【摘要】：成功的研發(fā)(RD)投資戰(zhàn)略有助于企業(yè)培植核心競爭力，獲得可持續(xù)競爭優(yōu)勢。然而，在我國企業(yè)技術(shù)創(chuàng)新方面，存在研發(fā)投入不足的現(xiàn)狀。制約我國企業(yè)研發(fā)投入的因素很多，而為其提供資金的融資渠道無疑是關(guān)鍵因素之一。企業(yè)獲得研發(fā)投入的資金來源主要有兩個渠道，一是政府資助，二是企業(yè)自籌。政府資助對企業(yè)研發(fā)投入是誘導(dǎo)效應(yīng)還是擠出效應(yīng)，國內(nèi)外已有很多學(xué)者研究。政府資助分為直接資助和間接資助，其中，政府直接資助是對企業(yè)研發(fā)活動的直接經(jīng)濟資助，可以達到引導(dǎo)產(chǎn)業(yè)技術(shù)創(chuàng)新方向、促進技術(shù)創(chuàng)新發(fā)展和調(diào)整產(chǎn)業(yè)結(jié)構(gòu)的目的。企業(yè)自籌受企業(yè)面臨的融資約束環(huán)境影響，融資約束不僅會影響企業(yè)的研發(fā)投入，而且也會對政府資助與企業(yè)研發(fā)投入之間的關(guān)系有影響，這一點卻很少引起國內(nèi)學(xué)者的關(guān)注。 本文運用理論分析與實證分析相結(jié)合的方法，，從融資約束角度出發(fā)探討我國政府直接資助對企業(yè)研發(fā)投入的影響效應(yīng)。其中理論分析依據(jù)信息不對稱理論、有效市場理論和代理成本理論提出融資約束假設(shè)、所有制性質(zhì)假設(shè)、行業(yè)特征假設(shè)和資本密集度假設(shè)。實證部分以我國創(chuàng)業(yè)板上市三年（含）以上的152家企業(yè)為研究樣本，選取2010年至2012年的數(shù)據(jù)進行分析，得出在不同融資約束背景下政府直接資助對企業(yè)研發(fā)投入都是誘導(dǎo)效應(yīng)，但弱融資約束下的誘導(dǎo)效應(yīng)更強烈；非國有企業(yè)在弱融資約束的背景下可以更好的利用政府直接資助對自身研發(fā)投入的誘導(dǎo)作用；在強融資約束下，相比于制造業(yè)企業(yè)，政府直接資助對非制造業(yè)企業(yè)研發(fā)投入的誘導(dǎo)效應(yīng)更強；在任何融資約束下，政府直接資助對資本密集型企業(yè)研發(fā)投入是誘導(dǎo)效應(yīng)，對勞動密集型企業(yè)研發(fā)投入是擠出效應(yīng)。 因此，政府可以通過改善企業(yè)的外部融資環(huán)境，加大對非國有企業(yè)、非制造業(yè)企業(yè)和資本密集型企業(yè)的直接資助力度以使直接資助對企業(yè)研發(fā)投入的誘導(dǎo)效率最大化，提高創(chuàng)業(yè)板上市公司的自主創(chuàng)新能力。
[Abstract]:Successful R & D (RD) investment strategy helps enterprises to cultivate core competitiveness and gain sustainable competitive advantage. However, in the aspect of technological innovation of Chinese enterprises, there is insufficient R & D investment. There are many factors restricting R & D investment, and the financing channel is undoubtedly one of the key factors. There are two main sources of funding for R & D investment, one is government funding, the other is self-financing. Many scholars at home and abroad have studied whether government-funded R & D investment is inductive or crowding-out effect. Government subsidy can be divided into direct subsidy and indirect subsidy, among which, direct government subsidy is the direct economic aid to enterprise R & D activities, which can guide the direction of industrial technological innovation, promote the development of technological innovation and adjust the industrial structure. Enterprise self-financing is influenced by the financing constraint environment, which not only affects the R & D investment, but also affects the relationship between government funding and enterprise R & D investment, which rarely attracts the attention of domestic scholars. By combining theoretical analysis with empirical analysis, this paper discusses the effects of direct government funding on R & D investment from the perspective of financing constraints. According to information asymmetry theory, efficient market theory and agency cost theory, theoretical analysis puts forward financing constraint hypothesis, ownership nature hypothesis, industry characteristic hypothesis and capital intensity hypothesis. In the empirical part, 152 enterprises listed on the gem for more than three years are taken as the research samples, and the data from 2010 to 2012 are selected to analyze the data. It is concluded that the direct government funding is the inductive effect on the R & D investment of enterprises under different financing constraints. But the inducement effect under the weak financing constraint is stronger; under the background of weak financing constraint, the non-state-owned enterprises can make better use of the direct government funding to induce their own R & D investment; under the strong financing constraint, compared with the manufacturing enterprises, non-state-owned enterprises can make better use of the inducement effect on their R & D investment. The inducement effect of government direct funding on R & D investment of non-manufacturing enterprises is stronger; under any financing constraints, direct government funding to R & D investment of capital-intensive enterprises is an inductive effect, and R & D investment to labor-intensive enterprises is an crowding out effect. Therefore, by improving the external financing environment of enterprises, the government can increase the direct financial support to non-state-owned enterprises, non-manufacturing enterprises and capital-intensive enterprises in order to maximize the induced efficiency of direct funding for enterprises'R & D investment. We will improve the independent innovation ability of listed companies on the gem.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F273.1;F275;F812.45

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