Technology Innovation-Oriented Complex Product Systems R&D Investment and Financing Risk Management: An Integrated Review

Increasingly software and embedded intelligence products are integrated in various industrial systems to promote the continuous deepening of the industry 4.0, especially for the complex product systems (CPS). Definitely, the development of CPS is driven by technology innovation-oriented research and development (R&D). Besides, investment and financing have been widely acknowledged as a crucial link in R&D to ensure and sustain the development of CPS and even industry 4.0. However, CPS R&D activities are characterized by complexity and high uncertainty so that risks of the investment and financing are more complex and changeable. Thus, effective risk management for CPS R&D is becoming particularly important. Risk management is a process of determining what risks exist in an investment and then handling those risks in the best-suited way. Therefore, the paper aims at summarizing and analyzing research status for different objects in existing literatures about investment and financing risk management of CPS R&D. And studies are mainly from three aspects: risk assessment, risk early warning, management and control. Based on the past literatures, the future research directions have been proposed and it might be able to serve as a preliminary guide for investment and financing risk management of CPS R&D.