融资约束、技术创新投入、财务绩效的实证研究

发布时间：2018-03-27 08:07

本文选题：技术创新投入　切入点：财务绩效　出处：《浙江大学》2017年硕士论文

【摘要】：随着社会的不断发展,技术创新活动逐渐成为决定企业是否具有竞争力,能否获得持久发展的关键因素,而企业作为一个营利性组织,其最终目的是获利。因此,不少学者探究技术创新投入与财务绩效之间的关系,但得出了不同的结论。这是因为现有的研究在探索企业技术创新投入与其财务绩效之间的关系时,往往忽略了其作用机制,即没有考虑在两者之间起到中介以及调节作用的相关变量。基于此,本文从理论上论证知识产出是如何扮演技术创新投入与财务绩效之间的中介变量以及融资约束是如何调节技术创新投入与财务绩效之间的关系,并提出相应假设。本文选取在2012-2015年在我国中小板以及创业板上市的高新技术企业为样本,首先采用多元判别法构建融资约束指数,用于衡量企业的融资约束程度。随后,采用层次回归与非参数百分位BOOTSTRAT法相结合的研究方法,验证了知识产出的中介效应以及融资约束的调节效应。研究发现:技术创新投入对企业财务绩效有正向作用;知识产出是技术创新投入与财务绩效两者之间的中介变量;融资约束会对技术创新投入通过知识产出对财务绩效产生作用的前半条路径起到正向调节作用。因此,我们可以认为企业在存在融资约束的条件下,企业能够通过仔细筛选技术创新项目,来实现更高的知识产出,并对企业财务绩效产生正向作用。所以,未来企业在重视技术创新活动的同时,也应该更加重视项目筛选工作,充分提升资金的利用效率,来为企业带来更大的产出。
[Abstract]:With the development of society, technological innovation has gradually become the key factor to determine the competitiveness and sustainable development of the enterprise. As a for-profit organization, the ultimate goal of the enterprise is to make a profit. Many scholars have explored the relationship between investment in technological innovation and financial performance, but have reached different conclusions. This is because the existing research often ignores the mechanism of action in exploring the relationship between technological innovation investment and financial performance of enterprises. That is, the variables that do not take into account the mediating and regulating roles between the two. This paper theoretically demonstrates how knowledge output plays the intermediary variable between technological innovation input and financial performance and how financing constraints regulate the relationship between technological innovation input and financial performance. In this paper, the high-tech enterprises listed on the small and medium board and the growth enterprise board in China from 2012 to 2015 are selected as samples, and the financing constraint index is constructed by using multivariate discriminant method to measure the degree of financing constraint. Using the method of hierarchical regression and non-parametric percentile BOOTSTRAT, the paper verifies the intermediary effect of knowledge output and the adjusting effect of financing constraint. Knowledge output is the intermediate variable between technological innovation input and financial performance, and financing constraints play a positive role in regulating the first half path of technological innovation input to financial performance through knowledge output. We can think that under the condition of financing constraints, enterprises can achieve higher knowledge output by carefully sifting out technological innovation projects, and have a positive effect on the financial performance of enterprises. In the future, enterprises should pay more attention to the selection of projects, improve the efficiency of the use of funds, and bring more output to the enterprises.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F273.1

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