The debate about the effects of corporate restructuring on industrial investment in research and development has important implications for public policy, since research and development is vital to the nation's ability to compete in the global marketplace. Researchers worry that debt service will cut research and development funds; financiers argue that restructuring improves corporate efficiency without affecting research and development expenditures. This book eminated from a symposium sponsored by the Academy Industry Program. The speakers represented a range of opinions from government, Wall Street, industry, and academia. In addition to helping all sides in the dialogue learn something of the others' needs and expectations by presenting various points of view on the issue, the discussions identify areas in which more research is needed to guide policy decisions.To pose the issue most starkly, let me begin by asking a question: Which company does the stock market value more highly, Merck, a research-intensive pharmaceutical firm with 1988 sales of $5.9 billion, or General Motors, the automotiveanbsp;...
|Title||:||Corporate Restructuring and Industrial Research and Development|
|Author||:||Institute of Medicine, National Academy of Sciences, National Academy of Engineering, Institute of Medicine, National Academy of Engineering, The Academy Industry Program of the National Academy of Sciences|
|Publisher||:||National Academies Press - 1990-01-01|