创业板公司融资约束与结构对研发效率的影响机理研究

发布时间：2018-03-12 15:43

本文选题：创业板上市公司　切入点：融资约束　出处：《天津大学》2014年硕士论文　论文类型：学位论文

【摘要】：改革开放以来,伴随着社会主义市场经济的繁荣,我国中小企业发展迅速中小企业不仅对经济增长和增加就业作出了重要贡献，在技术创新领域也成就卓著因此如何提高中小企业的技术创新能力成为了建设创新型国家的关键然而中小企业的技术创新能力却受着诸多因素的制约，其中最为显著的为融资因素目前我国中小企业融资普遍面临融资渠道单一融资难的问题，导致我国中小企业的融资结构不合理，融资约束程度较高，严重制约技术创新能力的提升因此，在中小企业研发效率低下的背景下，对中小企业的融资现状与研发效率的关系开展研究，，具有较大的现实意义本文在综述国内外有关融资因素对研发效率的理论和研究成果的基础上，针对目前研究所存在的问题，以2009-2012年四年为研究区间，选择深证证券交易所创业板上市公司为研究样本从创业板企业目前融资现状存在的两大问题即融资约束和融资结构出发，首先分析了融资约束形成的机理和融资约束对研发效率的影响机制以及融资结构对研发效率的影响机制，在研发效率的定义中根据企业研发活动价值实现的路径，开创性的将研发效率分为了技术效率经济效率和综合效率三个效率值然后在理论分析的基础上结合实证研究，分别运用Logistic模型和DEA模型合理构建衡量融资约束和研发效率指数，运用SPSS18实证检验了融资约束与研发效率和融资结构与研发效率的关系结果显示融资约束对中小企业的技术效率和综合效率均呈正相关关系，而与经济效率呈负相关关系融资结构对研发效率的影响较为复杂，不同来源的融资对三种效率值的影响差异较大，但从总体上看内源融资对研发效率的正向影响较为显著根据实证研究结果，结合目前创业板中小企业融资现状和研究中发现的问题，基于改善中小企业的融资现状，提高中小企业的研发效率的目的，从中小企业自身政府银行等金融部门三个层面提出了一些较为可行的政策建议
[Abstract]:Since the reform and opening up, with the prosperity of the socialist market economy, the rapid development of small and medium-sized enterprises in China has not only made an important contribution to economic growth and increase employment. In the field of technological innovation, great achievements have been made. Therefore, how to improve the technological innovation ability of small and medium-sized enterprises has become the key to building an innovative country. However, the technological innovation ability of small and medium-sized enterprises is restricted by many factors. Among them, the most significant factor is financing. At present, SMEs in our country generally face the problem of single financing channel, which leads to the unreasonable financing structure of SMEs and the high degree of financing constraints. Therefore, under the background of low R & D efficiency of SMEs, it is of great practical significance to study the relationship between financing status and R & D efficiency of SMEs. On the basis of summarizing the theories and research results of financing factors on R & D efficiency at home and abroad, and aiming at the problems existing in the present research, this paper takes the four years of 2009-2012 as the research interval. Selecting the listed companies on the gem of Shenzhen Stock Exchange as the research sample, starting from the two major problems existing in the current financing situation of the gem enterprises, that is, the financing constraints and the financing structure. Firstly, it analyzes the formation mechanism of financing constraint, the influence mechanism of financing constraint on R & D efficiency and the influence mechanism of financing structure on R D efficiency. The innovative research and development efficiency is divided into three efficiency values: technical efficiency, economic efficiency and comprehensive efficiency. Based on the theoretical analysis and empirical research, the Logistic model and the DEA model are used to reasonably construct the index of financing constraints and R & D efficiency. Using SPSS18 to test the relationship between financing constraints and R & D efficiency and financing structure and R D efficiency. The results show that financing constraints have positive correlation with technical efficiency and comprehensive efficiency of SMEs. However, the influence of financing structure on R & D efficiency is more complex, and the influence of financing from different sources on the efficiency of R & D is quite different, but the positive effect of endogenous financing on R & D efficiency is significant in general. According to the empirical research results, combined with the current financing status of SMEs and the problems found in the research, based on the purpose of improving the financing status of SMEs, improving the efficiency of research and development of SMEs. This paper puts forward some feasible policy suggestions from three aspects of the financial sector, such as the small and medium-sized enterprises' own government banks and so on.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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