本文選題：創(chuàng)業(yè)板上市公司 + 技術(shù)創(chuàng)新能力��； 參考：《湖南大學(xué)》2012年碩士論文

【摘要】：本文以創(chuàng)業(yè)板上市公司技術(shù)創(chuàng)新理論分析為出發(fā)點(diǎn),研究技術(shù)創(chuàng)新能力對(duì)資本結(jié)構(gòu)的影響,結(jié)果表明：以專利申請(qǐng)數(shù)量與專利批準(zhǔn)數(shù)量衡量企業(yè)技術(shù)創(chuàng)新能力時(shí),技術(shù)創(chuàng)新能力越強(qiáng)的上市公司,其資產(chǎn)負(fù)債率越低,這一聯(lián)系在5%的水平上顯著,說(shuō)明創(chuàng)業(yè)板上市公司技術(shù)創(chuàng)新能力越強(qiáng),其投入的研發(fā)費(fèi)用更多,從而形成大量無(wú)形資產(chǎn),造成固定資產(chǎn)比重下降,抵押貸款能力也越低,同時(shí)高研發(fā)風(fēng)險(xiǎn)也讓債權(quán)提供者望而卻步,本質(zhì)上反映了我國(guó)創(chuàng)業(yè)板上市公司在債權(quán)融資上面臨較大的困難；以新產(chǎn)品銷售數(shù)量比重和銷售收入比重衡量企業(yè)技術(shù)創(chuàng)新能力時(shí),技術(shù)創(chuàng)新能力與資本結(jié)構(gòu)在10%的水平上顯著正相關(guān),說(shuō)明只有將技術(shù)創(chuàng)新能力轉(zhuǎn)化為經(jīng)濟(jì)效益,獲取充分的現(xiàn)金流量,才能充分利用債權(quán)投資解決融資困難,優(yōu)化企業(yè)資本結(jié)構(gòu)。 綜合以上結(jié)論,本文提出從以下方面改善創(chuàng)業(yè)板上市公司的融資困境：首先,創(chuàng)業(yè)板上市公司應(yīng)該采取適合自身的技術(shù)創(chuàng)新模式,提高自身技術(shù)創(chuàng)新能力,并提高向經(jīng)濟(jì)效益的轉(zhuǎn)化能力,利用技術(shù)優(yōu)勢(shì)獲取投資者尤其是債權(quán)投資者的認(rèn)可。其次,開辟多元化融資渠道,加大商業(yè)銀行對(duì)中小企業(yè)信用貸款力度,建設(shè)專門面向科技型中小企業(yè)的新型銀行,加強(qiáng)債券市場(chǎng)建設(shè),發(fā)展設(shè)備租賃業(yè)等；最后,完善政府服務(wù)體系,加大財(cái)政扶持力度,完善政策性貸款機(jī)構(gòu)的功能與管理,健全中小企業(yè)信用擔(dān)保體系,繼續(xù)推出多種形式的政府基金提供給符合條件的創(chuàng)業(yè)板上市公司,搭建融資擔(dān)保平臺(tái),完善風(fēng)險(xiǎn)資本介入與退出制度等。
[Abstract]:Based on the theoretical analysis of the technological innovation of the GEM listed companies, this paper studies the influence of technological innovation ability on the capital structure. The results show that the higher the technological innovation ability, the lower the asset liability ratio of the listed companies with the number of patent applications and the number of patents approved, the lower the asset liability rate, which is at the level of 5%. It shows that the stronger the technological innovation ability of the GEM listed companies, the more R & D cost of the company is invested, thus forming a large number of intangible assets, resulting in the decrease of the proportion of fixed assets, the lower the mortgage loan ability, and the higher R & D risk, which also makes the creditor's rights providers be prohibitive. This quality reflects the debt financing of the GEM listed companies in China. There is a big difficulty in it. The technological innovation ability and capital structure are positively related to the level of 10% in measuring the technological innovation ability of the enterprise with the proportion of the sales quantity of new products and the proportion of sales income. It shows that only by transforming the technological innovation ability into economic benefit and obtaining sufficient cash flow can we make full use of the debt investment to solve the problem. Financing difficulties, optimizing the capital structure of the enterprise.
On the basis of the above conclusion, this paper proposes to improve the financing difficulties of the GEM listed companies from the following aspects: first, the GEM listed companies should adopt the technological innovation model suitable for themselves, improve their own technological innovation ability, and improve the transformation ability to the economic benefits, and use the advantages of technical skills to obtain the recognition of investors, especially the creditor investors. Secondly, we should open up diversified financing channels, increase the credit loans of commercial banks to small and medium-sized enterprises, build a new type of bank for small and medium-sized enterprises, strengthen the construction of the bond market, and develop the equipment leasing industry. Finally, the government service system will be improved, the financial support is strengthened, and the functions and management of the policy lending institutions are perfected. To improve the credit guarantee system of small and medium-sized enterprises, we will continue to introduce a variety of form of government funds to the eligible GEM listed companies, build a financing guarantee platform, and improve the system of venture capital intervention and withdrawal.

【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F273.1;F832.51

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