本文選題：政府補(bǔ)助 + 研發(fā)投入�。� 參考：《安徽大學(xué)》2014年碩士論文

【摘要】：轉(zhuǎn)型經(jīng)濟(jì)背景下,大力發(fā)展高科技產(chǎn)業(yè)是推動(dòng)經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型和升級(jí)的催化劑,而政府補(bǔ)助作為一種重要的宏觀經(jīng)濟(jì)調(diào)控手段,在降低研發(fā)成本和推動(dòng)經(jīng)濟(jì)方面更是起到了不可代替的作用。近幾年來(lái)政府已出臺(tái)不少相應(yīng)政策,以增強(qiáng)公司創(chuàng)新實(shí)力,促進(jìn)公司研發(fā)效果。創(chuàng)業(yè)板上市公司普遍從事高新技術(shù)產(chǎn)業(yè),其技術(shù)創(chuàng)新能力較高,是提高整體創(chuàng)新技術(shù)水平的重要支柱。創(chuàng)業(yè)板上市公司的研發(fā)投入提高我國(guó)經(jīng)濟(jì)發(fā)展的科技含量,提升自主創(chuàng)新產(chǎn)業(yè)的整體創(chuàng)新能力與發(fā)展?jié)摿?增強(qiáng)我國(guó)綜合國(guó)力與競(jìng)爭(zhēng)力。 政府補(bǔ)助對(duì)于公司發(fā)展的重要性不言而喻,國(guó)內(nèi)外學(xué)者對(duì)政府補(bǔ)助的研究已經(jīng)取得了一定的研究成果,但從目前的研究成果來(lái)看,政府補(bǔ)助給公司業(yè)績(jī)帶來(lái)的影響還沒(méi)有定性的結(jié)論,另一方面,學(xué)者過(guò)多地關(guān)注政府補(bǔ)助與公司價(jià)值的相關(guān)性或政府補(bǔ)助對(duì)研發(fā)支出的影響,較少研究政府補(bǔ)助、研發(fā)投入、公司價(jià)值三者之間的關(guān)系。由于我國(guó)特有的制度環(huán)境,國(guó)有公司與非國(guó)有公司與政府聯(lián)系的親密程度不同,因而在獲得補(bǔ)助或政策優(yōu)惠方面存在差異,本文引出股權(quán)背景這一因素,分析不同股權(quán)背景公司政府補(bǔ)助對(duì)RD投入的影響,以及政府補(bǔ)助對(duì)RD投入與公司價(jià)值的相關(guān)性的中介效應(yīng)。 本文共分為五部分。第一部分是緒論。介紹本文的研究背景及意義,梳理國(guó)內(nèi)外研究現(xiàn)狀,并介紹了本文研究思路和方法、創(chuàng)新與特色。第二部為理論基礎(chǔ)。該部分對(duì)研究對(duì)象的相關(guān)概念進(jìn)行界定,并對(duì)信號(hào)傳遞理論、’利益相關(guān)者理論和投入產(chǎn)出理論等進(jìn)行闡述。第三部分是理論分析和研究假設(shè)。該部分對(duì)上市公司政府補(bǔ)助必要性及其現(xiàn)狀進(jìn)行描述,分析了政府補(bǔ)助影響RD投入提升公司價(jià)值的作用機(jī)理,在此基礎(chǔ)上提出本文的研究假設(shè)。第四部分是實(shí)證研究。本文選取2010-2012年我國(guó)創(chuàng)業(yè)板上市公司作為樣本,基于不同股權(quán)背景,分析政府補(bǔ)助對(duì)RD投入的影響效應(yīng),并以政府補(bǔ)助為中介,研究政府補(bǔ)助對(duì)RD投入與公司價(jià)值相關(guān)性的中介效應(yīng)。通過(guò)對(duì)樣本數(shù)據(jù)進(jìn)行所有變量的描述性統(tǒng)計(jì)、模型中各變量的相關(guān)性分析以及OLS回歸分析,本文最終得到以下研究結(jié)論： 1、政府補(bǔ)助對(duì)創(chuàng)業(yè)板上市公司RD投入起到激勵(lì)作用,政府補(bǔ)助顯著提高創(chuàng)業(yè)板上市公司RD投入強(qiáng)度。 2、相對(duì)于國(guó)有公司,非國(guó)有公司的政府補(bǔ)助更能激勵(lì)RD投入強(qiáng)度。通過(guò)對(duì)股權(quán)背景與政府補(bǔ)助的交乘項(xiàng)研究其與RD投入的影響效應(yīng),結(jié)果發(fā)現(xiàn)國(guó)有股權(quán)背景抑制公司政府補(bǔ)助對(duì)RD投入的促進(jìn)作用。 3、政府補(bǔ)助正向調(diào)節(jié)RD投入與公司價(jià)值的正相關(guān)性,RD投入的公司價(jià)值效應(yīng)具有滯后性,且這種政府補(bǔ)助的正向調(diào)節(jié)作用在非國(guó)有公司更顯著。
[Abstract]:In the context of the transition economy, vigorously developing high-tech industries is the catalyst to promote the transformation and upgrading of the economic structure, and government subsidies as an important means of macroeconomic regulation and control, In reducing R & D costs and promoting the economy has played an irreplaceable role. In recent years, the government has issued a lot of corresponding policies to enhance the company's innovation strength and promote the company's R & D effect. Gem listed companies are generally engaged in high-tech industries, and their technological innovation ability is high, which is an important pillar to improve the overall level of innovation technology. The R & D investment of the listed companies on the gem enhances the scientific and technological content of the economic development of our country, promotes the overall innovation ability and development potential of the independent innovation industry, and strengthens the comprehensive national