Ezternal R&D and Finance Decisions of Small and Medium Sized Hi-tech Companies
Since 1980s the telecommunication and transportation costs decreased dramatically, which caused great changes in organizational structure and daily practices of firms, more and more firms replaced various kinds of in-house practices including core businesses with external acquisition or outsourcing. In this paper we mainly discuss about the change of R&D mode in high-tech companies from traditional internal R&D activities within in-house research departments to external R&D activities including market transaction, merger & acquisition (M&A) and strategic alliance with other R&D companies. We also discuss the relationship between the R&D mode choice and firms finance decisions; we found that due to the limitation on finance capability, external R&D are less attractive to Hi-tech companies in Zhejiang Province in China, especially for small and medium sized Hi-tech companies.
Ezternal R&D Finance decision Technological innovation High-tech companies
WANG Li SHEN Rui
College of Business Administration, Zhejiang University of Technology, P.R.China, 310023
国际会议
2009 International SME Development Forum(2009 中小企业发展国际论坛)
北京
英文
303-308
2009-10-01（万方平台首次上网日期，不代表论文的发表时间）