研发财务管理[文献翻译]

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

2、esoftheR&Dlandscape.Financingvehicleshavealsochangedwithanenormoussurgeofventurecapitalandprivateequityfunds.Theanalyst’stoolboxhasbeenenhancedbyelectronicspreadsheets,on-linedatabases,MonteCarlosoftware,theInternet,andtheubiquitouspersonalcomputer.IndustrialR&Discharacteristicallyahigh-ris

3、kinvestmentwithadeferredpayoff.Itsimportancetoindustrialsocieties,andtoindividualfirmswithintheseeconomies,isparamount；Lauhasestimatedthatmorethan50%ofthewealthcreationindevelopedcountriesoriginatesfromtechnology,whichistypicallyaproductofR&D.However,R&Dcomesatacost,anditisascapableofdestro

4、yingvalueascreatingit.Knowingthedifferenceiscrucial;thepenaltiesforunderinvestmentcanbeadeterioratingcompetitivepositionandlostopportunity;foroverinvestmentitwillbeaslowerosionofthefirm’scapitalbase.Butmeasuringthedifferencebetweenvaluecreationandvaluedestructionisnoteasy.Onesourceofconfusi

5、onisthataccountingconventionstreatR&Dasanexpense,notaninvestment.Anevenmorefundamentalissueisthatpastperformanceisnotareliableguidetofutureperformance.Facedbyameasurementproblemthatisbothdifficultandimportant,thebusinessfinancialandacademiccommunitieshavecontinuedimprovingtheirtools.Asaresu

6、lt,R&Danalysisandmanagementhasevolveddramaticallyinthepastfiftyyears(3),andthatevolutionisfarfromover.Initsfirstpostwarphase,industrialR&DwasviewedasacreativeenterpriseandIts’managementwaslefttotheR&Ddirectors.Theirmainfinancialmetricwasanannualbudget(atoolbasicallyinadequatetoevaluateaninv

7、estment).Thebudgetwas12inpartdeterminedbyindustrybenchmarks,suchasR&Dexpenseasapercentageofrevenues.Accordingly,thefinancialskillsofR&Dexecutiveswerelargelyfocusedoncostaccountingandcostcontrol(4).Inmanycompanies,topmanagement(oftenlackingpersonalexperie