strength and competitiveness of our country. The importance of government subsidy to the development of the company is self-evident. Scholars at home and abroad have made some achievements in the research of government subsidy, but from the current research results, On the other hand, scholars pay too much attention to the correlation between government subsidies and company value or the impact of government subsidies on R & D expenditure. The relationship between the value of the company. Due to the unique institutional environment of our country, the degree of intimacy between state-owned and non-state-owned companies and the government is different, so there are differences in obtaining subsidies or preferential policies. This paper analyzes the influence of government subsidy on R D input and the intermediary effect of government subsidy on R D input and company value. This paper is divided into five parts. The first part is the introduction. This paper introduces the research background and significance, combs the domestic and foreign research status, and introduces the research ideas and methods, innovation and characteristics. The second part is the theoretical basis. This part defines the related concepts of the research object, and expounds the theory of signal transmission, stakeholder theory and input-output theory. The third part is theoretical analysis and research hypothesis. This part describes the necessity and current situation of government subsidy of listed companies, analyzes the mechanism of government subsidy influencing R D input to enhance the value of the company, and puts forward the research hypotheses of this paper. The fourth part is empirical research. This paper selects the listed companies of gem in China from 2010 to 2012 as a sample, analyzes the effect of government subsidy on R D input based on different equity background, and takes government subsidy as an intermediary. This paper studies the intermediary effect of government subsidy on R D input and firm value. Through the descriptive statistics of all variables in the sample data, the correlation analysis of the variables in the model and the OLS regression analysis, the following conclusions are obtained: 1. The government subsidy stimulates the R D investment of gem listed companies, and the government subsidy significantly increases the R D investment intensity of gem listed companies. 2. Government subsidies from non-state-owned companies are more incentive to R D investment than state-owned companies. The paper studies the influence effect of equity background and government subsidy on R D input, and finds out that state-owned equity background inhibits the promotion effect of government subsidy on R D input. 3. The positive correlation between R D input and company value of government subsidy has the lag effect of R D input, and the positive regulation effect of this kind of government subsidy is more obvious in non-state-owned companies.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F273.1;F275;F812.45

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