIMILARLY,WHENTHECASHFLOWADVANTAGEOFMERGERDOMINATESITSINCENTIVEDISADVANTAGE,MERGERBECOMESTHEOPTIMALORGANIZATIONFORMINTRODUCINGCO

30、MPETITIONCREATESATHIRDEFFECTOFTHEORGANIZATIONSTRUCTURECHOICE,WHICHWEREFERTOASTHESTRATEGICEFFECTTHESTRATEGICEFFECTISDUETOTHEIMPACTOFAGIVENFIRMSORGANIZATIONSTRUCTUREONTHERIVALFIRMSTOTALRDEFFORTLEVELANDCANBESEENASFOLLOWSTHEPRESENCEOFARIVALFIRMIMPLIESTHATTHEPAYOFFFROMINNOVATIONWILLBEHIGHERWHENONLYONEOFT

31、HEFIRMSINNOVATESIFBOTHFIRMSINNOVATE,EACHFIRMWILLOBTAINALOWERPAYOFFTHANIFITWERETHEONLYSUCCESSFULINNOVATORFORSIMPLICITY,ASSUMEFORTHEMOMENTTHATTHERIVALFIRMUNDERTAKESITSPROJECTINTERNALLYBYMERGINGWITHITSRESEARCHUNITBYCHOOSINGNONINTEGRATION,THEFIRMPROMOTESAGREATEREFFORTFROMITSRESEARCHUNIT,REDUCESTHERIVALF

32、IRMSEXPECTEDPROFITS,ANDTHUSLOWERSITSRDEFFORTTHEREDUCTIONINTHERIVALFIRMSPROBABILITYOFSUCCESSGIVESTHEFIRMASTRATEGICADVANTAGEANDLEADSTOANINCREASEINTHEPROBABILITYTHATTHEFIRMISTHESOLEINNOVATOROFTHENEWTECHNOLOGYANDTHUSOBTAINSMONOPOLYPROFITSWESHOWTHATTHESTRATEGICBENEFITOFNONINTEGRATIONISHIGHERWHENTHELEVELO

33、FCOMPETITIONISMOREINTENSEAHIGHERLEVELOFCOMPETITIONIMPLIESALOWERPAYOFFIFBOTHTHEFIRMANDITSRIVALARESUCCESSFULINTHEIRPROJECTSTHEREFORE,ATHIGHLEVELSOFCOMPETITIONITBECOMESCRITICALFORTHEFIRMTOCHOOSENONINTEGRATIONINORDERTOINCREASEITSOWNSUCCESSPROBABILITYANDTOLOWERTHESUCCESSPROBABILITYOFITSRIVALWESHOWTHATTHE

34、REARECONDITIONSUNDERWHICHNONINTEGRATIONISNOTOPTIMALUNDERMONOPOLY,WHEREASITBECOMESTHEOPTIMALORGANIZATIONSTRUCTUREUNDERCOMPETITIONDUETOITSPOSITIVEEFFECTONINCENTIVESANDITSSTRATEGICEFFECTONDETERRINGTHECOMPETINGFIRMASASECONDSTEP,WERELAXTHEASSUMPTIONTHATTHERESEARCHUNITCANNOTRAISEFUNDSINTHECAPITALMARKETSTH

35、ERESEARCHUNITSABILITYTORAISEFUNDSFROMOUTSIDEINVESTORSRELAXESITSWEALTHCONSTRAINTSANDREDUCESTHEAMOUNTOFTHERDINVESTMENTTHATMUSTBEFINANCEDBYTHEFIRMTHROUGHCVCOURRESULTSSHOWTHATASCOMPETITIONTOINNOVATEINTENSIFIES,THEFIRMNOTONLYPREFERSNONINTEGRATION,BUTALSOPROVIDESAGREATERAMOUNTOFFINANCINGFORTHERDPROJECTFRO

36、MITSOWNRESOURCESINTHEFORMOFCVCTHEINTUITIONFORTHISRESULTISASFOLLOWSWHENTHEFIRMCHOOSESNONINTEGRATION,CAPITALCANBEPROVIDEDBYTHEFIRMFROMITSOWNRESOURCES,ORITCANBERAISEDBYTHERESEARCHUNITFROMTHEEXTERNALCAPITALMARKETSRAISINGCAPITALFROMEXTERNALINVESTORSISPOSSIBLEBYSELLINGANEQUITYSTAKEONTHEFUTUREPROFITSTHATTH

