【摘要】：技術(shù)創(chuàng)新是決定國家經(jīng)濟增長的重要因素,是驅(qū)動經(jīng)濟發(fā)展的動力。從企業(yè)角度而言,技術(shù)創(chuàng)新不僅是企業(yè)核心競爭力聚集的動力,也是實現(xiàn)企業(yè)可持續(xù)發(fā)展的關(guān)鍵。企業(yè)研發(fā)活動是科技創(chuàng)新的必經(jīng)過程,在企業(yè)技術(shù)創(chuàng)新活動過程中資金和人力資源是最為關(guān)鍵的兩個要素,對于人力資源而言,決定這一要素的關(guān)鍵依然是資金,故企業(yè)技術(shù)創(chuàng)新最為關(guān)鍵的要素投入就是資金投入。企業(yè)技術(shù)創(chuàng)新所需要的資金支持主要依靠兩個渠道,其一是從金融市場獲得資金支持,其二是各國政府提供的研發(fā)補助,各個國家為加強自身企業(yè)的競爭能力,會聚焦在企業(yè)技術(shù)創(chuàng)新的動態(tài)活動上,并在政府層面對其所需資金予以援助。已有文獻基于融資角度對銀行業(yè)和政府補助對企業(yè)技術(shù)創(chuàng)新的影響,從理論層面和實證層面均進行了大量的研究,多角度的對其關(guān)系及影響進行了分析。從融資視角對企業(yè)技術(shù)創(chuàng)新進行探究,其主要資金來源為以銀行業(yè)為主導的金融市場和直接影響技術(shù)創(chuàng)新投入環(huán)節(jié)的政府補助,兩種資金的來源分別代表了企業(yè)技術(shù)創(chuàng)新的不同動因,在我國當前的情況下,市場和政府哪方面才是企業(yè)技術(shù)創(chuàng)新的內(nèi)源動因?哪種資金支持對于企業(yè)技術(shù)創(chuàng)新效率的影響又會更為顯著?本文以全面綜述國內(nèi)外相關(guān)研究成果為出發(fā)點,以2009-2015年的我國滬深兩市A股上市公司為樣本,綜合運用技術(shù)創(chuàng)新理論、金融結(jié)構(gòu)理論、利益相關(guān)者理論、軟預算約束、投入產(chǎn)出理論、要素稟賦等相關(guān)理論,綜合運用規(guī)范分析的方法與實證檢驗的方法,考察銀行業(yè)結(jié)構(gòu)和政府補助對企業(yè)技術(shù)創(chuàng)新投入與產(chǎn)出的影響,以及對企業(yè)技術(shù)創(chuàng)新效率的影響。研究發(fā)現(xiàn)銀行業(yè)結(jié)構(gòu)越分散,企業(yè)技術(shù)創(chuàng)新投入強度越大,銀行業(yè)結(jié)構(gòu)的集中程度對企業(yè)技術(shù)創(chuàng)新投入有顯著的負向影響;政府補助顯著提高了公司技術(shù)創(chuàng)新投入強度,政府補助的集中程度對企業(yè)技術(shù)創(chuàng)新投入有顯著的正向影響;相較于銀行業(yè)結(jié)構(gòu),政府補助對企業(yè)技術(shù)創(chuàng)新投入影響更為顯著;相較于政府補助,銀行業(yè)結(jié)構(gòu)對企業(yè)技術(shù)創(chuàng)新產(chǎn)出影響更為顯著;通過對技術(shù)創(chuàng)新投入、產(chǎn)出的前后對比,以技術(shù)創(chuàng)新的資金投入為切入點,可以認為企業(yè)技術(shù)創(chuàng)新的動因是市場選擇并非政府驅(qū)動;聚集的銀行業(yè)結(jié)構(gòu)會降低企業(yè)的創(chuàng)新效率,分散的銀行業(yè)結(jié)構(gòu)可以促進企業(yè)的創(chuàng)新效率,而政府補助并不能夠?qū)ζ髽I(yè)的創(chuàng)新效率起到顯著的促進作用。
[Abstract]:Technological innovation is an important factor to determine the national economic growth and the driving force of economic development. From the point of view of enterprise, technological innovation is not only the driving force of enterprise core competence aggregation, but also the key to realize the sustainable development of enterprise. Enterprise R & D is a necessary process of scientific and technological innovation. In the process of enterprise technological innovation, funds and human resources are the two most critical elements. For human resources, the key to determine this factor is still funds. Therefore, the most key element of enterprise technological innovation input is capital investment. The financial support needed by enterprises for technological innovation mainly depends on two channels. One is to obtain financial support from the financial market, the other is the research and development subsidies provided by various governments. In order to strengthen the competitiveness of their enterprises, Will focus on the dynamic activities of enterprise technological innovation, and at the government level to provide financial assistance to them. Based on the influence of banking and government subsidies on technological innovation of enterprises, literature has carried out a lot of research from both theoretical and empirical aspects, and has analyzed its relationship and impact from various angles. This paper probes into the technological innovation of enterprises from the perspective of financing. Its main source of funds is the financial market dominated by the banking industry and the government subsidy which directly affects the investment link of technological innovation. The two sources of funds represent the different drivers of enterprise technological innovation. Under the current situation in our country, what is the internal motivation of enterprise technological innovation in the market or the government? What kind of financial support will have a more significant impact on the efficiency of enterprise technological innovation? Based on a comprehensive review of domestic and foreign related research results, this paper takes the A-share listed companies of Shanghai and Shenzhen stock markets in China from 2009-2015 as a sample, synthetically applies technology innovation theory, financial structure theory, stakeholder theory, soft budget constraint. Input-output theory, factor endowment theory and other relevant theories, comprehensive use of normative analysis method and empirical test method, to investigate the banking structure and government subsidies on the impact of technological innovation inputs and outputs, And the impact on the efficiency of technological innovation. It is found that the more dispersed the banking structure is, the greater the investment intensity of technological innovation of enterprises is, and the degree of concentration of banking structure has a significant negative effect on the investment of technological innovation of enterprises, and the government subsidy has significantly increased the intensity of technological innovation investment of companies. The concentration of government subsidies has a significant positive impact on enterprise technological innovation investment; compared with the banking structure, government subsidies have a more significant impact on enterprise technological innovation investment; compared with government subsidies, The banking structure has a more significant impact on the technological innovation output of enterprises, and through the comparison of technological innovation input and output, the capital input of technological innovation is the starting point. It can be concluded that the motivation of technological innovation of enterprises is that market choice is not driven by government, and that the agglomeration of banking structure will reduce the innovation efficiency of enterprises, and the decentralized banking structure can promote the innovation efficiency of enterprises. And the government subsidy can not play a significant role in promoting the innovation efficiency of enterprises.
【學位授予單位】：石河子大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F273.1;F832;F812.45

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