發(fā)布時間：2018-01-13 10:29

  本文關鍵詞：基于企業(yè)生命周期的融資約束對研發(fā)投入影響研究　出處：《哈爾濱商業(yè)大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 融資約束 研發(fā)投入 企業(yè)生命周期

【摘要】：在市場競爭日趨白熱化的今天,科學技術創(chuàng)新已經成為每個企業(yè)甚至每個國家提升競爭力的強有力因素。研究與開發(fā)作為創(chuàng)新不可忽視的途徑,對于推動國家技術進步和經濟增長有至關重要的作用。在成本優(yōu)勢成為歷史的現(xiàn)實背景下,我國企業(yè)提供的產品和服務想要繼續(xù)保持競爭優(yōu)勢,只能在科技含量和技術水平上做文章,依托創(chuàng)新增加產品附加值。對高附加值進行收割就是企業(yè)作為科技創(chuàng)新主體的最直接驅動力,企業(yè)在科技創(chuàng)新路徑上的探索具體表現(xiàn)為研究與開發(fā)的過程。研究與開發(fā)不能缺少資源的支持,然而與諸發(fā)達國家相比,近些年我國企業(yè)的研發(fā)投入水平雖然有所增長但仍然沒有達到平均標準。投入資金的數量和來源是企業(yè)面臨的首要問題,也就是融資約束對企業(yè)研發(fā)投入的影響問題。國內相關研究集中于融資約束對一般性投資的抑制,而對研發(fā)投入這一細分內容并沒有太多跟進。據此,研究融資約束對企業(yè)研發(fā)投入的影響,并進一步從企業(yè)生命周期的視角動態(tài)研究這種影響的變化顯得尤為重要。在掌握國內外關于企業(yè)生命周期、融資約束與研發(fā)投入的相關文獻的此基礎上,確定了研究的方向與重心。首先對相關概念進行了界定,探討了企業(yè)不同生命周期、融資約束和研發(fā)投入的特征,并對研究涉及的相關理論基礎進行闡述。其次從理論層面對研發(fā)活動的融資體系、融資困境以及融資約束對研發(fā)投入的影響進行分析,并比較不同生命周期融資約束對研發(fā)投入的影響程度。設計相應的模型檢驗融資約束的存在性、融資約束對研發(fā)投入的影響以及處于成長期和成熟期的企業(yè)研發(fā)投入融資約束的差異。再次,基于我國的市場環(huán)境,選取在滬深兩市的1144家上市企業(yè)2013至2015年的觀測數據進行了實證分析。實證結果顯示,融資約束廣泛出現(xiàn)在我國上市公司當中;融資約束對處于成長期企業(yè)比成熟期對研發(fā)投入影響更為嚴重。最后從企業(yè)微觀經營和政府宏觀調控層面提出建議,包括加強企業(yè)資本積累提高研發(fā)投入潛力、完善服務于研發(fā)投入的多元融資市場、完善與研發(fā)項目相關的信息披露機制。旨在緩解我國企業(yè)進行研發(fā)活動時面臨的融資約束問題,為加快推進供給側改革提供強有力的技術后盾。
[Abstract]:With the increasingly fierce competition in the market, scientific and technological innovation has become a powerful factor for every enterprise or even every country to enhance their competitiveness. Research and development can not be ignored as a way of innovation. It plays an important role in promoting national technological progress and economic growth. Under the background that cost advantage becomes a historical reality, the products and services provided by Chinese enterprises want to continue to maintain competitive advantage. Only in the scientific and technological content and technology level, relying on innovation to increase the added value of products. Harvesting the high value-added is the most direct driving force for enterprises as the main body of scientific and technological innovation. The research and development of enterprises in the scientific and technological innovation path is the process of research and development. Research and development can not lack the support of resources, but compared with the developed countries. In recent years, the level of R & D investment in Chinese enterprises has increased, but still not up to the average standard. The amount and source of investment is the most important problem faced by enterprises. This is the impact of financing constraints on corporate R & D investment. Domestic research focuses on the constraints of financing constraints on the general investment inhibition, but on R & D investment this subdivision content is not too much follow-up. It is particularly important to study the impact of financing constraints on R & D investment, and to study the dynamic changes of this impact from the perspective of enterprise life cycle. On the basis of the related literature on financing constraints and R & D investment, the research direction and center of gravity are determined. Firstly, the related concepts are defined, and the characteristics of different life cycle, financing constraints and R & D investment of enterprises are discussed. And related to the theoretical basis of the study is expounded. Secondly, from the theoretical level of R & D financing system, financing difficulties and financing constraints on the impact of R & D investment are analyzed. And compare the impact of different life cycle financing constraints on R & D investment. Design the corresponding model to verify the existence of financing constraints. The impact of financing constraints on R & D investment and the differences between the financial constraints of R & D investment of enterprises in the growing and mature stages. Thirdly, based on the market environment in China. The observation data of 1144 listed companies from 2013 to 2015 in Shanghai and Shenzhen stock markets are selected for empirical analysis. The empirical results show that financing constraints are widely used in listed companies in China. Financing constraints have a more serious impact on R & D input in the growing period than in the mature period. Finally, suggestions are put forward from the micro level of enterprises and government macro-control, including strengthening the capital accumulation of enterprises to improve the R & D investment potential. Improve the diversified financing market which serves R & D investment, perfect the information disclosure mechanism related to R & D projects, in order to alleviate the financing constraints faced by Chinese enterprises in R & D activities. To speed up the promotion of supply-side reform to provide a strong technical backing.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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