股权结构、政府补助与中小板企业研发投入关系的实证研究

发布时间：2018-03-31 01:28

本文选题：中小企业板　切入点：股权结构　出处：《重庆理工大学》2013年硕士论文

【摘要】：中小企业创新作为国家自主创新系统中的一个重要组成部分,因其创新意识强、经营体制灵活等特点,成为我国自主创新战略中必不可少的一部分。以技术创新为主体的中小企业，其研发能力自然是自主创新过程中不可忽视的重要环节。虽然影响研发投入的因素众多，但近来的文献大多关注公司内部治理因素或外部因素对研发投入的影响，由于研发投入的溢出效应、中小企业筹资难等特征，单单靠内部治理或外部力量来提升企业研发强度是不够的。因此，本文基于企业微观角度和财务视角，选取了中小企业板上市公司作为研究对象，并从公司内部治理（股权结构）与外部政策安排（政府补助）两方面来研究其对中小企业研发投入的影响。本文采用理论分析与实证研究相结合的方法对所选课题进行研究。首先按照股权结构和政府补助对企业研发投入影响的相关文献进行回顾和评述，接着借鉴相应的理论分别分析了股权结构、政府补助对实际控制人性质不同的企业研发投入的影响。在实证部分，本文选取了中小企业板上市公司2009-2011年的数据为样本，经过严格筛选，一共选出591家样本公司，按实际控制人性质的不同划分为国有样本149家，非国有样本442家。通过描述性统计、相关性分析以及回归分析等方法实证检验了股权结构、政府补助对实际控制人性质不同的中小板企业研发投入的影响，研究发现：（1）国有中小板企业的研发投入强度明显强于非国有中小板企业；（2）总体上，第一大股东持股比例对中小板企业研发投入有显著的影响，但两者关系因公司实际控制人性质的不同而有差异；（3）总体上，股权制衡度与企业研发投入之间关系不显著，但在非国有中小板企业中显著正相关；（4）高管持股比例与企业研发投入之间关系显著正相关，在非国有中小板企业显著性更强；（5）机构投资者持股比例与非国有中小板企业研发投入之间关系显著正相关，但在国有中小板企业中关系不显著；（6）风险投资背景与中小板企业研发投入之间关系虽为正，但不显著；（7）总体上，，政府补助与中小板企业研发投入之间关系显著正相关，但两者关系因公司实际控制人性质的不同而有差异。基于以上结论，本文从公司治理机制的完善层面以及政府层面提出相应的对策。本文从企业股权结构与政府补助两层面对实际控制人性质不同的中小板企业研发投入的影响所作的理论阐释和实证分析，对于进一步丰富研发投入理论体系、特别是对于实际控制人性质不同的中小板企业更有针对性地提升其研发投入有着重要的理论意义，并且为政府优化研发补助政策、促进企业成为创新主体提供决策参考。
[Abstract]:As an important part of the national independent innovation system, the innovation of small and medium-sized enterprises (SMEs) has become an indispensable part of the independent innovation strategy of our country because of its strong innovation consciousness and flexible management system.With technological innovation as the main body, the R & D ability of SMEs is an important link that can not be ignored in the process of independent innovation.Although there are many factors that affect R & D investment, recent literature has mostly focused on the influence of internal governance factors or external factors on R & D investment. Because of the spillover effect of R & D investment, SMEs are difficult to raise funds, and so on.Only by internal governance or external forces to enhance the strength of enterprise R & D is not enough.Therefore, based on the enterprise micro and financial perspective, this paper selects the SME board listed companies as the research object.The influence of internal corporate governance (equity structure) and external policy arrangement (government subsidy) on R & D investment of SMEs is also studied.This paper uses the method of theoretical analysis and empirical research to study the selected topics.Firstly, the paper reviews and comments on the influence of ownership structure and government subsidy on enterprise R & D investment, and then analyzes the equity structure using the corresponding theories.The effect of government subsidy on R & D investment of enterprises with different nature of actual controllers.In the empirical part, this paper selects the data of the SME board listed companies from 2009-2011 as the sample, after strict screening, a total of 591 sample companies are selected, according to the nature of the actual controller, there are 149 state-owned samples and 442 non-state-owned samples.Through descriptive statistics, correlation analysis and regression analysis, this paper empirically examines the influence of ownership structure and government subsidy on R & D investment of small and medium-sized enterprises with different nature of actual controllers.It is found that the R & D investment intensity of state-owned small and medium-sized board enterprises is obviously stronger than that of non-state-owned small and medium-sized board enterprises.) on the whole, the proportion of the largest shareholders has a significant impact on the R & D investment of small and medium-sized board enterprises.However, the relationship between the two is different because of the difference in the nature of the company's actual controller. (3) on the whole, the relationship between equity balance degree and enterprise R & D investment is not significant.However, in non-state-owned small and medium-sized board enterprises, there is a significant positive correlation between the proportion of executive ownership and R & D investment.There is a significant positive correlation between the proportion of institutional investors holding shares and the R & D investment of non-state-owned small and medium-sized board enterprises.However, the relationship between the background of venture capital and R & D investment of small and medium-sized board enterprises is positive, but it is not significant. On the whole, the relationship between government subsidy and R & D investment of small and medium-sized board enterprises is significantly positive.However, the relationship between the two is different because of the nature of the company's actual controller.Based on the above conclusions, this paper puts forward the corresponding countermeasures from the perfect level of corporate governance mechanism as well as the government level.In this paper, the theoretical explanation and empirical analysis of the influence of ownership structure and government subsidy on R & D investment of small and medium-sized board enterprises with different nature of actual controllers are presented, which can further enrich the theoretical system of R & D investment.Especially, it has important theoretical significance for the small and medium-sized board enterprises with different nature of actual controllers to increase their R & D investment, and provides a decision reference for the government to optimize the R & D subsidy policy and to promote the enterprises to become the main body of innovation.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】