IT行业融资约束对企业现金持有和研发支出的影响研究

发布时间：2018-06-29 08:12

本文选题：融资约束 + 投资-现金流敏感性　；参考：《延边大学》2017年硕士论文

【摘要】：新世纪的今天,以IT为代表的的一个大数据产业快速的发展着,推动了一个国家的经济发展,催生了全球一系列产业结构转型和优化,对目前我国长远经济发展有深远的影响。从IT技术的产生到持续升级,这项技术促进了生产要素的软硬件的结合,传统生产与现代服务相结合,线下实体经济与线上互联网经济相结合,驱动经济社会全速前进。以往企业发展依靠的初级生产资料物资,现代企业的核心竞争力是研发创新技术,IT产业引领着时代发展的方向,各项计算机技术的广泛运用,使得大数据时代各项信息化为企业的发展资源和优势,优化了市场中的各项资源配置,推动我国企业从制造者转变为研发者,提高各类企业劳动生产率和社会各项资源运行效率。21世纪的今天,与IT行业发展类似,创新研发已然成为一个国家发展的头号重要任务,这个结论在各大发达国家逐步得到论证,我国研发创新力度自1978年开始迅速发展,截止到本文研究数据搜集时2015年企业研发支出金额占整个国家研发支出总额的70%以上,市场经济的参加者企业作为经济发展的带动者和主力军,在我国得到充分的验证和肯定。企业融资渠道是影响一个企业研发支出投资的非常重要的因素,本文用上市公司财务样本,研究近五年内IT行业研发支出受融资约束的影响,分析融资约束的存在形式,对研发投资的影响程度。本文选取2010年-2015年主板A股剔除主板B股,在主板的基础上增加了新成立的创业板、以及占有重要地位的中小企业板的IT类上市公司作为样本,采用文献研究和实证研究的方法探索以IT为代表的信息技术产业是否存在融资约束问题,并在此基础上讨论研发支出投资和现金持有量之间的关系。研究结果表明:(1)中国的IT行业上市公司存在一定程度的融资约束,从而限制了该行业的研发支出投资;(2)目前中国的IT行业上市公司因研发投资需要资金,一定限制条件下无法获得贷款融资,研发支出所需投资首先选择内部留存现金,其次选择资本成本相对较大的股权融资;(3)规模较大的公司有更强的融资能力、现金持有能力来应对融资约束问题,因而相对规模较小的公司融资约束问题较小;(4)研发支出所需资金额度较大,因研发而产生投资时选择自由现金而不是外部融资,且有研究显示,持有现金越多,研发支出相对投入越大。这说明现金持有行为可以减轻企业的融资约束问题。
[Abstract]:In the new century, a large data industry, represented by IT, is developing rapidly, promoting the economic development of a country, promoting the transformation and optimization of a series of industrial structures in the world, and having a far-reaching impact on the long-term economic development of our country. From the emergence of IT technology to continued upgrading, this technology has promoted the hard and soft factors of production. The combination of parts, the combination of traditional production and modern service, the combination of the real economy under the line and the online Internet economy, drive the economy and society to advance at full speed. The core competitiveness of the modern enterprise is the R & D innovation technology, the IT industry leads the direction of the development of the times, and the various computer technologies. The extensive use of it makes the information of the big data age the development resources and advantages of the enterprise, optimizes the allocation of various resources in the market, promotes the transformation of our enterprises from the manufacturer to the R & D, and improves the labor productivity of all kinds of enterprises and the operation efficiency of various social resources in the.21 period. It is similar to the development of the IT industry, and has been innovating research and development. It has become one of the most important tasks for the development of a country. This conclusion is gradually demonstrated in the developed countries. Our R & D innovation has developed rapidly since 1978. The amount of R & D expenditure in 2015 is more than 70% of the total R & D expenditure of the whole country and the participants in the market economy. As the driver and main force of the economic development, it is fully verified and affirmed in China. The financing channel of the enterprise is a very important factor affecting the investment of an enterprise's R & D expenditure. This paper uses the listed company's financial samples to study the impact of the IT industry's R & D expenditure on the financing constraints in the last five years, and analyzes the existence form of the financing constraints. In this paper, the impact degree of R & D investment is selected. In this paper, we select the A shares of the main board in -2015 in 2010, and add the new gem on the basis of the main board, as well as the IT listed companies which occupy the important position of small and medium enterprise board as samples, and explore the information technology industry represented by IT by literature research and empirical research. On the basis of the problem of financing constraints, the relationship between R & D investment and cash holdings is discussed. The results show that: (1) there is a certain degree of financing constraints in China's IT listed companies, which restricts the investment in R & D expenditure in this industry; (2) the listed companies in China need funds for R & D investment, Under certain restrictive conditions, the loan financing can not be obtained. The investment required by the R & D expenditure is first selected as the internal retained cash, and secondly, the equity financing is relatively large in the capital cost; (3) the larger companies have stronger financing ability and cash holding ability to deal with the financing constraints, so the relatively small corporate financing constraints are relatively small. Less; (4) the amount of funds required for R & D expenditure is larger than that of external financing because of R & D investment, and there is a study showing that the more the cash is, the greater the investment in R & D expenditure. This shows that the cash holding behavior can reduce the problem of the financing of enterprises.
【学位授予单位】：延边大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49

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