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1、原文FinancialManagementofR&DFinancialthinkingaboutR&Dhasevolvedwellbeyondbasicdiscountedcashflowmodels.Bettertoolshavebeendevelopedtovalueintellectualcapital,includingthequantitativeassessmentofthevalueaddedbyR&D.Thedissectionoftheelementsofriskandtheappl
2、icationofrealoptionstheoryarenewfeaturesoftheR&Dlandscape.Financingvehicleshavealsochangedwithanenormoussurgeofventurecapitalandprivateequityfunds.Theanalyst’stoolboxhasbeenenhancedbyelectronicspreadsheets,on-linedatabases,MonteCarlosoftware,theInternet
3、,andtheubiquitouspersonalcomputer.IndustrialR&Discharacteristicallyahigh-riskinvestmentwithadeferredpayoff.Itsimportancetoindustrialsocieties,andtoindividualfirmswithintheseeconomies,isparamount；Lauhasestimatedthatmorethan50%ofthewealthcreationindevelop
4、edcountriesoriginatesfromtechnology,whichistypicallyaproductofR&D.However,R&Dcomesatacost,anditisascapableofdestroyingvalueascreatingit.Knowingthedifferenceiscrucial;thepenaltiesforunderinvestmentcanbeadeterioratingcompetitivepositionandlostopportunity;
5、foroverinvestmentitwillbeaslowerosionofthefirm’scapitalbase.Butmeasuringthedifferencebetweenvaluecreationandvaluedestructionisnoteasy.OnesourceofconfusionisthataccountingconventionstreatR&Dasanexpense,notaninvestment.Anevenmorefundamentalissueisthatpast
6、performanceisnotareliableguidetofutureperformance.Facedbyameasurementproblemthatisbothdifficultandimportant,thebusinessfinancialandacademiccommunitieshavecontinuedimprovingtheirtools.Asaresult,R&Danalysisandmanagementhasevolveddramaticallyinthepastfifty
7、years(3),andthatevolutionisfarfromover.Initsfirstpostwarphase,industrialR&DwasviewedasacreativeenterpriseandIts’managementwaslefttotheR&Ddirectors.Theirmainfinancialmetricwasanannualbudget(atoolbasicallyinadequatetoevaluateaninvestment).Thebudgetwasinpa
8、rtdeterminedbyindustrybenchmarks,suchasR&Dexpenseasapercentageofrevenues.Accordingly,thefinancialskillsofR&Dexecutiveswerelargelyfocusedoncostaccountingandcostcontrol(4).Inmanycompanies,topmanagement(oftenlackingpersonalexperienc
