登入選單
返回Google圖書搜尋
Corporate Finance, Innovation, and Strategic Competition
Cornelia Neff
出版Springer Science & Business Media, 2012-12-06
主題Business & Economics / Management ScienceBusiness & Economics / ManagementBusiness & Economics / Industrial ManagementBusiness & Economics / Finance / GeneralScience / GeneralMathematics / AppliedBusiness & Economics / GeneralBusiness & Economics / Strategic PlanningBusiness & Economics / Research & DevelopmentBusiness & Economics / Accounting / General
ISBN36425569069783642556906
URLhttp://books.google.com.hk/books?id=GQH8CAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This book analyzes how corporate finance decisions influence strategic competition and innovation of firms in the product market. We consider bank loan financing and venture capital financing. Due to assymetric information, firms must sign special contracts with banks or venture capitalists. The financial contracts, in turn, determine the competitive strategies of firms in the product market. Firms compete in prices for market shares. In addition to that, firms invest in R&D in order to induce product or process innovation. We show that better access to financial resources improves a firm's market position and leads to a higher rate of innovation. Cash-rich firms may even decide to prey upon financially restricted rivals in order to prevent new market entry or to induce market exit.