河北省中小企业技术创新价值与资本结构的关系研究

发布时间：2018-07-12 14:21

本文选题：中小企业 + 技术创新价值　；参考：《燕山大学》2013年硕士论文

【摘要】：企业价值与资本结构的研究一直是国内外学者们重点关注之一，国外学者大多从传统资本结构和平衡理论出发研究两者的关系，国内学者主要依据经典理论直接谈及两者的单调关系，进而提出优化资本结构方案，，促进企业价值的增长。经典资本理论已经相当成熟，现需要寻找新的契机点谈及两者关系。首先，阐述了本文的研究背景和研究意义，通过对国内外技术创新价值以及融资与资本结构的相关研究成果的回顾中发现，对中小企业技术创新价值理论的研究还处于初级阶段，并未形成较全面审视的理论体系；国外学者较先引进战略管理理论，分析技术创新价值与资本结构关系，而国内学者在此方面探讨两者关系的研究并不多，所以本文以产业组织和战略观的资本结构理论为切入点，谈及技术创新价值与资本结构的关联性。其次，界定了中小企业技术创新价值的概念，技术创新价值是物质价值与精神价值的综合表现形式，分析后，认为中小企业技术创新价值主要通过技术创新的经济价值得以体现，而经济价值的衡量主要包括创新产出。随后，阐述了本文的理论基础，即技术创新价值理论和基于产业组织和战略管理的资本结构理论。再次，通过构建中小企业技术创新价值与资本结构SEM模型阐述技术创新价值与资本结构的相关性。通过对河北省中小企业技术创新问卷调查，数据整理，结合战略要素，即创新强度、环境因素研究资本结构与技术创新价值的影响。最后，提出本文结论，发现在影响创新产出的因素中，创新资源的基础性作用得到了证实，主要利用自有资金来进行技术创新并不能刺激技术创新价值增长，资本结构通过创新强度间接刺激创新价值；自身环境的优化力度不够，不能刺激中小企业扩大融资渠道。针对本文研究结论，从强化中小企业自身建设，优化中小企业技术创新投资结构，建立战略联盟体系，加强企业知识产权管理和优化社会环境，五个角度提出了相关建议。
[Abstract]:The study of enterprise value and capital structure has always been one of the key concerns of scholars at home and abroad. Foreign scholars mostly study the relationship between the two from the traditional capital structure and balance theory. According to the classical theory, domestic scholars directly talk about the monotonic relationship between the two, and then put forward the plan of optimizing capital structure to promote the growth of enterprise value. Classical capital theory has been quite mature, now need to find new opportunities to talk about the relationship between the two. First of all, the research background and significance of this paper are expounded, through the review of the value of technological innovation and the related research results of financing and capital structure at home and abroad, The research on the theory of technological innovation value of small and medium-sized enterprises is still in the primary stage, and has not formed a more comprehensive theoretical system, foreign scholars have introduced the strategic management theory to analyze the relationship between the value of technological innovation and the capital structure. However, there are not many researches on the relationship between the two in this aspect, so this paper takes the capital structure theory of industrial organization and strategic view as the starting point, and discusses the correlation between the value of technological innovation and the capital structure. Secondly, it defines the concept of technological innovation value of small and medium-sized enterprises, which is the comprehensive manifestation of material value and spiritual value. It is considered that the value of technological innovation of small and medium-sized enterprises is mainly reflected by the economic value of technological innovation, and the measurement of economic value mainly includes innovation output. Then, the paper expounds the theoretical basis of this paper, namely, the value theory of technological innovation and the capital structure theory based on industrial organization and strategic management. Thirdly, the relationship between technological innovation value and capital structure is explained by constructing SEM model of technological innovation value and capital structure. Based on the questionnaire survey of technological innovation of small and medium-sized enterprises in Hebei Province, the paper analyzes the influence of capital structure and value of technological innovation by combining the strategic elements, namely, innovation intensity and environmental factors. Finally, this paper concludes that among the factors affecting innovation output, the basic role of innovation resources has been confirmed, mainly using its own funds to carry out technological innovation can not stimulate the growth of technological innovation value. The capital structure indirectly stimulates the innovation value through the innovation intensity, and the optimization of its own environment is not enough to stimulate the small and medium-sized enterprises to expand the financing channels. In view of the conclusion of this paper, this paper puts forward the relevant suggestions from five aspects: strengthening the construction of small and medium-sized enterprises, optimizing the investment structure of technological innovation of small and medium-sized enterprises, establishing a strategic alliance system, strengthening the management of intellectual property rights of enterprises and optimizing the social environment.
【学位授予单位】：燕山大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F273.1;F276.3

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