创新导向、市场导向与融资约束关系的研究

发布时间：2018-10-18 17:28

【摘要】：随着融资约束对企业的发展的影响越来越大，融资约束问题已经引起得到企业界、理论界和政府领导的关注。融资约束是由于企业外部融资成本高于内部，导致企业发展依赖于内部资本的现象。近年来，我国学者对融资约束的研究主要集中在宏观因素、产权、企业规模等因素对融资约束的影响。本文主要以上市公司创业板企业为研究对象，特别选择市场导向、创新导向这两个对企业发展创新发展有巨大影响作用的因素，研究分析创新导向、市场导向与融资约束之间的关系。本文在分析创新导向、市场导向和融资约束基本内涵的基础上，重点分析了企业产生融资约束的原因、影响因素和定义和融资约束度量。研究过程中，运用混合研究方法，选用了探索性顺序设计，并通过一个典型的探索性案例，做出了创新导向、市场导向与融资约束的关系假设，构建了创新导向、市场导向与融资约束关系的实证检验模型。实证研究时，，以部分我国创业板的企业2011-2013年数据为依据，系统分析论证了创新导向、市场导向与融资约束之间的关系，并对运用多远线性回归对假设进行了检验。研究发现，在我国创业板的上市企业中，创新导向、市场导向与融资约束存在影响关系。本文的研究中采用了混合研究方法，先通过探索性案例研究得出研究假设，再通过实证研究进行检验。最后总结得出：创新导向会加大企业融资约束；市场导向会减弱企业融资约束，并以此为据提出了相关建议，具有一定参考价值和现实意义。
[Abstract]:With the increasing influence of financing constraints on the development of enterprises, financing constraints have attracted the attention of enterprises, theorists and government leaders. Financing constraint is caused by the fact that the external financing cost is higher than the internal one, which leads to the development of enterprises depending on the internal capital. In recent years, Chinese scholars' research on financing constraints mainly focuses on macro factors, property rights, enterprise size and other factors on the impact of financial constraints. This article mainly takes the listed company gem enterprise as the research object, specially chooses the market orientation, the innovation direction these two factors which have the enormous influence to the enterprise development innovation development, studies the innovation direction, studies and analyzes the innovation direction. The relationship between market orientation and financing constraints. Based on the analysis of the basic connotation of innovation orientation, market orientation and financing constraints, this paper focuses on the reasons, factors and definitions of financing constraints and the measurement of financing constraints. In the course of the research, we use the mixed research method, select the exploratory sequence design, and through a typical exploratory case, we make the hypothesis of the relationship between innovation orientation, market orientation and financing constraints, and construct the innovation orientation. The empirical test model of the relationship between market orientation and financing constraints. Based on the data of some Chinese gem enterprises in 2011-2013, this paper systematically analyzes and demonstrates the relationship among innovation orientation, market orientation and financing constraints, and tests the hypothesis by using multiple linear regression. It is found that innovation orientation, market orientation and financing constraints have an influence on the listed enterprises in gem. In this paper, the mixed research method is adopted, the hypothesis is obtained by exploratory case study, and then tested by empirical research. Finally, it is concluded that innovation orientation will increase corporate financing constraints, market orientation will weaken corporate financing constraints, and put forward relevant suggestions based on this, which has certain reference value and practical significance.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F273.1

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