A公司融资约束对研发投资的影响

发布时间：2019-04-22 13:30

【摘要】：随着全球化的深入，较大的技术竞争压力使得企业对技术创新的需求越来越迫切。然而，从我国企业的实际情况来看，企业的RD投入偏低。由于企业RD投资受提供资金的融资渠道的影响，RD融资问题也是制约企业RD投资的主要因素。尽管RD在经济增长中发挥了重要角色并且对融资有较高的敏感性，但现实中大量的研究考察固定投资的融资约束问题，很少有文献关注企业RD投资的融资约束问题。本文采取案例分析方法，通过对A公司的分析，讨论和探究融资约束对研发投资的影响，将理论研究和现实案例结合起来，分析不同渠道融资约束及对研发投资的影响情况。本文主要内容分为四部分：第一部分主要阐述文章的研究背景及选题的目的和意义，相关融资约束对研发投资影响的文献研究。第二部分为案例介绍，本文选取了电力电子行业的A公司作为案例，重点阐述行业现状及A公司的基本情况。从现金流的角度分析发现A公司融资约束较为严重，研发投资强度逊色于行业水平，，并且发现融资约束限制了研发投资的增长。第三部分针对案例介绍中发现的问题，通过本章的深入分析，分渠道研究A公司融资约束对研发投资的影响，并与行业表现优秀的英威腾进行对比，发现A公司融资约束限制了研发投资的投入，是由以下几点原因造成的：首先，内源融资是公司持续研发投资的主要来源，A公司经营状况不佳导致研发的内源融资约束严重；其次，债务融资约束太强，A公司基本不存在长期借款，主要是短期融资用于支持经营活动而不是用于研发投资；然后，股权融资是次于内源融资的研发投资资金来源选择，上市后募集的资金基本用完，企业绩效不佳难以达到增资扩股要求。最后，将A公司总体融资约束对研发投资的影响与英威腾对比之后发现，A公司融资后研发投资的财务管理不强是重要原因，研发效率不高，进而也拖累了企业创新进度和市场占有率。第四部分为案例启示，由A公司的案例分析可以反映出整个行业可能出现的普遍现象，鉴于电力电子行业等其他高科技企业存在的RD融资约束问题：一方面，应该大力推动企业融资模式创新，鼓励企业“抱团”融资以缓解融资约束情况；另一方面应将研发投资活动确立为企业的战略核心；最后，加强研发投资的财务管理是缓解融资约束的重要管理措施。
[Abstract]:With the deepening of globalization, the greater pressure of technological competition makes the demand for technological innovation more and more urgent. However, from the actual situation of enterprises in our country, the RD investment of enterprises is on the low side. Because the RD investment is influenced by the financing channel, the financing problem of RD is also the main factor that restricts the RD investment of the enterprise. Although RD plays an important role in economic growth and has a high sensitivity to financing, there are a large number of studies on the financing constraints of fixed investment in reality, and few literatures pay attention to the financing constraints of enterprise RD investment. This paper adopts the method of case analysis, discusses and explores the influence of financing constraints on R & D investment through the analysis of Company A, and combines the theoretical research with practical cases to analyze the financing constraints of different channels and the impact on R & D investment. The main content of this paper is divided into four parts: the first part mainly expounds the research background, the purpose and significance of the topic selection, and the literature research on the influence of related financing constraints on R & D investment. The second part is the case introduction, this paper selects A company of power electronics industry as a case, focusing on the current situation of the industry and the basic situation of A company. From the point of view of cash flow, it is found that the financing constraints of Company A are more serious, and the intensity of R & D investment is lower than that of the industry level, and the financing constraints limit the growth of R & D investment. In the third part, according to the problems found in the case introduction, through the in-depth analysis of this chapter, the influence of financing constraints on R & D investment of Company A is studied in different channels, and compared with the excellent performance of the industry. It is found that the financing constraint of Company A limits the investment of R & D investment, which is caused by the following reasons: firstly, endogenous financing is the main source of the company's sustainable R & D investment, and the poor management of Company A leads to the serious restriction of the endogenous financing of R & D; Secondly, the debt financing constraint is too strong, company A basically does not exist long-term borrowing, mainly short-term financing to support business activities rather than R & D investment; Then, equity financing is the second choice of R & D investment funds after internal financing, the capital raised after listing is basically used up, the performance of enterprises is not good enough to meet the requirements of capital increase and stock expansion. Finally, after comparing the impact of the overall financing constraints of Company A on R & D investment and Inviton, it is found that the poor financial management of R & D investment after financing in Company A is the important reason, and the R & D efficiency is not high. Then also drag on the progress of enterprise innovation and market share. The fourth part is the case enlightenment, the case analysis of Company A can reflect the general phenomenon that may appear in the whole industry. In view of the problem of RD financing constraint existing in other high-tech enterprises, such as power electronics industry: on the one hand, We should make great efforts to promote the innovation of enterprise financing mode and encourage enterprises to "hold a group" of financing to alleviate the financing constraints. On the other hand, R & D investment activities should be established as the strategic core of enterprises; finally, strengthening the financial management of R & D investment is an important management measure to ease financing constraints.
【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】：F426.6;F406.7;F273.1

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