發(fā)布時(shí)間：2018-04-27 17:48

  本文選題：資本結(jié)構(gòu) + 研發(fā)投入　； 參考：《華東師范大學(xué)》2012年碩士論文

【摘要】：隨著經(jīng)濟(jì)全球化的發(fā)展和國(guó)際競(jìng)爭(zhēng)的日益激烈,提高科技水平和自主創(chuàng)新能力成為每個(gè)公司面臨的重要問(wèn)題。研究開(kāi)發(fā)是科技創(chuàng)新的重要體現(xiàn),企業(yè)技術(shù)創(chuàng)新能力的提高是和研發(fā)投入密不可分的。影響企業(yè)研發(fā)投入的因素有很多,而研發(fā)投入作為企業(yè)一項(xiàng)重要的投資決策,必然受到融資結(jié)構(gòu)的影響。因此本文從資本結(jié)構(gòu)角度出發(fā),研究企業(yè)資本結(jié)構(gòu)和研發(fā)投入的關(guān)系。自2009年10月23日創(chuàng)業(yè)板正式推出,到2011年12月為止,已有280余家上市公司在創(chuàng)業(yè)板掛牌交易。創(chuàng)業(yè)板上市的公司大多是高技術(shù)企業(yè),大多屬于七大國(guó)家戰(zhàn)略性新興產(chǎn)業(yè),創(chuàng)業(yè)板的推出將會(huì)促進(jìn)高科技企業(yè)發(fā)展,也將使資本市場(chǎng)的結(jié)構(gòu)更加完善。本文在總結(jié)前人研究的基礎(chǔ)之上,首次針對(duì)我國(guó)創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)對(duì)研發(fā)投入的影響進(jìn)行實(shí)證研究。本文以2010年12月31日之前在我國(guó)創(chuàng)業(yè)板上市的160家公司為樣本,對(duì)我國(guó)創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)對(duì)研發(fā)投入的影響進(jìn)行理論和實(shí)證分析,從而進(jìn)一步探討創(chuàng)業(yè)板的推出對(duì)促進(jìn)企業(yè)研發(fā)投入的意義。 通過(guò)理論和實(shí)證分析,本文得出以下主要結(jié)論：企業(yè)資本結(jié)構(gòu)對(duì)研發(fā)強(qiáng)度存在顯著影響,企業(yè)資產(chǎn)負(fù)債率與研發(fā)投入顯著負(fù)相關(guān),權(quán)益融資對(duì)促進(jìn)研發(fā)活動(dòng)的效果則較為明顯；企業(yè)規(guī)模與企業(yè)研發(fā)投入絕對(duì)值呈顯著正相關(guān)關(guān)系,而與研發(fā)強(qiáng)度存在顯著負(fù)相關(guān)關(guān)系；企業(yè)的研發(fā)投入與企業(yè)盈利能力具有顯著的正相關(guān)關(guān)系,而企業(yè)的成長(zhǎng)性和營(yíng)運(yùn)能力與研發(fā)投入關(guān)系不顯著。另外,企業(yè)資本結(jié)構(gòu)不僅影響當(dāng)年的研發(fā)投入,債務(wù)比重高的企業(yè)以后年度的研發(fā)投入也相應(yīng)較低。因此,我國(guó)創(chuàng)業(yè)板的推出為創(chuàng)業(yè)板上市公司提供了權(quán)益融資的重要渠道,對(duì)于促進(jìn)中小高科技企業(yè)權(quán)益融資、提高研發(fā)投入具有重要的意義,有助于進(jìn)一步提高我國(guó)上市公司的自主創(chuàng)新能力。最后本文針對(duì)理論和實(shí)證分析的結(jié)果,為我國(guó)創(chuàng)業(yè)板上市公司提高研發(fā)投入提出了合理化的建議,包括加強(qiáng)政府對(duì)企業(yè)研發(fā)活動(dòng)的重視、加強(qiáng)我國(guó)創(chuàng)業(yè)板的建設(shè)、拓寬高技術(shù)企業(yè)的其他融資渠道、提高公司自身研發(fā)主動(dòng)性等。
[Abstract]:With the development of economic globalization and the increasingly fierce international competition, improving the level of science and technology and the ability of independent innovation has become an important issue for every company. Research and development is an important embodiment of scientific and technological innovation, and the improvement of enterprises' technological innovation ability is closely related to R & D investment. There are many factors that affect R & D investment. As an important investment decision, R & D investment is bound to be influenced by financing structure. Therefore, this paper studies the relationship between enterprise capital structure and R & D investment from the point of view of capital structure. Since the gem was officially launched on October 23, 2009, until December 2011, more than 280 listed companies have been listed on the gem. Most of the companies listed on the gem are high-tech enterprises, most of them belong to the strategic emerging industries of seven countries. The introduction of the gem will promote the development of high-tech enterprises and make the structure of the capital market more perfect. On the basis of summarizing the previous studies, this paper makes an empirical study on the impact of the capital structure on R & D investment of the listed companies in the gem of our country for the first time. Based on 160 companies listed on the gem before December 31, 2010, this paper makes theoretical and empirical analysis on the impact of the capital structure on R & D investment of the listed companies in the gem. In order to further explore the launch of gem to promote enterprise R & D investment significance. Through theoretical and empirical analysis, this paper draws the following main conclusions: corporate capital structure has a significant impact on R & D intensity, corporate asset-liability ratio and R & D investment significantly negative correlation, equity financing to promote R & D activities is more obvious effect; There is a significant positive correlation between enterprise size and R & D investment absolute value, but a significant negative correlation with R & D intensity, and a significant positive correlation between R & D investment and enterprise profitability. However, the relationship between the growth and operation ability of enterprises and R & D investment is not significant. In addition, the capital structure not only affects the R & D investment in the current year, but also the R & D investment of the enterprises with high debt ratio. Therefore, the launch of the gem provides an important channel of equity financing for listed companies on the gem, which is of great significance for promoting the equity financing of small and medium-sized high-tech enterprises and increasing R & D investment. It is helpful to further improve the independent innovation ability of listed companies in our country. Finally, according to the results of theoretical and empirical analysis, this paper puts forward some reasonable suggestions for the listed companies of gem to increase their R & D investment, including strengthening the government's emphasis on enterprise R & D activities and strengthening the construction of gem. Broaden the other financing channels of high-tech enterprises, improve the company's own R & D initiative and so on.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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本文編號(hào)：1811701