中国创业板上市公司资本结构对研发投入影响的实证研究

发布时间：2018-04-27 17:48

本文选题：资本结构 + 研发投入　；参考：《华东师范大学》2012年硕士论文

【摘要】：随着经济全球化的发展和国际竞争的日益激烈,提高科技水平和自主创新能力成为每个公司面临的重要问题。研究开发是科技创新的重要体现,企业技术创新能力的提高是和研发投入密不可分的。影响企业研发投入的因素有很多,而研发投入作为企业一项重要的投资决策,必然受到融资结构的影响。因此本文从资本结构角度出发,研究企业资本结构和研发投入的关系。自2009年10月23日创业板正式推出,到2011年12月为止,已有280余家上市公司在创业板挂牌交易。创业板上市的公司大多是高技术企业,大多属于七大国家战略性新兴产业,创业板的推出将会促进高科技企业发展,也将使资本市场的结构更加完善。本文在总结前人研究的基础之上,首次针对我国创业板上市公司资本结构对研发投入的影响进行实证研究。本文以2010年12月31日之前在我国创业板上市的160家公司为样本,对我国创业板上市公司资本结构对研发投入的影响进行理论和实证分析,从而进一步探讨创业板的推出对促进企业研发投入的意义。通过理论和实证分析,本文得出以下主要结论：企业资本结构对研发强度存在显著影响,企业资产负债率与研发投入显著负相关,权益融资对促进研发活动的效果则较为明显；企业规模与企业研发投入绝对值呈显著正相关关系,而与研发强度存在显著负相关关系；企业的研发投入与企业盈利能力具有显著的正相关关系,而企业的成长性和营运能力与研发投入关系不显著。另外,企业资本结构不仅影响当年的研发投入,债务比重高的企业以后年度的研发投入也相应较低。因此,我国创业板的推出为创业板上市公司提供了权益融资的重要渠道,对于促进中小高科技企业权益融资、提高研发投入具有重要的意义,有助于进一步提高我国上市公司的自主创新能力。最后本文针对理论和实证分析的结果,为我国创业板上市公司提高研发投入提出了合理化的建议,包括加强政府对企业研发活动的重视、加强我国创业板的建设、拓宽高技术企业的其他融资渠道、提高公司自身研发主动性等。
[Abstract]:With the development of economic globalization and the increasingly fierce international competition, improving the level of science and technology and the ability of independent innovation has become an important issue for every company. Research and development is an important embodiment of scientific and technological innovation, and the improvement of enterprises' technological innovation ability is closely related to R & D investment. There are many factors that affect R & D investment. As an important investment decision, R & D investment is bound to be influenced by financing structure. Therefore, this paper studies the relationship between enterprise capital structure and R & D investment from the point of view of capital structure. Since the gem was officially launched on October 23, 2009, until December 2011, more than 280 listed companies have been listed on the gem. Most of the companies listed on the gem are high-tech enterprises, most of them belong to the strategic emerging industries of seven countries. The introduction of the gem will promote the development of high-tech enterprises and make the structure of the capital market more perfect. On the basis of summarizing the previous studies, this paper makes an empirical study on the impact of the capital structure on R & D investment of the listed companies in the gem of our country for the first time. Based on 160 companies listed on the gem before December 31, 2010, this paper makes theoretical and empirical analysis on the impact of the capital structure on R & D investment of the listed companies in the gem. In order to further explore the launch of gem to promote enterprise R & D investment significance. Through theoretical and empirical analysis, this paper draws the following main conclusions: corporate capital structure has a significant impact on R & D intensity, corporate asset-liability ratio and R & D investment significantly negative correlation, equity financing to promote R & D activities is more obvious effect; There is a significant positive correlation between enterprise size and R & D investment absolute value, but a significant negative correlation with R & D intensity, and a significant positive correlation between R & D investment and enterprise profitability. However, the relationship between the growth and operation ability of enterprises and R & D investment is not significant. In addition, the capital structure not only affects the R & D investment in the current year, but also the R & D investment of the enterprises with high debt ratio. Therefore, the launch of the gem provides an important channel of equity financing for listed companies on the gem, which is of great significance for promoting the equity financing of small and medium-sized high-tech enterprises and increasing R & D investment. It is helpful to further improve the independent innovation ability of listed companies in our country. Finally, according to the results of theoretical and empirical analysis, this paper puts forward some reasonable suggestions for the listed companies of gem to increase their R & D investment, including strengthening the government's emphasis on enterprise R & D activities and strengthening the construction of gem. Broaden the other financing channels of high-tech enterprises, improve the company's own R & D initiative and so on.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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