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We have investigated the processes of invention of PAN (Polyacrylonitrile) carbon fiber and its technology transfer to private companies. From this investigation and analysis, we have found a new R&D management model, named "excited-oscillation model". This model suggests that both the top-down management and the personal motivation should be in phase and synergetic with each other. In this paper, the results and concept of the above model are described in detail. Study on the PANdoi:10.5571/syntheng.2.154 fatcat:f3odxahtgnbj7l3gszyoxjc6oy