企业财务杠杆及股利支付对研发投资的影响研究

发布时间：2020-12-19 07:24

　　研究和开发在创新过程中起至关重要的作用。它本质上是对技术和未来的投资,这些投资能够转化为新产品、新工艺和新服务。研发投资为什么是重要的呢?答案是研发投资使企业能够拥有竞争优势。在工业和技术领域,研发是创新的重要组成部分,也是发展新的竞争优势的关键因素。多项研究发现,所有企业都希望具有创新精神。一项调查发现,近90%的企业认为创新是本公司的首要任务。结论是,创新的重要性不断提高,而且创新的重要性也明显地增加。在当今经济形势下,创新性已成为影响战略规划的重要因素。人们已经认识到,创新导致财富的创造。尽管效率对企业成功至关重要,但从长远来看,它无法维持企业的增长。此外,投资当中上市公司还应该考虑到公司的股利政策,因为鼓励政策也会影响投资。现代企业财务理论认为,企业的投资决策和股利决策是相互关联的:由于市场信息不对称的出现及内部资源的限制,投资与股利之间存在竞争。选择最优的投资水平,公司能够以外部融资支付任何水平的股利。总之,正如前面提到的,创新对于公司的发展是非常重要的,研究与开发投资作为企业创新机会的反映,正成为研究的重要课题。此外,对于上市公司来说,投资、股利和外部融资（以财务杠杆表示）... 

【文章来源】：哈尔滨工业大学黑龙江省 211工程院校 985工程院校

【文章页数】：87 页

【学位级别】：硕士

【文章目录】：
Abstract
详细摘要
Chapter 1 Introduction
    1.1 Research background
    1.2 Objectives and significance of the research
        1.2.1 Objectives
        1.2.2 Significance of the research
    1.3 Literature review
        1.3.1 Dividend Payout and its effect on R&D Investment
        1.3.2 Leverage and its effect on R&D Investment
        1.3.3 Comments on literature review
    1.4 Main research content and basic study methods
        1.4.1 Main research content
        1.4.2 Basic study methods
        1.4.3 Research technology roadmap
Chapter 2 Theoretical analysis and hypotheses development
    2.1 Theoretical basis description
    2.2 The link between Dividends and R&D Investment
        2.2.1 Dividend and Payout Policy
        2.2.2 The effect of Dividend Payout on R&D Investment
    2.3 The link between Leverage and R&D Investment
        2.3.1 Concept of Leverage
        2.3.2 Sources and forms of innovation financing
        2.3.3 The effect of Leverage on R&D Investment
    2.4 The moderating role of Leverage
        2.4.1 The moderating role of Short-term Leverage
        2.4.2 The moderating role of Long-term Leverage
    2.5 Chapter summary
Chapter 3 Research design
    3.1 Data collection
    3.2 Variables
    3.3 Measurement
        3.3.1 Measurement of firm’s Leverage
        3.3.2 Measurement of Dividend Payout
        3.3.3 Measurement of R&D Investment
    3.4 Data analysis
        3.4.1 Descriptive statistics
        3.4.2 Correlation analysis
        3.4.3 Moderated regression analysis
    3.5 Discussion
    3.6 Robustness test
    3.7 Chapter summary
Chapter 4 Recommendations and suggestions for Joint-stock companies onusing Financial Leverage in R&D Investment
    4.1 Optimal Use of Financial Leverage
        4.1.1 Optimal Use of Short-term Leverage
        4.1.2 Optimal Use of Long-term Leverage
        4.1.3 Summary of recommendations on using Financial Leverage
    4.2 Develop Effective Dividend Policy
        4.2.1 Optimize Dividend Payments
        4.2.2 Criteria of Effective Dividend Policy
    4.3 Effective organize of R&D Investment
        4.3.1 Solve a problem of Financing R&D Investment
        4.3.2 Solve a problem of R&D Investment Management
    4.4 Chapter summary
Conclusion
结论
References
Acknowledgements



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