货币政策、债务融资与中国农业上市企业研发投入关系研究

发布时间：2018-04-10 14:43

本文选题：农业上市企业 + RD投入　；参考：《西北农林科技大学》2017年硕士论文

【摘要】：2017年2月公布的中央一号文件意味着这一年将是农业供给侧结构性改革的关键时点。通过改革来实现农业产业升级的核心突破点必然是创新,只有加快农业研发(RD)的脚步才能实现用创新带动现代农业发展变革。而我国农业因其行业特殊性,整体研发水平依然薄弱,农业上市企业研发投入强度低于全行业2%的平均水平。究其原因除却研发本身技术及人员的匮乏,最主要是RD投入资金的限制。据统计,我国79%以上的农业上市企业因规模小、营业收入低导致其研发资金的来源以外部融资为主,内部现金流为辅,其中债务融资发挥较大作用。且近几年国家一直在调整货币政策(MP),对“三农”增加贷款额度并实施“定向降准”货币政策,农业上市企业的研发投入和债务融资决策也不可避免要受到货币政策的影响。且根据货币政策传导理论和债务融资相关理论可知货币政策与债务融资存在相关关系,而这种关系对于RD投入也可能造成一定影响。基于此本文探究并验证农业上市企业研发投入与债务融资以及货币政策三者存在的真实关系。本文梳理已有的研究文献,并结合相关理论基础和当前农业上市企业的研发与债务融资现状进行分析,找出货币政策、农业上市企业债务融资与RD投入三者之间的相关关系并提出相应假设。然后选取在我国A股上市的农业板块上市企业为样本对象,用2011-2015年连续披露的相关数据并结合货币政策感受指数创建平衡面板模型。首先验证货币政策和农业企业债务融资分别对RD投入的影响,在此基础上再加入货币政策与债务融资的乘积交互项,以判断二者交互项是否作用于债务融资对企业研发投入的影响。此外还引入地域差异变量,将样本量按照地域不同分别进行回归,并将得到的结果进行对比分析。本文最终研究发现:1)货币政策与农业上市企业研发投入成负相关;2)农业上市企业债务融资与其研发投入也是负向关系,但东西部地区显著性水平差异较大;3)货币政策与债务融资的交互作用加大债务融资对RD投入的抑制作用,且这种现象在东部地区更为显著。最后根据结论提出相关建议:政府方面,在制定相关政策时应考虑农业企业行为反应,并且要加强对农业上市企业研发投入和信贷政策的倾斜,且重点扶持西部地区企业;企业方面,应该提高研发投入意识,根据货币政策预期及时调整RD投入和融资决策,并针对自身特色主动寻求政府和银行的融资资助等。
[Abstract]:The central document, released in February 2017, means that this year will be a crucial time point for structural reform on the supply side of agriculture.The core breakthrough point of agricultural industry upgrading through reform is innovation. Only by speeding up the pace of agricultural research and development (RDD) can innovation drive the modern agricultural development and reform.However, because of the particularity of agriculture in China, the overall R & D level is still weak, and the R & D investment intensity of agricultural listed enterprises is lower than the average level of 2% of the whole industry.Apart from the shortage of R & D technology and personnel, the most important reason is the limitation of R & D investment.According to statistics, more than 79% of agricultural listed enterprises in China have small scale and low operating income, which leads to external financing as the main source of R & D funds, supplemented by internal cash flow, in which debt financing plays a greater role.In recent years, the country has been adjusting the monetary policy, increasing the loan quota for agriculture, rural areas and farmers and implementing the "targeted reduction" monetary policy. The R & D investment and debt financing decision of agricultural listed enterprises will inevitably be influenced by monetary policy.According to the theory of monetary policy transmission and debt financing, we know that there is a correlation between monetary policy and debt financing, and this relationship may also have a certain impact on R D investment.Based on this, this paper explores and verifies the true relationship among R & D investment, debt financing and monetary policy of agricultural listed enterprises.This article combs the existing research literature, and combines the related theory foundation and the present agricultural listed enterprise research and development and the debt financing present situation carries on the analysis, finds out the monetary policy,The correlation between debt financing and R D input of agricultural listed enterprises and the corresponding assumptions are put forward.Then, the agricultural listed companies listed in A shares in China are selected as the sample objects, and the balance panel model is created by using the relevant data continuously disclosed from 2011-2015 and combining with the monetary policy perception index.First of all, the effects of monetary policy and debt financing of agricultural enterprises on R D input are verified, and then the product interaction between monetary policy and debt financing is added.In order to determine whether the interaction of the two terms in debt financing on the impact of R & D investment.In addition, the regional difference variable is introduced, and the sample size is regressed according to different regions, and the results obtained are compared and analyzed.This paper finally finds that the monetary policy has a negative correlation with the R & D investment of agricultural listed enterprises. (2) debt financing of agricultural listed enterprises is also negatively related to their R & D investment.The interaction between monetary policy and debt financing increases the inhibitory effect of debt financing on R D input, and this phenomenon is more significant in the eastern region.Finally according to the conclusion put forward the relevant recommendations: the government should consider the behavior of agricultural enterprises in formulating relevant policies and should strengthen the investment in R & D and credit policies of agricultural listed enterprises and focus on supporting enterprises in the western region;Enterprises should improve the consciousness of R & D investment, adjust Rd investment and financing decision timely according to the expectation of monetary policy, and actively seek financing support from government and bank according to their own characteristics.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F324;F302.6

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