我国资本市场在促进上市公司研发投入中的作用研究

发布时间：2018-06-05 20:42

本文选题：资本市场 + 研发投入　；参考：《中共江苏省委党校》2017年硕士论文

【摘要】：自1990年底沪深交易所相继成立以来,我国资本市场经历了近30年的快速发展,在企业融资中扮演着越来越重要的角色。随着人口红利的消失和环保意识的提高,我国制造业逐渐丧失低成本竞争优势,经济增长由高速增长转为中低速,进入“新常态”时期。推进供给侧改革,实现《中国制造2025》的宏伟目标,离不开科技创新,科技创新离不开研发投入的支持,而我国上市公司作为各个行业的代表性企业,其研发投入的提高离不开资本市场的支持。因此,本文对我国资本市场在促进上市公司研发投入中的作用进行了研究。企业研发投入的研究,一直是国内外学者的研究重点。本文围绕企业研发投入来源、金融机构以及资本市场在促进企业研发投入中的作用三个方面,对国内外研究文献进行了回顾:企业的研发投入资金主要来源于内部资金,相比于其他投资更容易面临融资约束问题。相对于债权融资而言,股权融资对研发投入的促进作用更为显著。金融业的发展,有利于缓解企业研发投资约束;资本市场在促进企业研发投入中确实发挥着重要的作用。在对国内外研究文献回顾的基础上,本文对资本市场促进企业研发投入的机制进行了简单分析。通过对我国资本市场促进企业研发投入的定性分析,本文认为我国多层次资本市场在促进企业研发具有重要的作用。目前,我国已初步形成了由主板市场、中小板市场、创业板市场等组成的场内交易市场,以及全国股份转让系统、区域性股权交易市场等组成的场外交易市场构成的多层次资本市场。我国高新技术上市公司研发投入呈现出东高西低、区域之间和区域内部差异显著,而研发投入强度区域差异较小的特征。我国改革开放以来,政府主导了高新技术产业的发展,导致了区域主导高新技术产业的雷同。近年来,随着新三板的推出,以及分层制度的实行,我国场外市场同样取得了快速的发展,并在促进中小微企业融资及健全公司治理方面取得了巨大的成就。为对我国资本市场促进企业研发投入进行实证检验,本文选取2009-2015年连续披露研发数据且正常经营的1331家A股上市公司作为研究样本进行定量分析,研究发现:权益性融资对我国上市公司研发投入具有正向滞后的促进作用,债权融资影响微弱;短期和长期偿债压力均对研发投入具有重要的影响;中小板、创业板研发投入相对主板,对权益性融资更为敏感,存在一定的融资约束。最后,本文根据实证分析及实证检验的结论,从资本市场融资制度建设、产业政策等角度提出了针对性建议。
[Abstract]:Since the end of 1990, the Shanghai and Shenzhen stock exchanges have been set up one after another, China's capital market has undergone rapid development for nearly 30 years, and plays a more and more important role in enterprise financing. With the disappearance of the demographic dividend and the improvement of environmental awareness, China's manufacturing industry has gradually lost the advantage of low cost competition, and the economic growth has changed from high speed to medium and low speed. In the period of "new normal", promoting the supply side reform and realizing the grand goal of making 2025> in China can not be separated from scientific and technological innovation, and the innovation of science and technology can not be separated from the support of R & D investment. As a representative enterprise of various industries, the improvement of its R & D input can not be separated from the support of the capital market. Therefore, this article is on the capital market of China. The research on R & D investment has been the focus of scholars both at home and abroad. This paper focuses on three aspects of the source of R & D investment, financial institutions and the role of capital market in promoting R & D investment, and review the domestic and foreign research literature: Enterprise Investment in R & D is mainly derived from internal funds, which is more likely to face financing constraints than other investments. Relative to debt financing, equity financing has a more significant role in promoting R & D investment. The development of the financial industry is conducive to alleviating enterprise R & D investment constraints, and the capital market does play a real role in promoting R & D investment. On the basis of the review of research literature at home and abroad, this paper makes a simple analysis of the mechanism of the capital market to promote R & D investment in the capital market. Through the qualitative analysis of the investment in R & D in China's capital market, this paper holds that the multi-level capital market plays an important role in promoting the R & D of enterprises. Our country has initially formed the OTC market, which is composed of the main board market, the small and medium market, the GEM market, and the multi level capital market composed of the national stock transfer system and the regional stock exchange market. The R & D input of the high-tech listed companies in China shows the East High West low, the region between the regions. Since the reform and opening up in China, the government led the development of high and new technology industry, which led to the development of high and new technology industry in the region. In recent years, with the introduction of the new three boards and the implementation of the hierarchical system, the OTC market in China has also made rapid progress. It has made great achievements in promoting the financing of small and medium enterprises and improving corporate governance. In order to make an empirical test on the investment in R & D in China's capital market, this paper selects 1331 A shares listed companies that have disclosed R & D data for 2009-2015 years and have been operating normally as research samples for quantitative analysis. Equity financing has a positive lag effect on the R & D investment of Listed Companies in China, and the impact of debt financing is weak; both short-term and long-term debt repayment pressure has an important impact on R & D investment; small and medium board, the research and development of the GEM board is more sensitive to equity financing and there are certain financing constraints. Finally, this paper is based on the actual situation. Based on the conclusion of the evidence analysis and empirical test, the paper puts forward some pertinent suggestions from the perspective of capital market financing system construction and industrial policy.
【学位授予单位】：中共江苏省委党校
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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