制造业上市公司信息披露质量、融资约束对研发投入的影响研究

发布时间：2018-06-21 20:01

本文选题：融资约束 + 信息披露质量　；参考：《吉林财经大学》2017年硕士论文

【摘要】：随着科学技术的快速发展以及全球经济一体化,大力发展高新技术产业成为经济持续增长的主要动力,高新技术的研发活动在经济增长中发挥越来越重要的作用,研发活动是实现科技创新的主要途径,因此,越来越多的企业开始进行科技研发活动,增加相关技术的研发投入,研发活动是经济发展的重要动力,其能够提高企业的自主创新能力,可以加快发展,增强核心竞争力,所以企业需要增加研发投入,提升企业的价值。目前,我国的研发投入相对于发达国家来说处于低水平,企业内部资金有限,对于研发活动的大量资金需求不能满足,因此能否获得外部融资对于企业能否进行研发投入具有决定性的意义。由于现在我国企业主要靠内部资金来进行研发投入,难以获得外部融资,存在严重的外部融资约束。而高质量的信息披露可以提高企业信息的透明度,使外部投资者可以获得决策有用的信息,解决企业面临的融资约束,使企业进行研发投入。本文综合运用规范和实证的研究方法,对制造业上市公司信息披露质量、融资约束对研发投入的影响进行研究,并从企业实际控制人性质的角度进行比较,研究信息披露质量与研发投入关系有何不同。本文以2013-2015年深圳证券交易所A股制造业上市公司的数据作为研究对象,实证研究了信息披露质量、融资约束对研发投入的影响。研究发现:(1)提高信息披露质量可以缓解企业的融资约束:(2)我国企业研发投入存在严重的融资约束问题;(3)信息披露质量的提高可以使企业获得更多的外部资金,缓解企业的融资约束,促进企业的研发投入;(4)国有产权性质弱化了研发投入与信息披露质量的正相关性。
[Abstract]:With the rapid development of science and technology and the integration of the global economy, the development of high-tech industry has become the main motive force of the sustained economic growth. The R & D activities of high and new technology play a more and more important role in the economic growth, and R & D activities are the main ways to realize the innovation of science and technology. Research and development activities, increase the R & D investment of related technology, research and development activity is an important driving force for economic development. It can improve the independent innovation ability of enterprises, accelerate development and enhance core competitiveness, so enterprises need to increase R & D investment and enhance the value of enterprises. At the low level, the internal capital of the enterprise is limited and the large amount of capital demand for R & D activities can not be met. Therefore, it is of decisive significance whether to obtain external financing for the enterprise to carry out R & D investment. Because the enterprises in our country rely mainly on internal funds for R & D investment, it is difficult to obtain external financing, and there is a serious external financing. And high quality information disclosure can improve the transparency of enterprise information, make the external investors obtain useful information, solve the financing constraints faced by the enterprises and make the enterprise carry out R & D investment. This paper comprehensively uses the normative and empirical research methods to make the information disclosure quality of the listed companies in the manufacturing industry and the financing constraints on R & D. The impact of investment is studied and compared from the perspective of the nature of the actual controller of the enterprise. What is the difference between the quality of information disclosure and the relationship between R & D input. This paper takes the data of the listed companies of the A stock market of the A stock exchange of the Shenzhen stock exchange as the research object, and empirically studies the quality of information disclosure and the financing constraints on R & D input The study found that: (1) improving the quality of information disclosure can alleviate the financing constraints of enterprises: (2) there is a serious problem of financing constraints in our enterprise R & D investment; (3) the improvement of the quality of information disclosure can make enterprises obtain more external funds, alleviate the financing constraints of enterprises, and promote the investment of enterprises' research and development; (4) the weak property property of the state-owned enterprises is weak. The positive correlation between R & D input and the quality of information disclosure has been changed.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425

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