Repeated innovations and excessive spin‐offs
研究发现，企业为获取技术远距离创新的价值而自愿创建独立公司，但在重复竞争下会导致创新外部实施的低效率和过度分拆，尤其在行业初期企业数量有限时最为严重。
Abstract Firms can voluntarily create independent firms to implement their technologically distant innovations and capture their value through capital markets. We argue that when firms repeatedly compete to make innovations, there is inefficient external implementation of innovations and “excessive” creation of such firms. This inefficiency is most exacerbated in the early stages of an industry, when the number of firms is still limited.