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】

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1、外文翻译原文OrganizationandFinancingofInnovation,andtheChoicebetweenCorporateandIndependentVentureCapitalMaterialSource:JournalofFinancialandQuantitativeAnalysisAuthor:PaoloFulghierandMerihSevilirThispaperexaminestheimpactofcompetitionontheoptimalorganizationandfinancingstructuresininnovation-i

2、ntensiveindustries.Weshowthatasanoptimalresponsetocompetition,firmsmaychooseexternalorganizationstructuresestablishedincollaborationwithspecializedstart-upswheretheyprovidestart-upfinancingfromtheirownresources.Astheintensityofthecompetitiontoinnovateincreases,firmsmovefrominternaltoexter

3、nalorganizationofprojectstoincreasethespeedofproductinnovationandtoobtainacompetitiveadvantagewithrespecttorivalfirmsintheirindustry.Wealsoshowthatasthelevelofcompetitionincreases,firmsprovideahigherleveloffinancingforexternallyorganizedprojectsintheformofcorporateventurecapital(CVC).Ourr

4、esultshelpexplaintheemergenceoforganizationandfinancingarrangementssuchasCVCandstrategicalliances,wherelargeestablishedfirmsorganizetheirprojectsincollaborationwithexternalspecializedfirmsandprovidefinancingforexternallyorganizedprojectsfromtheirowninternalresources.Greaterresearchanddeve

5、lopment(R&D)competitionandsubstantialreductioninproductlifecyclescreateanincentiveforfirmstoincreasethespeedofinnovation.Tocopewithgreatercompetitionandtoaccelerateproductdevelopment,firmschooseavarietyoforganizationalandfinancingarrangementsfortheirR&Dactivities.Thesearrangementsrangefro

6、minternallyorganizedprojects,financedentirelywiththefirms’owncapital,toexternallyorganizedprojects,outsourcedtoindependentfirmsspecializinginR&D.1Moreover,somefirmsprefertoundertaketheirR&Dinvestmentoutsideoffirmboundariesincollaborationwithspecializedfirmsyetstillprovidefinancingforthepr

7、ojectfromtheirowninternalfundsintheformofcorporateventurecapital(CVC).Overthelastdecade,companiessuchasMicrosoft,Intel,andMerckhaveundertakensubstantialamountsofCVCinvestmentincollaborationwithexternalstart-upswheretheyreducedthestart-ups’needtoraisefinancingfromext