基于企业生命周期的融资约束对研发投入影响研究

发布时间：2018-01-13 10:29

本文关键词：基于企业生命周期的融资约束对研发投入影响研究　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：在市场竞争日趋白热化的今天,科学技术创新已经成为每个企业甚至每个国家提升竞争力的强有力因素。研究与开发作为创新不可忽视的途径,对于推动国家技术进步和经济增长有至关重要的作用。在成本优势成为历史的现实背景下,我国企业提供的产品和服务想要继续保持竞争优势,只能在科技含量和技术水平上做文章,依托创新增加产品附加值。对高附加值进行收割就是企业作为科技创新主体的最直接驱动力,企业在科技创新路径上的探索具体表现为研究与开发的过程。研究与开发不能缺少资源的支持,然而与诸发达国家相比,近些年我国企业的研发投入水平虽然有所增长但仍然没有达到平均标准。投入资金的数量和来源是企业面临的首要问题,也就是融资约束对企业研发投入的影响问题。国内相关研究集中于融资约束对一般性投资的抑制,而对研发投入这一细分内容并没有太多跟进。据此,研究融资约束对企业研发投入的影响,并进一步从企业生命周期的视角动态研究这种影响的变化显得尤为重要。在掌握国内外关于企业生命周期、融资约束与研发投入的相关文献的此基础上,确定了研究的方向与重心。首先对相关概念进行了界定,探讨了企业不同生命周期、融资约束和研发投入的特征,并对研究涉及的相关理论基础进行阐述。其次从理论层面对研发活动的融资体系、融资困境以及融资约束对研发投入的影响进行分析,并比较不同生命周期融资约束对研发投入的影响程度。设计相应的模型检验融资约束的存在性、融资约束对研发投入的影响以及处于成长期和成熟期的企业研发投入融资约束的差异。再次,基于我国的市场环境,选取在沪深两市的1144家上市企业2013至2015年的观测数据进行了实证分析。实证结果显示,融资约束广泛出现在我国上市公司当中;融资约束对处于成长期企业比成熟期对研发投入影响更为严重。最后从企业微观经营和政府宏观调控层面提出建议,包括加强企业资本积累提高研发投入潜力、完善服务于研发投入的多元融资市场、完善与研发项目相关的信息披露机制。旨在缓解我国企业进行研发活动时面临的融资约束问题,为加快推进供给侧改革提供强有力的技术后盾。
[Abstract]:With the increasingly fierce competition in the market, scientific and technological innovation has become a powerful factor for every enterprise or even every country to enhance their competitiveness. Research and development can not be ignored as a way of innovation. It plays an important role in promoting national technological progress and economic growth. Under the background that cost advantage becomes a historical reality, the products and services provided by Chinese enterprises want to continue to maintain competitive advantage. Only in the scientific and technological content and technology level, relying on innovation to increase the added value of products. Harvesting the high value-added is the most direct driving force for enterprises as the main body of scientific and technological innovation. The research and development of enterprises in the scientific and technological innovation path is the process of research and development. Research and development can not lack the support of resources, but compared with the developed countries. In recent years, the level of R & D investment in Chinese enterprises has increased, but still not up to the average standard. The amount and source of investment is the most important problem faced by enterprises. This is the impact of financing constraints on corporate R & D investment. Domestic research focuses on the constraints of financing constraints on the general investment inhibition, but on R & D investment this subdivision content is not too much follow-up. It is particularly important to study the impact of financing constraints on R & D investment, and to study the dynamic changes of this impact from the perspective of enterprise life cycle. On the basis of the related literature on financing constraints and R & D investment, the research direction and center of gravity are determined. Firstly, the related concepts are defined, and the characteristics of different life cycle, financing constraints and R & D investment of enterprises are discussed. And related to the theoretical basis of the study is expounded. Secondly, from the theoretical level of R & D financing system, financing difficulties and financing constraints on the impact of R & D investment are analyzed. And compare the impact of different life cycle financing constraints on R & D investment. Design the corresponding model to verify the existence of financing constraints. The impact of financing constraints on R & D investment and the differences between the financial constraints of R & D investment of enterprises in the growing and mature stages. Thirdly, based on the market environment in China. The observation data of 1144 listed companies from 2013 to 2015 in Shanghai and Shenzhen stock markets are selected for empirical analysis. The empirical results show that financing constraints are widely used in listed companies in China. Financing constraints have a more serious impact on R & D input in the growing period than in the mature period. Finally, suggestions are put forward from the micro level of enterprises and government macro-control, including strengthening the capital accumulation of enterprises to improve the R & D investment potential. Improve the diversified financing market which serves R & D investment, perfect the information disclosure mechanism related to R & D projects, in order to alleviate the financing constraints faced by Chinese enterprises in R & D activities. To speed up the promotion of supply-side reform to provide a strong technical backing.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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