Soft budget constraint and the optimal choices of research and development projects financing

被引：66

作者：

Huang, HZ

Xu, CG

机构：

[1] Univ London Queen Mary & Westfield Coll, London E1 4NS, England

[2] Univ London London Sch Econ & Polit Sci, Financial Markets Grp, London WC2A 2AE, England

来源：

JOURNAL OF COMPARATIVE ECONOMICS | 1998年 / 26卷 / 01期

关键词：

soft budget constraint; centralized vs decentralized economies; R & D project finance; internal vs external finance;

D O I：

10.1006/jcec.1997.1508

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Through analyzing the softness and hardness of budgeting constraints in research and development (R&D) investment under different institutions, we develop a theory of optimal R&D financing. Our theory not only provides a clear comparison of investment efficiency between centralized economies and market economies but also extends the analysis of soft budget constraint to firms in market economy. Based on this theory, we characterize optimal choices of R&D project financing in centralized and decentralized economies. Our results explain why some projects are financed internally by a large firm but others are cofinanced externally by several firms. We also explain what makes a centralized economy inefficient in R&D. (C) 1998 Academic Press.

引用

页码：62 / 79

页数：18

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