37、ERESEARCHUNITOBTAINSFROMBARGAININGWITHTHEFIRMSINCETHEFIRMSPROFITSFROMBARGAININGWITHTHERESEARCHUNITDEPENDONLYONITSBARGAININGPOWER,ITSSHAREOFTHESURPLUSISINDEPENDENTFROMTHERESEARCHUNITSCAPITALRAISINGACTIVITYINCONTRAST,THERESEARCHUNITMUSTNOWSHAREPARTOFITSSURPLUSWITHTHEEXTERNALINVESTOR,WHICHDILUTESITSINC

38、ENTIVESWESHOWTHATDILUTIONINTHERESEARCHUNITSINCENTIVESISMOSTDETRIMENTALTOTHEFIRMWHENTHEINTENSITYOFTHERACETOINNOVATEISTHEHIGHESTINOTHERWORDS,EXTERNALFINANCINGBECOMESVERYCOSTLYATHIGHLEVELSOFCOMPETITION,ANDTHEFIRMOPTIMALLYRESPONDSTOGREATERCOMPETITIONBYINCREASINGTHEAMOUNTOFCVCFINANCINGITPROVIDESFORTHEPRO

39、JECTTHEFIRMSCVCINVESTMENTINTHEPROJECTGIVESTHEFIRMTHESTRATEGICADVANTAGEOFBOOSTINGITSOWNSUCCESSPROBABILITYANDDETERRINGITSCOMPETITORFROMEXERTINGRDEFFORTHENCE,ATHIGHLEVELSOFCOMPETITION,EXTERNALORGANIZATIONOFRDCOMBINEDWITHCVCFINANCINGEMERGESASTHEOPTIMALORGANIZATIONANDFINANCINGSTRUCTUREOFINNOVATIONAFTERES

40、TABLISHINGTHESTRATEGICROLEOFCVCANDITSADVANTAGERELATIVETOEXTERNALFINANCING,WECONSIDERASPECIALFORMOFEXTERNALFINANCINGINTHEFORMOFCVCWEASSUMETHATTHEVCNOTONLYPROVIDESFINANCINGFORTHEPROJECTS,BUTALSOHASTHEABILITYTOINCREASETHESUCCESSPROBABILITYOFTHEPROJECTBYEXERTINGCOSTLYEFFORTEXTERNALFINANCINGFROMTHEVCTURN

41、SOUTTOBELESSCOSTLYTHANEXTERNALFINANCINGFROMAPUREFINANCIALINVESTOR,SINCESELLINGANEQUITYSTAKEINTHERESEARCHUNIT,WHILESTILLDILUTINGTHEINCENTIVESOFTHERESEARCHUNIT,PROMOTESEFFORTFROMTHEVCHENCE,IVCFINANCINGALLEVIATESTHECOSTOFEXTERNALFINANCINGFORTHEFIRMOURRESULTSSHOWTHATTHEAMOUNTOFIVCINCREASESASTHEPRODUCTIV

42、ITYOFTHEVCRELATIVETOTHATOFTHERESEARCHUNITINCREASESANDTHELEVELOFCOMPETITIONDECREASESCONVERSELY,CVCFINANCINGBECOMESMOREDESIRABLETHANIVCFINANCINGASTHELEVELOFCOMPETITIONINCREASESANDTHEPRODUCTIVITYOFTHEVCDECREASESATSUFFICIENTLYHIGHLEVELSOFCOMPETITIONANDWHENTHEPRODUCTIVITYOFTHERESEARCHUNITISMUCHGREATERTHA

43、NTHATOFTHEVC,THEPROJECTISFINANCEDENTIRELYBYCVCDUETOITSSTRATEGICBENEFITOURMODELBUILDSEXPLICITLYONTHESEMINALWORKBYAGHIONANDTIROLE1994THISPAPERCONSIDERSARESEARCHUNITANDADOWNSTREAMFIRMUNDERTAKINGANRDPROJECTANDEXAMINESTHEOPTIMALORGANIZATIONSTRUCTUREOFINNOVATIONITSHOWSTHATTHEOWNERSHIPOFTHEINNOVATIONSHOULD

