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Title: Innovación, financiación y mercados financieros : análisis de las relaciones entre inversión en I+D, estructura de capital y señalización contable
Authors: Castillo Merino, David
Torrent i Sellens, Joan
Ariño Fort, Alexandre
Other: Universitat Oberta de Catalunya. Internet Interdisciplinary Institute (IN3)
Observatory of the New Economy. ONE
Issue Date: Nov-2006
Publisher: Universitat Oberta de Catalunya. Internet Interdisciplinary Institute (IN3)
Type: Research paper
Series/Report no.: Working paper series
Abstract: This working paper aims to determine what restrictions exist in terms of financing businesses' research and development (R+D) projects and analyse the causes. The results of the research show that: 1) there are financial restrictions on making investments in R+D and these are seen in companies' need to use internal resources or short-term third-party funding; 2) these restrictions emerge, fundamentally, as the result of two factors: the imbalance between the economic characteristics of investments in R+D and the behaviour of financial agents in the capitals markets, and the existence of information asymmetries between managing and financing agents, and 3) production by companies of more accounting information on the R+D undertaken leads to an improved valuation of the company in financial markets and, thus, the assignment of funds to innovation processes.
Language: Spanish
Appears in Collections:Research papers

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