融资约束、现金持有与研发平滑

发布时间：2018-06-27 12:58

本文选题：研发平滑 + 融资约束　；参考：《新疆财经大学》2015年硕士论文

【摘要】：在国家大力提倡创新与发展的今天,研究与开发活动起到至关重要的作用。科技的创新、技术的进步都离不开研发活动的展开。中国科学技术部2013年统计数据显示,在进行研究和开发活动的组织当中,企业占有绝对领先地位,是从事研发活动最活跃的主体。研发投资是企业技术创新的源泉,通过高水平的研发投入及成果产出可以提升企业的综合竞争力,因此研究企业的研发活动具有深远意义。研发投资不同于实体投资,具有高昂的调整成本,一旦资金断裂,后续需要投入巨大的资金才能继续进行研究与开发,因此研发活动需要长期稳定的资金支持。然而,由于信息不对称问题和委托代理问题的存在,研发活动的融资市场类似于“柠檬市场”,企业研发活动的资金来源受到其内部资金水平及外部融资条件的共同制约。研发活动具有周期长,风险高,研发成果难以抵押的特点,这些因素都造成研发活动很容易面临融资约束问题。由于融资约束的存在,企业研发水平提升受到阻碍,科技进步受到影响,这已是学术界普遍得出的结论。本文基于研发平滑的视角,以我国A股上市的非金融企业为研究样本,选取2007-2013年作为研究窗口期,在研发投资欧拉方程的基准模型基础上加入股权融资、债权融资等控制变量,运用GMM方法,实证研究了企业在面临融资约束时,现金持有是否具有平滑研发投入的作用这一问题。我们用资产规模衡量融资约束程度,规模越小的企业面临融资约束的程度越大。研究发现:企业在面临融资约束时,有动用现金持有量来平滑研发投入的动机,具体表现为现金持有变动量和研发投入的负相关关系,即研发资金不足时,使用现金持有量,现金持有变动量减少,来保持研发资金的持续和平滑。本文同时考察了股权性质和企业成熟度对研发融资的影响,通过描述性统计分析可以看出我国企业中非国有企业和成长型企业的研发投入水平较高,是研发活动最活跃的主体,需要长期稳定的资金支持研发,然而分组回归的统计结果表明非国有企业及成长型企业更容易面临融资约束,因此,相比于国有企业,非国有企业使用现金持有量来平滑研发投入的动机更强烈;与成熟企业相比,现金持有的研发平滑的作用在成长型企业中更显著。
[Abstract]:Research and development activities play a vital role in promoting innovation and development. The innovation of science and technology and the progress of technology are inseparable from the development of R & D activities. Statistics from the Ministry of Science and Technology of China in 2013 show that, among the organizations engaged in research and development activities, enterprises take an absolute leading position and are the most active subjects engaged in R & D activities. R & D investment is the headspring of enterprise technological innovation. Through high level of R & D input and output, it can enhance the comprehensive competitiveness of enterprises, so it is of far-reaching significance to study the R & D activities of enterprises. R & D investment is different from entity investment and has high adjustment cost. Once the funds break down, it needs to invest huge funds to continue research and development, so R & D activities need long-term stable financial support. However, due to the existence of asymmetric information and principal-agent problems, the financing market of R & D activities is similar to that of "lemon market", and the sources of funds for R & D activities of enterprises are jointly restricted by their internal capital levels and external financing conditions. Research and development activities have the characteristics of long cycle, high risk and hard to mortgage R & D results. These factors make R & D activities easy to face financing constraints. Due to the existence of financing constraints, the improvement of enterprise R & D level is hindered, and the progress of science and technology is affected. Based on the perspective of R & D smoothing, this paper takes non-financial enterprises listed in A shares as research samples, selects 2007-2013 as the research window period, and adds control variables such as equity financing, debt financing and so on, on the basis of the benchmark model of Euler's equation of R & D investment. Using the GMM method, this paper empirically studies whether the cash holding has the function of smoothing R & D investment when facing the financing constraints. We measure the extent of financing constraints in terms of asset size, and the smaller the size, the greater the degree of financing constraints faced. It is found that when enterprises face financing constraints, they have the motivation to use cash holdings to smooth R & D investment, which is shown by the negative correlation between cash holdings and R & D investment, that is, when R & D funds are insufficient, cash holdings are used. A decrease in cash holdings to keep R & D funding sustainable and smooth. At the same time, this paper examines the impact of equity and maturity on R & D financing. Through descriptive statistical analysis, we can see that the R & D investment level of non-state-owned enterprises and growth enterprises in China is relatively high, and it is the most active main body of R & D activities. It needs long-term stable funds to support R & D. However, the statistical results of grouping regression show that non-state-owned enterprises and growth enterprises are more likely to face financing constraints, so, compared with state-owned enterprises, The motivation of non-state-owned enterprises to use cash holdings to smooth R & D investment is stronger; compared with mature firms, the role of cash holding in R & D smoothing is more significant in growth enterprises.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F273.1

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