The Control of Technology Alliances: An Empirical Analysis of the Biotechnology Industry
通过三个案例和定量分析，研究了生物技术联盟中控制权的决定因素，发现研发企业的财务资源越充足，其获得的控制权越多。
We examine the determinants of control rights in biotechnology alliances through three case studies and a quantitative analysis. Aghion and Tirole [1994] argue that control rights will be assigned so as to maximize the value of the final output, as long as the R&D firm has sufficient financial resources. Consistent with this framework, the allocation of control rights to the R&D firm increases with the firm’s financial resources. The empirical evidence regarding the relationship between control rights and the stage of the project at the time the alliance is signed is more ambiguous.