本文選題：農(nóng)業(yè)上市企業(yè) + RD投入�。� 參考：《西北農(nóng)林科技大學(xué)》2017年碩士論文

【摘要】：2017年2月公布的中央一號(hào)文件意味著這一年將是農(nóng)業(yè)供給側(cè)結(jié)構(gòu)性改革的關(guān)鍵時(shí)點(diǎn)。通過改革來(lái)實(shí)現(xiàn)農(nóng)業(yè)產(chǎn)業(yè)升級(jí)的核心突破點(diǎn)必然是創(chuàng)新,只有加快農(nóng)業(yè)研發(fā)(RD)的腳步才能實(shí)現(xiàn)用創(chuàng)新帶動(dòng)現(xiàn)代農(nóng)業(yè)發(fā)展變革。而我國(guó)農(nóng)業(yè)因其行業(yè)特殊性,整體研發(fā)水平依然薄弱,農(nóng)業(yè)上市企業(yè)研發(fā)投入強(qiáng)度低于全行業(yè)2%的平均水平。究其原因除卻研發(fā)本身技術(shù)及人員的匱乏,最主要是RD投入資金的限制。據(jù)統(tǒng)計(jì),我國(guó)79%以上的農(nóng)業(yè)上市企業(yè)因規(guī)模小、營(yíng)業(yè)收入低導(dǎo)致其研發(fā)資金的來(lái)源以外部融資為主,內(nèi)部現(xiàn)金流為輔,其中債務(wù)融資發(fā)揮較大作用。且近幾年國(guó)家一直在調(diào)整貨幣政策(MP),對(duì)“三農(nóng)”增加貸款額度并實(shí)施“定向降準(zhǔn)”貨幣政策,農(nóng)業(yè)上市企業(yè)的研發(fā)投入和債務(wù)融資決策也不可避免要受到貨幣政策的影響。且根據(jù)貨幣政策傳導(dǎo)理論和債務(wù)融資相關(guān)理論可知貨幣政策與債務(wù)融資存在相關(guān)關(guān)系,而這種關(guān)系對(duì)于RD投入也可能造成一定影響�；诖吮疚奶骄坎Ⅱ�(yàn)證農(nóng)業(yè)上市企業(yè)研發(fā)投入與債務(wù)融資以及貨幣政策三者存在的真實(shí)關(guān)系。本文梳理已有的研究文獻(xiàn),并結(jié)合相關(guān)理論基礎(chǔ)和當(dāng)前農(nóng)業(yè)上市企業(yè)的研發(fā)與債務(wù)融資現(xiàn)狀進(jìn)行分析,找出貨幣政策、農(nóng)業(yè)上市企業(yè)債務(wù)融資與RD投入三者之間的相關(guān)關(guān)系并提出相應(yīng)假設(shè)。然后選取在我國(guó)A股上市的農(nóng)業(yè)板塊上市企業(yè)為樣本對(duì)象,用2011-2015年連續(xù)披露的相關(guān)數(shù)據(jù)并結(jié)合貨幣政策感受指數(shù)創(chuàng)建平衡面板模型。首先驗(yàn)證貨幣政策和農(nóng)業(yè)企業(yè)債務(wù)融資分別對(duì)RD投入的影響,在此基礎(chǔ)上再加入貨幣政策與債務(wù)融資的乘積交互項(xiàng),以判斷二者交互項(xiàng)是否作用于債務(wù)融資對(duì)企業(yè)研發(fā)投入的影響。此外還引入地域差異變量,將樣本量按照地域不同分別進(jìn)行回歸,并將得到的結(jié)果進(jìn)行對(duì)比分析。本文最終研究發(fā)現(xiàn):1)貨幣政策與農(nóng)業(yè)上市企業(yè)研發(fā)投入成負(fù)相關(guān);2)農(nóng)業(yè)上市企業(yè)債務(wù)融資與其研發(fā)投入也是負(fù)向關(guān)系,但東西部地區(qū)顯著性水平差異較大;3)貨幣政策與債務(wù)融資的交互作用加大債務(wù)融資對(duì)RD投入的抑制作用,且這種現(xiàn)象在東部地區(qū)更為顯著。最后根據(jù)結(jié)論提出相關(guān)建議:政府方面,在制定相關(guān)政策時(shí)應(yīng)考慮農(nóng)業(yè)企業(yè)行為反應(yīng),并且要加強(qiáng)對(duì)農(nóng)業(yè)上市企業(yè)研發(fā)投入和信貸政策的傾斜,且重點(diǎn)扶持西部地區(qū)企業(yè);企業(yè)方面,應(yīng)該提高研發(fā)投入意識(shí),根據(jù)貨幣政策預(yù)期及時(shí)調(diào)整RD投入和融資決策,并針對(duì)自身特色主動(dòng)尋求政府和銀行的融資資助等。
[Abstract]:The central document, released in February 2017, means that this year will be a crucial time point for structural reform on the supply side of agriculture.The core breakthrough point of agricultural industry upgrading through reform is innovation. Only by speeding up the pace of agricultural research and development (RDD) can innovation drive the modern agricultural development and reform.However, because of the particularity of agriculture in China, the overall R & D level is still weak, and the R & D investment intensity of agricultural listed enterprises is lower than the average level of 2% of the whole industry.Apart from the shortage of R & D technology and personnel, the most important reason is the limitation of R & D investment.According to statistics, more than 79% of agricultural listed enterprises in China have small scale and low operating income, which leads to external financing as the main source of R & D funds, supplemented by internal cash flow, in which debt financing plays a greater role.In recent years, the country has been adjusting the monetary policy, increasing the loan quota for agriculture, rural areas and farmers and implementing the "targeted reduction" monetary policy. The R & D investment and debt financing decision of agricultural listed enterprises will inevitably be influenced by monetary policy.According to the theory of monetary policy transmission and debt financing, we know that there is a correlation between monetary policy and debt financing, and this relationship may also have a certain impact on R D investment.Based on this, this paper explores and verifies the true relationship among R & D investment, debt financing and monetary policy of agricultural listed enterprises.This article combs the existing research literature, and combines the related theory foundation and the present agricultural listed enterprise research and development and the debt financing present situation carries on the analysis, finds out the monetary policy,The correlation between debt financing and R D input of agricultural listed enterprises and the corresponding assumptions are put forward.Then, the agricultural listed companies listed in A shares in China are selected as the sample objects, and the balance panel model is created by using the relevant data continuously disclosed from 2011-2015 and combining with the monetary policy perception index.First of all, the effects of monetary policy and debt financing of agricultural enterprises on R D input are verified, and then the product interaction between monetary policy and debt financing is added.In order to determine whether the interaction of the two terms in debt financing on the impact of R & D investment.In addition, the regional difference variable is introduced, and the sample size is regressed according to different regions, and the results obtained are compared and analyzed.This paper finally finds that the monetary policy has a negative correlation with the R & D investment of agricultural listed enterprises. (2) debt financing of agricultural listed enterprises is also negatively related to their R & D investment.The interaction between monetary policy and debt financing increases the inhibitory effect of debt financing on R D input, and this phenomenon is more significant in the eastern region.Finally according to the conclusion put forward the relevant recommendations: the government should consider the behavior of agricultural enterprises in formulating relevant policies and should strengthen the investment in R & D and credit policies of agricultural listed enterprises and focus on supporting enterprises in the western region;Enterprises should improve the consciousness of R & D investment, adjust Rd investment and financing decision timely according to the expectation of monetary policy, and actively seek financing support from government and bank according to their own characteristics.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F324;F302.6

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