【摘要】：隨著全球化的深入，較大的技術競爭壓力使得企業(yè)對技術創(chuàng)新的需求越來越迫切。然而，從我國企業(yè)的實際情況來看，企業(yè)的RD投入偏低。由于企業(yè)RD投資受提供資金的融資渠道的影響，RD融資問題也是制約企業(yè)RD投資的主要因素。盡管RD在經濟增長中發(fā)揮了重要角色并且對融資有較高的敏感性，但現實中大量的研究考察固定投資的融資約束問題，很少有文獻關注企業(yè)RD投資的融資約束問題。 本文采取案例分析方法，通過對A公司的分析，討論和探究融資約束對研發(fā)投資的影響，將理論研究和現實案例結合起來，分析不同渠道融資約束及對研發(fā)投資的影響情況。本文主要內容分為四部分： 第一部分主要闡述文章的研究背景及選題的目的和意義，相關融資約束對研發(fā)投資影響的文獻研究。 第二部分為案例介紹，本文選取了電力電子行業(yè)的A公司作為案例，重點闡述行業(yè)現狀及A公司的基本情況。從現金流的角度分析發(fā)現A公司融資約束較為嚴重，研發(fā)投資強度遜色于行業(yè)水平，，并且發(fā)現融資約束限制了研發(fā)投資的增長。 第三部分針對案例介紹中發(fā)現的問題，通過本章的深入分析，分渠道研究A公司融資約束對研發(fā)投資的影響，并與行業(yè)表現優(yōu)秀的英威騰進行對比，發(fā)現A公司融資約束限制了研發(fā)投資的投入，是由以下幾點原因造成的：首先，內源融資是公司持續(xù)研發(fā)投資的主要來源，A公司經營狀況不佳導致研發(fā)的內源融資約束嚴重；其次，債務融資約束太強，A公司基本不存在長期借款，主要是短期融資用于支持經營活動而不是用于研發(fā)投資；然后，股權融資是次于內源融資的研發(fā)投資資金來源選擇，上市后募集的資金基本用完，企業(yè)績效不佳難以達到增資擴股要求。最后，將A公司總體融資約束對研發(fā)投資的影響與英威騰對比之后發(fā)現，A公司融資后研發(fā)投資的財務管理不強是重要原因，研發(fā)效率不高，進而也拖累了企業(yè)創(chuàng)新進度和市場占有率。 第四部分為案例啟示，由A公司的案例分析可以反映出整個行業(yè)可能出現的普遍現象，鑒于電力電子行業(yè)等其他高科技企業(yè)存在的RD融資約束問題：一方面，應該大力推動企業(yè)融資模式創(chuàng)新，鼓勵企業(yè)“抱團”融資以緩解融資約束情況；另一方面應將研發(fā)投資活動確立為企業(yè)的戰(zhàn)略核心；最后，加強研發(fā)投資的財務管理是緩解融資約束的重要管理措施。
[Abstract]:With the deepening of globalization, the greater pressure of technological competition makes the demand for technological innovation more and more urgent. However, from the actual situation of enterprises in our country, the RD investment of enterprises is on the low side. Because the RD investment is influenced by the financing channel, the financing problem of RD is also the main factor that restricts the RD investment of the enterprise. Although RD plays an important role in economic growth and has a high sensitivity to financing, there are a large number of studies on the financing constraints of fixed investment in reality, and few literatures pay attention to the financing constraints of enterprise RD investment. This paper adopts the method of case analysis, discusses and explores the influence of financing constraints on R & D investment through the analysis of Company A, and combines the theoretical research with practical cases to analyze the financing constraints of different channels and the impact on R & D investment. The main content of this paper is divided into four parts: the first part mainly expounds the research background, the purpose and significance of the topic selection, and the literature research on the influence of related financing constraints on R & D investment. The second part is the case introduction, this paper selects A company of power electronics industry as a case, focusing on the current situation of the industry and the basic situation of A company. From the point of view of cash flow, it is found that the financing constraints of Company A are more serious, and the intensity of R & D investment is lower than that of the industry level, and the financing constraints limit the growth of R & D investment. In the third part, according to the problems found in the case introduction, through the in-depth analysis of this chapter, the influence of financing constraints on R & D investment of Company A is studied in different channels, and compared with the excellent performance of the industry. It is found that the financing constraint of Company A limits the investment of R & D investment, which is caused by the following reasons: firstly, endogenous financing is the main source of the company's sustainable R & D investment, and the poor management of Company A leads to the serious restriction of the endogenous financing of R & D; Secondly, the debt financing constraint is too strong, company A basically does not exist long-term borrowing, mainly short-term financing to support business activities rather than R & D investment; Then, equity financing is the second choice of R & D investment funds after internal financing, the capital raised after listing is basically used up, the performance of enterprises is not good enough to meet the requirements of capital increase and stock expansion. Finally, after comparing the impact of the overall financing constraints of Company A on R & D investment and Inviton, it is found that the poor financial management of R & D investment after financing in Company A is the important reason, and the R & D efficiency is not high. Then also drag on the progress of enterprise innovation and market share. The fourth part is the case enlightenment, the case analysis of Company A can reflect the general phenomenon that may appear in the whole industry. In view of the problem of RD financing constraint existing in other high-tech enterprises, such as power electronics industry: on the one hand, We should make great efforts to promote the innovation of enterprise financing mode and encourage enterprises to "hold a group" of financing to alleviate the financing constraints. On the other hand, R & D investment activities should be established as the strategic core of enterprises; finally, strengthening the financial management of R & D investment is an important management measure to ease financing constraints.
【學位授予單位】：華南理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.6;F406.7;F273.1

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