| Successful R&D projects will bring enterprise new growth point and competitiv strength, because of the high-risk and uncertainty of R&D projects, most of them were failed before commercialization, and wasted a lot of money, so how to timely suspend a hopeless project is particularly important. In the correlation study on R&D project termination decision, many scholars focus on the technique, market and other reasons, but ignored the most important and direct reason-financial factor. So, financial problems of R&D project termination decision awaiting to study. So, study R&D project termination decision from financial perspective, and explore how to solve the financial problems after projects' termination effectively, compose the main purpose of writing and innovative sources.Based on the presentation of relavant financial theories about R&D project termination decision, the paper study from economic significance of R&D project, analyze the financial motives of termination decision. Based on the stage and dynamic fature of R&D activities, introduced option value evaluation model, best ratio of termination model and delaying value model, constructed the financial evaluation framework of R&D project termination decision, discussed the specific ideas of financial evaluation of project before suspention. According to the financial problems after projects are terminated, discuss the way of enterprise deal with the remaining funds properly to improve the efficiency in the use of funds; propose possible strategies for enterprise to arrange source of financing reasonably and deal with sunk cost of terminated projects correctly. The paper also discusses the use of financial evaluation framework in terminated evaluation of R&D projects of CK company. Research results hope to provide reference for enterprise' terminating of R&D project which expected return is poor, as well as doing a good job on financial matters after termination of project. |
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