创业板上市公司技术创新能力对资本结构影响的实证研究

发布时间：2018-05-07 07:07

本文选题：创业板上市公司 + 技术创新能力　；参考：《湖南大学》2012年硕士论文

【摘要】：本文以创业板上市公司技术创新理论分析为出发点,研究技术创新能力对资本结构的影响,结果表明：以专利申请数量与专利批准数量衡量企业技术创新能力时,技术创新能力越强的上市公司,其资产负债率越低,这一联系在5%的水平上显著,说明创业板上市公司技术创新能力越强,其投入的研发费用更多,从而形成大量无形资产,造成固定资产比重下降,抵押贷款能力也越低,同时高研发风险也让债权提供者望而却步,本质上反映了我国创业板上市公司在债权融资上面临较大的困难；以新产品销售数量比重和销售收入比重衡量企业技术创新能力时,技术创新能力与资本结构在10%的水平上显著正相关,说明只有将技术创新能力转化为经济效益,获取充分的现金流量,才能充分利用债权投资解决融资困难,优化企业资本结构。综合以上结论,本文提出从以下方面改善创业板上市公司的融资困境：首先,创业板上市公司应该采取适合自身的技术创新模式,提高自身技术创新能力,并提高向经济效益的转化能力,利用技术优势获取投资者尤其是债权投资者的认可。其次,开辟多元化融资渠道,加大商业银行对中小企业信用贷款力度,建设专门面向科技型中小企业的新型银行,加强债券市场建设,发展设备租赁业等；最后,完善政府服务体系,加大财政扶持力度,完善政策性贷款机构的功能与管理,健全中小企业信用担保体系,继续推出多种形式的政府基金提供给符合条件的创业板上市公司,搭建融资担保平台,完善风险资本介入与退出制度等。
[Abstract]:Based on the theoretical analysis of the technological innovation of the GEM listed companies, this paper studies the influence of technological innovation ability on the capital structure. The results show that the higher the technological innovation ability, the lower the asset liability ratio of the listed companies with the number of patent applications and the number of patents approved, the lower the asset liability rate, which is at the level of 5%. It shows that the stronger the technological innovation ability of the GEM listed companies, the more R & D cost of the company is invested, thus forming a large number of intangible assets, resulting in the decrease of the proportion of fixed assets, the lower the mortgage loan ability, and the higher R & D risk, which also makes the creditor's rights providers be prohibitive. This quality reflects the debt financing of the GEM listed companies in China. There is a big difficulty in it. The technological innovation ability and capital structure are positively related to the level of 10% in measuring the technological innovation ability of the enterprise with the proportion of the sales quantity of new products and the proportion of sales income. It shows that only by transforming the technological innovation ability into economic benefit and obtaining sufficient cash flow can we make full use of the debt investment to solve the problem. Financing difficulties, optimizing the capital structure of the enterprise.
On the basis of the above conclusion, this paper proposes to improve the financing difficulties of the GEM listed companies from the following aspects: first, the GEM listed companies should adopt the technological innovation model suitable for themselves, improve their own technological innovation ability, and improve the transformation ability to the economic benefits, and use the advantages of technical skills to obtain the recognition of investors, especially the creditor investors. Secondly, we should open up diversified financing channels, increase the credit loans of commercial banks to small and medium-sized enterprises, build a new type of bank for small and medium-sized enterprises, strengthen the construction of the bond market, and develop the equipment leasing industry. Finally, the government service system will be improved, the financial support is strengthened, and the functions and management of the policy lending institutions are perfected. To improve the credit guarantee system of small and medium-sized enterprises, we will continue to introduce a variety of form of government funds to the eligible GEM listed companies, build a financing guarantee platform, and improve the system of venture capital intervention and withdrawal.

【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F273.1;F832.51

【参考文献】