融资约束视角下政府直接资助对企业研发投入的影响研究
发布时间：2018-09-05 12:59
【摘要】：成功的研发(RD)投资战略有助于企业培植核心竞争力，获得可持续竞争优势。然而，在我国企业技术创新方面，存在研发投入不足的现状。制约我国企业研发投入的因素很多，而为其提供资金的融资渠道无疑是关键因素之一。企业获得研发投入的资金来源主要有两个渠道，一是政府资助，二是企业自筹。政府资助对企业研发投入是诱导效应还是挤出效应，国内外已有很多学者研究。政府资助分为直接资助和间接资助，其中，政府直接资助是对企业研发活动的直接经济资助，可以达到引导产业技术创新方向、促进技术创新发展和调整产业结构的目的。企业自筹受企业面临的融资约束环境影响，融资约束不仅会影响企业的研发投入，而且也会对政府资助与企业研发投入之间的关系有影响，这一点却很少引起国内学者的关注。 本文运用理论分析与实证分析相结合的方法，，从融资约束角度出发探讨我国政府直接资助对企业研发投入的影响效应。其中理论分析依据信息不对称理论、有效市场理论和代理成本理论提出融资约束假设、所有制性质假设、行业特征假设和资本密集度假设。实证部分以我国创业板上市三年（含）以上的152家企业为研究样本，选取2010年至2012年的数据进行分析，得出在不同融资约束背景下政府直接资助对企业研发投入都是诱导效应，但弱融资约束下的诱导效应更强烈；非国有企业在弱融资约束的背景下可以更好的利用政府直接资助对自身研发投入的诱导作用；在强融资约束下，相比于制造业企业，政府直接资助对非制造业企业研发投入的诱导效应更强；在任何融资约束下，政府直接资助对资本密集型企业研发投入是诱导效应，对劳动密集型企业研发投入是挤出效应。 因此，政府可以通过改善企业的外部融资环境，加大对非国有企业、非制造业企业和资本密集型企业的直接资助力度以使直接资助对企业研发投入的诱导效率最大化，提高创业板上市公司的自主创新能力。
[Abstract]:Successful R & D (RD) investment strategy helps enterprises to cultivate core competitiveness and gain sustainable competitive advantage. However, in the aspect of technological innovation of Chinese enterprises, there is insufficient R & D investment. There are many factors restricting R & D investment, and the financing channel is undoubtedly one of the key factors. There are two main sources of funding for R & D investment, one is government funding, the other is self-financing. Many scholars at home and abroad have studied whether government-funded R & D investment is inductive or crowding-out effect. Government subsidy can be divided into direct subsidy and indirect subsidy, among which, direct government subsidy is the direct economic aid to enterprise R & D activities, which can guide the direction of industrial technological innovation, promote the development of technological innovation and adjust the industrial structure. Enterprise self-financing is influenced by the financing constraint environment, which not only affects the R & D investment, but also affects the relationship between government funding and enterprise R & D investment, which rarely attracts the attention of domestic scholars. By combining theoretical analysis with empirical analysis, this paper discusses the effects of direct government funding on R & D investment from the perspective of financing constraints. According to information asymmetry theory, efficient market theory and agency cost theory, theoretical analysis puts forward financing constraint hypothesis, ownership nature hypothesis, industry characteristic hypothesis and capital intensity hypothesis. In the empirical part, 152 enterprises listed on the gem for more than three years are taken as the research samples, and the data from 2010 to 2012 are selected to analyze the data. It is concluded that the direct government funding is the inductive effect on the R & D investment of enterprises under different financing constraints. But the inducement effect under the weak financing constraint is stronger; under the background of weak financing constraint, the non-state-owned enterprises can make better use of the direct government funding to induce their own R & D investment; under the strong financing constraint, compared with the manufacturing enterprises, non-state-owned enterprises can make better use of the inducement effect on their R & D investment. The inducement effect of government direct funding on R & D investment of non-manufacturing enterprises is stronger; under any financing constraints, direct government funding to R & D investment of capital-intensive enterprises is an inductive effect, and R & D investment to labor-intensive enterprises is an crowding out effect. Therefore, by improving the external financing environment of enterprises, the government can increase the direct financial support to non-state-owned enterprises, non-manufacturing enterprises and capital-intensive enterprises in order to maximize the induced efficiency of direct funding for enterprises'R & D investment. We will improve the independent innovation ability of listed companies on the gem.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F273.1;F275;F812.45
本文编号：2224350
[Abstract]:Successful R & D (RD) investment strategy helps enterprises to cultivate core competitiveness and gain sustainable competitive advantage. However, in the aspect of technological innovation of Chinese enterprises, there is insufficient R & D investment. There are many factors restricting R & D investment, and the financing channel is undoubtedly one of the key factors. There are two main sources of funding for R & D investment, one is government funding, the other is self-financing. Many scholars at home and abroad have studied whether government-funded R & D investment is inductive or crowding-out effect. Government subsidy can be divided into direct subsidy and indirect subsidy, among which, direct government subsidy is the direct economic aid to enterprise R & D activities, which can guide the direction of industrial technological innovation, promote the development of technological innovation and adjust the industrial structure. Enterprise self-financing is influenced by the financing constraint environment, which not only affects the R & D investment, but also affects the relationship between government funding and enterprise R & D investment, which rarely attracts the attention of domestic scholars. By combining theoretical analysis with empirical analysis, this paper discusses the effects of direct government funding on R & D investment from the perspective of financing constraints. According to information asymmetry theory, efficient market theory and agency cost theory, theoretical analysis puts forward financing constraint hypothesis, ownership nature hypothesis, industry characteristic hypothesis and capital intensity hypothesis. In the empirical part, 152 enterprises listed on the gem for more than three years are taken as the research samples, and the data from 2010 to 2012 are selected to analyze the data. It is concluded that the direct government funding is the inductive effect on the R & D investment of enterprises under different financing constraints. But the inducement effect under the weak financing constraint is stronger; under the background of weak financing constraint, the non-state-owned enterprises can make better use of the direct government funding to induce their own R & D investment; under the strong financing constraint, compared with the manufacturing enterprises, non-state-owned enterprises can make better use of the inducement effect on their R & D investment. The inducement effect of government direct funding on R & D investment of non-manufacturing enterprises is stronger; under any financing constraints, direct government funding to R & D investment of capital-intensive enterprises is an inductive effect, and R & D investment to labor-intensive enterprises is an crowding out effect. Therefore, by improving the external financing environment of enterprises, the government can increase the direct financial support to non-state-owned enterprises, non-manufacturing enterprises and capital-intensive enterprises in order to maximize the induced efficiency of direct funding for enterprises'R & D investment. We will improve the independent innovation ability of listed companies on the gem.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F273.1;F275;F812.45
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