我国上市公司融资约束对企业科技创新的影响研究

发布时间：2018-01-21 04:39

本文关键词： RD投资融资约束科技创新　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：党的十八大报告提出,“要实施创新驱动发展战略”。作为创新驱动发展的一项核心因素,科技创新不仅是加快转变经济发展方式的一个重要途径,更是提高社会生产力和综合国力的重要战略支撑。在当前的技术创新体系下,企业往往既是新技术的使用者也是新技术的研发者和投资者。作为技术创新主体,企业的创新投入影响着国家整体创新水平和创新进程。在经济转型升级的重要时期,从金融视角研究何种因素会制约企业的研发投入和科技创新,探求如何缓解企业研发所面临的融资约束问题,对于提升我国科技创新实力、实现创新驱动发展具有重要的理论和现实意义。本文首先对融资约束的产生、含义进行了梳理,对其测度方法进行归纳,并简要介绍了本文的理论基础——“熊彼特假说”,提出“融资约束—企业研发投入—企业创新活动”的链条机理。其次,梳理我国企业融资约束现状和科技创新现状,分析2008年以来我国企业科技创新的发展趋势。在此基础上,选取了我国2015年A股市场全部非ST公司数据,选取公司规模作为融资约束的代理变量,利用截面数据回归模型对融资约束对上市公司科技创新的影响机制进行实证检验。最后,给出主要研究结论和政策建议。通过以上的研究,本文得出如下结论:融资约束对企业RD投入和企业的创新活动、创新行为具有抑制作用;融资约束对国有企业RD的抑制程度略小于非国有企业。根据研究结论,结合我国当前宏观经济环境,从金融视角给出缓解我国企业研发融资约束、提高企业科技创新投入的对策建议:一是推进注册制,保障企业研发经费的股权融资需求;二是扶持中小金融机构,提供企业研发项目的信贷支持;三是降低FDI门槛,拓宽企业研发经费的外部融资渠道。
[Abstract]:As a core factor of innovation-driven development, scientific and technological innovation is not only an important way to speed up the transformation of economic development mode. It is also an important strategic support to improve social productivity and comprehensive national strength. Under the current technological innovation system, enterprises are often the users of new technologies as well as the R & D of new technologies and investors. As the main body of technological innovation. The innovation investment of enterprises affects the overall innovation level and innovation process of the country. In the important period of economic transformation and upgrading, what factors will restrict the R & D investment and scientific and technological innovation of enterprises from the financial perspective. It is of great theoretical and practical significance to explore how to alleviate the financing constraints faced by enterprises in R & D. it is of great theoretical and practical significance to improve the strength of science and technology innovation and realize innovation-driven development in our country. The meaning is combed, the measurement method is summarized, and the theoretical basis of this paper, "Schumpeter hypothesis", is briefly introduced. This paper puts forward the chain mechanism of "financing constraint-enterprise R & D input-enterprise innovation activity". Secondly, it combs the current situation of financing constraint and scientific and technological innovation of Chinese enterprises. This paper analyzes the development trend of Chinese enterprises' scientific and technological innovation since 2008. On this basis, the data of all non-St companies in China's A-share market in 2015 are selected. Select the size of the company as the proxy variable of financing constraints, using cross-section data regression model to empirical test the impact mechanism of financing constraints on scientific and technological innovation of listed companies. Finally. The main research conclusions and policy recommendations are given. Through the above research, this paper draws the following conclusions: financing constraints can inhibit the R D input and innovation activities of enterprises; Financing constraints on R & D of state-owned enterprises is slightly less than that of non-state-owned enterprises. According to the conclusion of the research, combined with the current macroeconomic environment, the financial perspective to alleviate the financial constraints of R & D financing of Chinese enterprises. The countermeasures and suggestions to improve the investment in scientific and technological innovation of enterprises are as follows: first, to promote the registration system to ensure the equity financing needs of R & D funds of enterprises; Second, to support small and medium-sized financial institutions and provide credit support for R & D projects of enterprises; Third, reduce the threshold of FDI and broaden the external financing channels of R & D funds.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275;F273.1

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