政府补助、研发投入与公司价值研究

发布时间：2018-05-31 05:47

本文选题：政府补助 + 研发投入　；参考：《安徽大学》2014年硕士论文

【摘要】：转型经济背景下,大力发展高科技产业是推动经济结构转型和升级的催化剂,而政府补助作为一种重要的宏观经济调控手段,在降低研发成本和推动经济方面更是起到了不可代替的作用。近几年来政府已出台不少相应政策,以增强公司创新实力,促进公司研发效果。创业板上市公司普遍从事高新技术产业,其技术创新能力较高,是提高整体创新技术水平的重要支柱。创业板上市公司的研发投入提高我国经济发展的科技含量,提升自主创新产业的整体创新能力与发展潜力,增强我国综合国力与竞争力。政府补助对于公司发展的重要性不言而喻,国内外学者对政府补助的研究已经取得了一定的研究成果,但从目前的研究成果来看,政府补助给公司业绩带来的影响还没有定性的结论,另一方面,学者过多地关注政府补助与公司价值的相关性或政府补助对研发支出的影响,较少研究政府补助、研发投入、公司价值三者之间的关系。由于我国特有的制度环境,国有公司与非国有公司与政府联系的亲密程度不同,因而在获得补助或政策优惠方面存在差异,本文引出股权背景这一因素,分析不同股权背景公司政府补助对RD投入的影响,以及政府补助对RD投入与公司价值的相关性的中介效应。本文共分为五部分。第一部分是绪论。介绍本文的研究背景及意义,梳理国内外研究现状,并介绍了本文研究思路和方法、创新与特色。第二部为理论基础。该部分对研究对象的相关概念进行界定,并对信号传递理论、’利益相关者理论和投入产出理论等进行阐述。第三部分是理论分析和研究假设。该部分对上市公司政府补助必要性及其现状进行描述,分析了政府补助影响RD投入提升公司价值的作用机理,在此基础上提出本文的研究假设。第四部分是实证研究。本文选取2010-2012年我国创业板上市公司作为样本,基于不同股权背景,分析政府补助对RD投入的影响效应,并以政府补助为中介,研究政府补助对RD投入与公司价值相关性的中介效应。通过对样本数据进行所有变量的描述性统计、模型中各变量的相关性分析以及OLS回归分析,本文最终得到以下研究结论： 1、政府补助对创业板上市公司RD投入起到激励作用,政府补助显著提高创业板上市公司RD投入强度。 2、相对于国有公司,非国有公司的政府补助更能激励RD投入强度。通过对股权背景与政府补助的交乘项研究其与RD投入的影响效应,结果发现国有股权背景抑制公司政府补助对RD投入的促进作用。 3、政府补助正向调节RD投入与公司价值的正相关性,RD投入的公司价值效应具有滞后性,且这种政府补助的正向调节作用在非国有公司更显著。
[Abstract]:In the context of the transition economy, vigorously developing high-tech industries is the catalyst to promote the transformation and upgrading of the economic structure, and government subsidies as an important means of macroeconomic regulation and control, In reducing R & D costs and promoting the economy has played an irreplaceable role. In recent years, the government has issued a lot of corresponding policies to enhance the company's innovation strength and promote the company's R & D effect. Gem listed companies are generally engaged in high-tech industries, and their technological innovation ability is high, which is an important pillar to improve the overall level of innovation technology. The R & D investment of the listed companies on the gem enhances the scientific and technological content of the economic development of our country, promotes the overall innovation ability and development potential of the independent innovation industry, and strengthens the comprehensive national strength and competitiveness of our country. The importance of government subsidy to the development of the company is self-evident. Scholars at home and abroad have made some achievements in the research of government subsidy, but from the current research results, On the other hand, scholars pay too much attention to the correlation between government subsidies and company value or the impact of government subsidies on R & D expenditure. The relationship between the value of the company. Due to the unique institutional environment of our country, the degree of intimacy between state-owned and non-state-owned companies and the government is different, so there are differences in obtaining subsidies or preferential policies. This paper analyzes the influence of government subsidy on R D input and the intermediary effect of government subsidy on R D input and company value. This paper is divided into five parts. The first part is the introduction. This paper introduces the research background and significance, combs the domestic and foreign research status, and introduces the research ideas and methods, innovation and characteristics. The second part is the theoretical basis. This part defines the related concepts of the research object, and expounds the theory of signal transmission, stakeholder theory and input-output theory. The third part is theoretical analysis and research hypothesis. This part describes the necessity and current situation of government subsidy of listed companies, analyzes the mechanism of government subsidy influencing R D input to enhance the value of the company, and puts forward the research hypotheses of this paper. The fourth part is empirical research. This paper selects the listed companies of gem in China from 2010 to 2012 as a sample, analyzes the effect of government subsidy on R D input based on different equity background, and takes government subsidy as an intermediary. This paper studies the intermediary effect of government subsidy on R D input and firm value. Through the descriptive statistics of all variables in the sample data, the correlation analysis of the variables in the model and the OLS regression analysis, the following conclusions are obtained: 1. The government subsidy stimulates the R D investment of gem listed companies, and the government subsidy significantly increases the R D investment intensity of gem listed companies. 2. Government subsidies from non-state-owned companies are more incentive to R D investment than state-owned companies. The paper studies the influence effect of equity background and government subsidy on R D input, and finds out that state-owned equity background inhibits the promotion effect of government subsidy on R D input. 3. The positive correlation between R D input and company value of government subsidy has the lag effect of R D input, and the positive regulation effect of this kind of government subsidy is more obvious in non-state-owned companies.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F273.1;F275;F812.45

【参考文献】