44、BEALLOCATEDTOTHEMOREPRODUCTIVEPARTYINTHERELATIONSHIPTHEPAPERALSOSTUDIESTHEFINANCINGOFTHEPROJECTANDSHOWSTHEROLEOFOUTSIDEFINANCINGASATOOLTOREALLOCATESURPLUSBETWEENTHERESEARCHUNITANDITSDOWNSTREAMFIRMAGHIONANDTIROLE1994ABSTRACTSFROMCOMPETITIONANDANALYZESTHEOPTIMALORGANIZATIONSTRUCTUREOFINNOVATIONFORASIN

45、GLEFIRMOPERATINGINAMONOPOLYENVIRONMENTINREALITY,THEPRIMARYREASONTOINNOVATEISTOSURVIVECOMPETITIONFIRMS,ESPECIALLYTHOSEINRDINTENSIVEINDUSTRIES,AREENGAGEDINANINTENSERACETOINNOVATETOREMAINCOMPETITIVETHECONTRIBUTIONOFOURPAPERISTOEXPLICITLYEXAMINETHEIMPACTOFCOMPETITIONONTHEWAYFIRMSORGANIZEANDFINANCETHEIRR

46、DINVESTMENTASCOMPETITIONBECOMESMOREINTENSE,OURPAPERSUGGESTSTHATFIRMSFINDITMOREDESIRABLETOSTRUCTURETHEIRRDACTIVITYWITHMOREEFFICIENTEXTERNALRESEARCHUNITSANDTOPROVIDEAGREATERAMOUNTOFCVCFINANCINGFROMTHEIRINTERNALRESOURCESFOREXTERNALLYORGANIZEDRDPROJECTSOURPAPERISRELATEDTOANEW,EMERGINGSTREAMOFLITERATUREO

47、NTHEORGANIZATIONANDFINANCINGPATTERNSOFINNOVATIONACTIVITIESCHEMMANURANDCHEN2006SHOWTHATPRIVATELYOWNEDSTARTUPSFOLLOWAFINANCIAL“LIFECYCLE”INWHICHEARLYSTAGEROUNDSAREFINANCEDBY“ANGEL”INVESTORS,WHILELATERSTAGEROUNDSAREFINANCEDBYVALUEADDINGIVCROBINSON2008PROVIDESAMODELINWHICHSTRATEGICALLIANCESAREUSEDBYCOMP

48、ANIESHEADQUARTERSASACOMMITMENTDEVICETOOVERCOMETHEADVERSEINCENTIVESOFINTERNALCAPITALMARKETS译文组织和融资的创新、以及在企业和独立风险投资之间的选择资料来源JOURNALOFFINANCIALANDQUANTITATIVEANALYSIS作者PAOLOFULGHIERANDMERIHSEVILIR本文探讨了竞争对于最佳组织和创新密集型产业融资结构的影响。我们明白作为竞争的一个最佳回应,企业可以选择与外部组织合作获得创业融资。作为创新的竞争强度的增加,企业从内至外的加大产品创新速度，以获得在本行业的竞争优势。

49、我们也发现,随着竞争水平的提高,企业对外以风险资本的形式提供更高层次的融资简称CVC。我们的研究结果有助于解释组织的出现以及融资安排,如CVC和战略联盟,其中大型老牌企业组织与外部的合作项目，专门从他们的内部资源为企业和外部组织提供融资项目。更大的研究与开发RD竞争和大幅减少的产品生命周期成为激励企业增加创新速度。为了应付大的竞争和加快产品开发,公司为了他们的研发活动选择各种各样的组织和融资安排。这些安排范围从内部组织的资助项目,外部组织的外包项目,此外,一些独立的专业公司。它们更愿意承担与专业公司合作的企业边界之外的研发投资，但仍为这个项目提供内部的风险融资的形式简称CVC。在过去的十年中,一些公司,如微软、英特尔、和默克已承担大量的CVC投资在协作与外部的建设上，在那里他们降低了初创企业从外部资本市场和独立的风险投资家那需要的外部融资布罗2002。在2001年,超过400多家企业参与了2,123CVC的交易，价值达165亿美元,占全部风险投资的15投资。在2007年的前6个月内,合营公司的投资接近历史最高纪录的水平，公司投资13亿美元在390交易，自2001年以来的最高水平国家风险投资协会。符合使用的增加,最近由知名的企业CVC在DUSHNITSKY实证研究和LENOX2006提供了证据,创造企业价值,尤其是当企业开发新技术而进行CVC