Motives for forming research & development financing organizations
研究企业为何通过有限合伙或公司形式的独立融资组织（RDFO）来资助研发，发现债务相关的财务报告收益影响该决策，而税收影响证据不一，信息成本限制了RDFO的使用。
We study the decision to fund R&D through a separate financing organization (an ‘RDFO’) that takes the form of either a limited partnership or a corporation. The RDFO offers tax and financial reporting benefits. As a form of external funding, it also creates moral hazard and adverse selection problems (information costs). Using convertible debt as a comparative form of external funding, we find that debt-related (but not equity-related) financial reporting benefits affect the decision to form RDFOs, the evidence is mixed on whether taxes influence the formation decision, and the information costs of RDFOs restrict their use.