本文選題：融資約束 + 信息披露質(zhì)量�。� 參考：《吉林財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：隨著科學(xué)技術(shù)的快速發(fā)展以及全球經(jīng)濟(jì)一體化,大力發(fā)展高新技術(shù)產(chǎn)業(yè)成為經(jīng)濟(jì)持續(xù)增長(zhǎng)的主要?jiǎng)恿?高新技術(shù)的研發(fā)活動(dòng)在經(jīng)濟(jì)增長(zhǎng)中發(fā)揮越來(lái)越重要的作用,研發(fā)活動(dòng)是實(shí)現(xiàn)科技創(chuàng)新的主要途徑,因此,越來(lái)越多的企業(yè)開始進(jìn)行科技研發(fā)活動(dòng),增加相關(guān)技術(shù)的研發(fā)投入,研發(fā)活動(dòng)是經(jīng)濟(jì)發(fā)展的重要?jiǎng)恿?其能夠提高企業(yè)的自主創(chuàng)新能力,可以加快發(fā)展,增強(qiáng)核心競(jìng)爭(zhēng)力,所以企業(yè)需要增加研發(fā)投入,提升企業(yè)的價(jià)值。目前,我國(guó)的研發(fā)投入相對(duì)于發(fā)達(dá)國(guó)家來(lái)說(shuō)處于低水平,企業(yè)內(nèi)部資金有限,對(duì)于研發(fā)活動(dòng)的大量資金需求不能滿足,因此能否獲得外部融資對(duì)于企業(yè)能否進(jìn)行研發(fā)投入具有決定性的意義。由于現(xiàn)在我國(guó)企業(yè)主要靠?jī)?nèi)部資金來(lái)進(jìn)行研發(fā)投入,難以獲得外部融資,存在嚴(yán)重的外部融資約束。而高質(zhì)量的信息披露可以提高企業(yè)信息的透明度,使外部投資者可以獲得決策有用的信息,解決企業(yè)面臨的融資約束,使企業(yè)進(jìn)行研發(fā)投入。本文綜合運(yùn)用規(guī)范和實(shí)證的研究方法,對(duì)制造業(yè)上市公司信息披露質(zhì)量、融資約束對(duì)研發(fā)投入的影響進(jìn)行研究,并從企業(yè)實(shí)際控制人性質(zhì)的角度進(jìn)行比較,研究信息披露質(zhì)量與研發(fā)投入關(guān)系有何不同。本文以2013-2015年深圳證券交易所A股制造業(yè)上市公司的數(shù)據(jù)作為研究對(duì)象,實(shí)證研究了信息披露質(zhì)量、融資約束對(duì)研發(fā)投入的影響。研究發(fā)現(xiàn):(1)提高信息披露質(zhì)量可以緩解企業(yè)的融資約束:(2)我國(guó)企業(yè)研發(fā)投入存在嚴(yán)重的融資約束問(wèn)題;(3)信息披露質(zhì)量的提高可以使企業(yè)獲得更多的外部資金,緩解企業(yè)的融資約束,促進(jìn)企業(yè)的研發(fā)投入;(4)國(guó)有產(chǎn)權(quán)性質(zhì)弱化了研發(fā)投入與信息披露質(zhì)量的正相關(guān)性。
[Abstract]:With the rapid development of science and technology and the integration of the global economy, the development of high-tech industry has become the main motive force of the sustained economic growth. The R & D activities of high and new technology play a more and more important role in the economic growth, and R & D activities are the main ways to realize the innovation of science and technology. Research and development activities, increase the R & D investment of related technology, research and development activity is an important driving force for economic development. It can improve the independent innovation ability of enterprises, accelerate development and enhance core competitiveness, so enterprises need to increase R & D investment and enhance the value of enterprises. At the low level, the internal capital of the enterprise is limited and the large amount of capital demand for R & D activities can not be met. Therefore, it is of decisive significance whether to obtain external financing for the enterprise to carry out R & D investment. Because the enterprises in our country rely mainly on internal funds for R & D investment, it is difficult to obtain external financing, and there is a serious external financing. And high quality information disclosure can improve the transparency of enterprise information, make the external investors obtain useful information, solve the financing constraints faced by the enterprises and make the enterprise carry out R & D investment. This paper comprehensively uses the normative and empirical research methods to make the information disclosure quality of the listed companies in the manufacturing industry and the financing constraints on R & D. The impact of investment is studied and compared from the perspective of the nature of the actual controller of the enterprise. What is the difference between the quality of information disclosure and the relationship between R & D input. This paper takes the data of the listed companies of the A stock market of the A stock exchange of the Shenzhen stock exchange as the research object, and empirically studies the quality of information disclosure and the financing constraints on R & D input The study found that: (1) improving the quality of information disclosure can alleviate the financing constraints of enterprises: (2) there is a serious problem of financing constraints in our enterprise R & D investment; (3) the improvement of the quality of information disclosure can make enterprises obtain more external funds, alleviate the financing constraints of enterprises, and promote the investment of enterprises' research and development; (4) the weak property property of the state-owned enterprises is weak. The positive correlation between R & D input and the quality of information disclosure has been changed.
【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F425

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