Credit Rationing and Choosing Types of Technological Innovation: a Case of Product Innovation and Process Innovation in the Iron-Steel Company
Technological innovations are extremely easy to be affected by credit rationing. The case study of technological innovation argues that integration is a secular trend for the firms to embark on technological innovation; also it determines how to choose the process and product innovations in the long run. While uncertainty, asymmetric information and risk are important issues should be considered when select among numerous of product and process innovations. Credit rationing is the critical factor to determine whether the technological innovation will succeed or fail. Besides, the firms will also face more complicate situations when they are to carry on technological innovation and types choice due to the issues of bi-directional credit rationings between the institutional and banking. With mild credit rationing, the firms are also able to choose to wait or seek other funds in order to maintain the continuous of technological innovations
product innovation process innovation credit rationing technological innovation
YE Qian
School of management,Huazhong University of Science & Technology,Hangzhou,Zhejiang,China,310074
国际会议
杭州
英文
437-441
2004-10-24（万方平台首次上网日期，不代表论文的发表时间）