研发财务管理[文献翻译]

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1、原文FinancialManagementofR&DFinancialthinkingaboutR&Dhasevolvedwellbeyondbasicdiscountedcashflowmodels.Bettertoolshavebeendevelopedtovalueintellectualcapital,includingthequantitativeassessmentofthevalueaddedbyR&D.Thedissectionoftheelementsofriskandtheapplicationofrea

2、loptionstheoryarenewfeaturesoftheR&Dlandscape.Financingvehicleshavealsochangedwithanenormoussurgeofventurecapitalandprivateequityfunds.Theanalyst’stoolboxhasbeenenhancedbyelectronicspreadsheets,on-linedatabases,MonteCarlosoftware,theInternet,andtheubiquitouspersona

3、lcomputer.IndustrialR&Discharacteristicallyahigh-riskinvestmentwithadeferredpayoff.Itsimportancetoindustrialsocieties,andtoindividualfirmswithintheseeconomies,isparamount；Lauhasestimatedthatmorethan50%ofthewealthcreationindevelopedcountriesoriginatesfromtechnology,

4、whichistypicallyaproductofR&D.However,R&Dcomesatacost,anditisascapableofdestroyingvalueascreatingit.Knowingthedifferenceiscrucial;thepenaltiesforunderinvestmentcanbeadeterioratingcompetitivepositionandlostopportunity;foroverinvestmentitwillbeaslowerosionofthefirm’s

5、capitalbase.Butmeasuringthedifferencebetweenvaluecreationandvaluedestructionisnoteasy.OnesourceofconfusionisthataccountingconventionstreatR&Dasanexpense,notaninvestment.Anevenmorefundamentalissueisthatpastperformanceisnotareliableguidetofutureperformance.Facedbyame

6、asurementproblemthatisbothdifficultandimportant,thebusinessfinancialandacademiccommunitieshavecontinuedimprovingtheirtools.Asaresult,R&Danalysisandmanagementhasevolveddramaticallyinthepastfiftyyears(3),andthatevolutionisfarfromover.Initsfirstpostwarphase,industrial

7、R&DwasviewedasacreativeenterpriseandIts’managementwaslefttotheR&Ddirectors.Theirmainfinancialmetricwasanannualbudget(atoolbasicallyinadequatetoevaluateaninvestment).Thebudgetwas12inpartdeterminedbyindustrybenchmarks,suchasR&Dexpenseasapercentageofrevenues.According

8、ly,thefinancialskillsofR&Dexecutiveswerelargelyfocusedoncostaccountingandcostcontrol(4).Inmanycompanies,topmanagement(oftenlackingpersonalexperie