基于内部融资的企业r26d投资预算软约束分析

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1、ABSTRACT’rherese砌．chonSBChasabsorbedmoreandmorescholars．Ontheonehand，preViousresearchesareonthereasonofSBC，andsomefocusonitsimpactoninVestment．Ontheotllerhauld，moreandmorecompanieshavepaidmuchattentiononR&Dinvest!ment．R&D．inVestⅡlentdi侬rS丘omgeneralinVes缸nentsduet0moreandgreatuncertaint

2、ies．OncetheR&DtechniqueisselectedandmeinvestmenttumsintosurIkcost，ap砒dependenceoftheR&DinvestmentwiUoccurt11atlocl(sintheinvolvedpaniesintlleR&Dcooperationrelationshipandthedeteminedcostpath．DuetOinfIo姗ationaSymmetry'whethertheexecuterhonestlyproVidesmformationabouttheprojeCttypewillbe

3、criticaltot11eprofitorlossofmeR&DinVestment．IfahighcoSttypeprojectbeconfesses，thefinanciercanimmediatelyteminatetheprojeCtt0avoidmorelosses．Onthecontrary'ifthecosttypeisconcealed，thefinallcierwillsinkmorecostsintoit．Thus，soRbudgetconstraintshouldbeseriouslyconsideredinR&DinVestment．Fir

4、st，wecapturetheintrinsicuncertain钟inR＆．DinvestrnentbyintrDducingbothcostand0utComeuncertaintiesofR&Dinvestment．Funhermore，weintroducethefinanciertypeandtheexecutor’sexpectationoftheprobabili锣thatahi曲costprojectwouldberefinancedexpoSttoestablishadynamicg锄eofincompleteinfonnation．Withthi

5、ssetup，wedeVelopreputatione毹cts劬mrepeatedR&Dg锄es．Theincentiveforthefinallciert0avoidexecutor’sopportunismbyestablishingreputationmakesthecommitmenttohardbudgetconstraintcredible．Second，weattempttodevelopafoundationformeconceptoftheSBCandtOextendtheanalysisofSBCst0thecontractualrelation

6、shipofR＆DinVestrnent．Infomationasymmet叮isoneimportantcauseforcon仃actualincompleteness，锄dtheonlyonecausemakes似olegalcontl．acttheoriesunhelp如1．InsteadofrelyingoncounenforCement，itispossibleforthefinanciertoleavecontracttermsunspecifiedandrelyonapriVateselBenforcementmechanism．Writingdown

7、explicitcontracttermscande6netheseloenforcingrangebyimposingapriVatesanctionnontheexecuterperceiVedtobeViolatingmecontractunders协ding．Suchaselfenforcingrelationshipisauseml董bmework协whichtoanalyzetheSBCofR&Dinvestment．Inempiricalaulalysis，wedescribeindustrialR&DactivitiesinChinaanduse