Owner's Risk Aversion,Market Failure of Independent Innovation and the Intervention of the Third Party——A Case Study on the Important Equipment Manufacturing Industry in China

In the typical industries typified by important technical equipment industry,because the performance and reliability of products are unable to be known accurately in advance,the owners have intense risk-averse tendency.It concludes that the degree of risk aversion is negatively correlated to the purchasing volume of the products made in mainland by building the purchase decision model with risk-averse function.Furthermore,the cause and characteristics of market failure of independent innovation are analyzed from demand perspective.In order to solve the problem,as the third parties,the government ought to guide and stimulate from macro point of view by government procurement and tax system adjustment,and the guild is supposed to harmonize benefits relation between different parts from middle point of view by constituting criterion and technical alliance.