Organization and Financing of Innovation, and the Choice between Corporate and Independent Venture Capital
研究竞争如何影响创新密集型企业的组织与融资结构选择，发现随着竞争加剧，企业更倾向于通过内部资源为外部合作项目提供公司风险投资，以加快产品创新并获得竞争优势。
Abstract This paper examines the impact of competition on the optimal organization and financing structures in innovation-intensive industries. We show that as an optimal response to competition, firms may choose external organization structures established in collaboration with specialized start-ups where they provide start-up financing from their own resources. As the intensity of the competition to innovate increases, firms move from internal to external organization of projects to increase the speed of product innovation and to obtain a competitive advantage with respect to rival firms in their industry. We also show that as the level of competition increases, firms provide a higher level of financing for externally organized projects in the form of corporate venture capital (CVC). Our results help explain the emergence of organization and financing arrangements such as CVC and strategic alliances, where large established firms organize their projects in collaboration with external specialized firms and provide financing for externally organized projects from their own internal resources.