本文選題：中小企業(yè)板　切入點：股權結構　出處：《重慶理工大學》2013年碩士論文

【摘要】：中小企業(yè)創(chuàng)新作為國家自主創(chuàng)新系統(tǒng)中的一個重要組成部分,因其創(chuàng)新意識強、經營體制靈活等特點,成為我國自主創(chuàng)新戰(zhàn)略中必不可少的一部分。以技術創(chuàng)新為主體的中小企業(yè)，其研發(fā)能力自然是自主創(chuàng)新過程中不可忽視的重要環(huán)節(jié)。雖然影響研發(fā)投入的因素眾多，但近來的文獻大多關注公司內部治理因素或外部因素對研發(fā)投入的影響，由于研發(fā)投入的溢出效應、中小企業(yè)籌資難等特征，單單靠內部治理或外部力量來提升企業(yè)研發(fā)強度是不夠的。因此，本文基于企業(yè)微觀角度和財務視角，選取了中小企業(yè)板上市公司作為研究對象，并從公司內部治理（股權結構）與外部政策安排（政府補助）兩方面來研究其對中小企業(yè)研發(fā)投入的影響。 本文采用理論分析與實證研究相結合的方法對所選課題進行研究。首先按照股權結構和政府補助對企業(yè)研發(fā)投入影響的相關文獻進行回顧和評述，接著借鑒相應的理論分別分析了股權結構、政府補助對實際控制人性質不同的企業(yè)研發(fā)投入的影響。在實證部分，本文選取了中小企業(yè)板上市公司2009-2011年的數據為樣本，經過嚴格篩選，一共選出591家樣本公司，按實際控制人性質的不同劃分為國有樣本149家，非國有樣本442家。通過描述性統(tǒng)計、相關性分析以及回歸分析等方法實證檢驗了股權結構、政府補助對實際控制人性質不同的中小板企業(yè)研發(fā)投入的影響，研究發(fā)現(xiàn)：（1）國有中小板企業(yè)的研發(fā)投入強度明顯強于非國有中小板企業(yè)；（2）總體上，第一大股東持股比例對中小板企業(yè)研發(fā)投入有顯著的影響，但兩者關系因公司實際控制人性質的不同而有差異；（3）總體上，股權制衡度與企業(yè)研發(fā)投入之間關系不顯著，但在非國有中小板企業(yè)中顯著正相關；（4）高管持股比例與企業(yè)研發(fā)投入之間關系顯著正相關，在非國有中小板企業(yè)顯著性更強；（5）機構投資者持股比例與非國有中小板企業(yè)研發(fā)投入之間關系顯著正相關，但在國有中小板企業(yè)中關系不顯著；（6）風險投資背景與中小板企業(yè)研發(fā)投入之間關系雖為正，但不顯著；（7）總體上，，政府補助與中小板企業(yè)研發(fā)投入之間關系顯著正相關，但兩者關系因公司實際控制人性質的不同而有差異�；谝陨辖Y論，本文從公司治理機制的完善層面以及政府層面提出相應的對策。 本文從企業(yè)股權結構與政府補助兩層面對實際控制人性質不同的中小板企業(yè)研發(fā)投入的影響所作的理論闡釋和實證分析，對于進一步豐富研發(fā)投入理論體系、特別是對于實際控制人性質不同的中小板企業(yè)更有針對性地提升其研發(fā)投入有著重要的理論意義，并且為政府優(yōu)化研發(fā)補助政策、促進企業(yè)成為創(chuàng)新主體提供決策參考。
[Abstract]:As an important part of the national independent innovation system, the innovation of small and medium-sized enterprises (SMEs) has become an indispensable part of the independent innovation strategy of our country because of its strong innovation consciousness and flexible management system.With technological innovation as the main body, the R & D ability of SMEs is an important link that can not be ignored in the process of independent innovation.Although there are many factors that affect R & D investment, recent literature has mostly focused on the influence of internal governance factors or external factors on R & D investment. Because of the spillover effect of R & D investment, SMEs are difficult to raise funds, and so on.Only by internal governance or external forces to enhance the strength of enterprise R & D is not enough.Therefore, based on the enterprise micro and financial perspective, this paper selects the SME board listed companies as the research object.The influence of internal corporate governance (equity structure) and external policy arrangement (government subsidy) on R & D investment of SMEs is also studied.This paper uses the method of theoretical analysis and empirical research to study the selected topics.Firstly, the paper reviews and comments on the influence of ownership structure and government subsidy on enterprise R & D investment, and then analyzes the equity structure using the corresponding theories.The effect of government subsidy on R & D investment of enterprises with different nature of actual controllers.In the empirical part, this paper selects the data of the SME board listed companies from 2009-2011 as the sample, after strict screening, a total of 591 sample companies are selected, according to the nature of the actual controller, there are 149 state-owned samples and 442 non-state-owned samples.Through descriptive statistics, correlation analysis and regression analysis, this paper empirically examines the influence of ownership structure and government subsidy on R & D investment of small and medium-sized enterprises with different nature of actual controllers.It is found that the R & D investment intensity of state-owned small and medium-sized board enterprises is obviously stronger than that of non-state-owned small and medium-sized board enterprises.) on the whole, the proportion of the largest shareholders has a significant impact on the R & D investment of small and medium-sized board enterprises.However, the relationship between the two is different because of the difference in the nature of the company's actual controller. (3) on the whole, the relationship between equity balance degree and enterprise R & D investment is not significant.However, in non-state-owned small and medium-sized board enterprises, there is a significant positive correlation between the proportion of executive ownership and R & D investment.There is a significant positive correlation between the proportion of institutional investors holding shares and the R & D investment of non-state-owned small and medium-sized board enterprises.However, the relationship between the background of venture capital and R & D investment of small and medium-sized board enterprises is positive, but it is not significant. On the whole, the relationship between government subsidy and R & D investment of small and medium-sized board enterprises is significantly positive.However, the relationship between the two is different because of the nature of the company's actual controller.Based on the above conclusions, this paper puts forward the corresponding countermeasures from the perfect level of corporate governance mechanism as well as the government level.In this paper, the theoretical explanation and empirical analysis of the influence of ownership structure and government subsidy on R & D investment of small and medium-sized board enterprises with different nature of actual controllers are presented, which can further enrich the theoretical system of R & D investment.Especially, it has important theoretical significance for the small and medium-sized board enterprises with different nature of actual controllers to increase their R & D investment, and provides a decision reference for the government to optimize the R & D subsidy policy and to promote the enterprises to become the main body of innovation.
【學位授予單位】：重慶理工大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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