创业板企业“创新战略—资本结构—企业绩效”关系的实证研究

发布时间：2018-03-29 14:00

本文选题：创新战略　切入点：资本结构　出处：《湘潭大学》2013年硕士论文

【摘要】：创业板开板三年，集聚了355家上市公司，93.24%为高新技术企业，这些企业都有较大研发支出。借鉴于产业经济学SCP（结构－行为－绩效）范式研究思路，论文建立起“创新战略－资本结构－企业绩效”的研究模型，选取创业板符合条件的329家高新技术企业的非平衡面板数据进行实证研究，试图论证研发支出如何通过资本结构影响企业绩效。论文首先简要地介绍了选题背景、意义等基本信息，并对国内外相关文献进行梳理。然后，依次对相关理论进行阐述，在此基础上建立起“创新战略－资本结构－企业绩效”的理论框架：从资产专用性和现金流两个方面解释负债水平随创新战略的推进而下降的原因；从负债的直接影响和间接影响两个角度分析资本结构与企业绩效的正相关关系；而随研发支出的增加，研发强度与资产负债率的交互作用对企业绩效的正效应会增大。紧接着，利用样本数据进行实证分析，以检验理论框架：对变量的数据特性进行描述性统计分析，概述了创业板高新技术企业的特征；选择企业绩效评价指标体系，使用因子分析方法提取公因子，对公因子加权平均得到企业绩效的综合评价；利用固定效应模型回归方法分别对创新变量与资本结构变量、资本结构变量与企业绩效变量、交互变量与企业绩效变量进行多元线性回归。最后，根据实证结果总结研究结论，并有针对性提出一些对策建议。实证研究表明，我国创业板高新技术企业创新强度与资产负债水平反相关，资产负债率与企业绩效正相关，，而创新强度与资产负债率的交互作用对企业绩效的作用不明显，从而创新对企业绩效的影响不显著。从四个角度对创新与企业绩效的不显著关系进行解释：（1）创新投入对绩效的影响有滞后性；（2）资本结构不合理制约着研发投入对企业绩效的正效应；（3）创业板中小企业的创新商品化能力不强；（4）部分企业为政策优惠而申请高新技术企业资质，并非真正的创新企业。在此基础上提了三个建议：完善创新机制，真正发挥研发投入的作用；企业与金融机构双方共同努力以期企业更多地负债融资，优化资本结构；增强新产品商品化能力。
[Abstract]:During the three years of gem opening, 355 listed companies (93.24%) are high-tech enterprises, all of which have large R & D expenditure. This paper draws lessons from the SCP- (Structure-Behavioral-performance) paradigm of industrial economics. This paper establishes the research model of "innovation strategy-capital structure-enterprise performance", and selects the non-equilibrium panel data of 329 high-tech enterprises that meet the requirements of the gem for empirical research. This paper attempts to demonstrate how R & D expenditure affects firm performance through capital structure. Firstly, the paper briefly introduces the background, significance and other basic information of the topic, and combs the relevant literature at home and abroad. On this basis, the theoretical framework of "innovation strategy-capital structure-enterprise performance" has been established: explain the reason why the debt level decreases with the promotion of innovation strategy from two aspects of asset specificity and cash flow; This paper analyzes the positive correlation between capital structure and enterprise performance from the perspective of direct and indirect influence of liabilities, and the positive effect of the interaction between R & D intensity and asset-liability ratio on enterprise performance increases with the increase of R & D expenditure. Using sample data for empirical analysis, to test the theoretical framework: descriptive statistical analysis of the data characteristics of variables, summarized the characteristics of high-tech enterprises in gem, select the performance evaluation index system of enterprises, Using factor analysis method to extract common factors, weighted average of common factors to obtain the comprehensive evaluation of corporate performance, using fixed effect model regression method to analyze innovation variables and capital structure variables, capital structure variables and firm performance variables, respectively. Finally, the conclusions are summarized according to the empirical results, and some countermeasures and suggestions are put forward. The empirical study shows that the innovation intensity of high and new technology enterprises in gem is inversely related to the level of assets and liabilities, and the ratio of assets to liabilities is positively related to enterprise performance, while the interaction of innovation intensity and asset-liability ratio has no obvious effect on enterprise performance. Therefore, the impact of innovation on enterprise performance is not significant. Explain the relationship between innovation and firm performance from four angles. (1) the impact of innovation investment on performance is lagging. 2) unreasonable capital structure restricts R & D investment. The positive effect of Enterprise performance (3) the ability of small and medium-sized enterprises to innovate and commercialize on the gem is not strong. 4) some enterprises apply for the qualifications of high-tech enterprises for preferential policies. On the basis of this, three suggestions are put forward: perfecting the innovation mechanism, giving full play to the role of R & D investment, making joint efforts between enterprises and financial institutions in order to increase debt financing and optimize capital structure; Enhance the commercialization capacity of new products.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.44;F832.51;F275

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