發(fā)布時(shí)間：2018-01-13 10:29

  本文關(guān)鍵詞：基于企業(yè)生命周期的融資約束對(duì)研發(fā)投入影響研究　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 融資約束 研發(fā)投入 企業(yè)生命周期

【摘要】：在市場(chǎng)競(jìng)爭(zhēng)日趨白熱化的今天,科學(xué)技術(shù)創(chuàng)新已經(jīng)成為每個(gè)企業(yè)甚至每個(gè)國(guó)家提升競(jìng)爭(zhēng)力的強(qiáng)有力因素。研究與開發(fā)作為創(chuàng)新不可忽視的途徑,對(duì)于推動(dòng)國(guó)家技術(shù)進(jìn)步和經(jīng)濟(jì)增長(zhǎng)有至關(guān)重要的作用。在成本優(yōu)勢(shì)成為歷史的現(xiàn)實(shí)背景下,我國(guó)企業(yè)提供的產(chǎn)品和服務(wù)想要繼續(xù)保持競(jìng)爭(zhēng)優(yōu)勢(shì),只能在科技含量和技術(shù)水平上做文章,依托創(chuàng)新增加產(chǎn)品附加值。對(duì)高附加值進(jìn)行收割就是企業(yè)作為科技創(chuàng)新主體的最直接驅(qū)動(dòng)力,企業(yè)在科技創(chuàng)新路徑上的探索具體表現(xiàn)為研究與開發(fā)的過(guò)程。研究與開發(fā)不能缺少資源的支持,然而與諸發(fā)達(dá)國(guó)家相比,近些年我國(guó)企業(yè)的研發(fā)投入水平雖然有所增長(zhǎng)但仍然沒(méi)有達(dá)到平均標(biāo)準(zhǔn)。投入資金的數(shù)量和來(lái)源是企業(yè)面臨的首要問(wèn)題,也就是融資約束對(duì)企業(yè)研發(fā)投入的影響問(wèn)題。國(guó)內(nèi)相關(guān)研究集中于融資約束對(duì)一般性投資的抑制,而對(duì)研發(fā)投入這一細(xì)分內(nèi)容并沒(méi)有太多跟進(jìn)。據(jù)此,研究融資約束對(duì)企業(yè)研發(fā)投入的影響,并進(jìn)一步從企業(yè)生命周期的視角動(dòng)態(tài)研究這種影響的變化顯得尤為重要。在掌握國(guó)內(nèi)外關(guān)于企業(yè)生命周期、融資約束與研發(fā)投入的相關(guān)文獻(xiàn)的此基礎(chǔ)上,確定了研究的方向與重心。首先對(duì)相關(guān)概念進(jìn)行了界定,探討了企業(yè)不同生命周期、融資約束和研發(fā)投入的特征,并對(duì)研究涉及的相關(guān)理論基礎(chǔ)進(jìn)行闡述。其次從理論層面對(duì)研發(fā)活動(dòng)的融資體系、融資困境以及融資約束對(duì)研發(fā)投入的影響進(jìn)行分析,并比較不同生命周期融資約束對(duì)研發(fā)投入的影響程度。設(shè)計(jì)相應(yīng)的模型檢驗(yàn)融資約束的存在性、融資約束對(duì)研發(fā)投入的影響以及處于成長(zhǎng)期和成熟期的企業(yè)研發(fā)投入融資約束的差異。再次,基于我國(guó)的市場(chǎng)環(huán)境,選取在滬深兩市的1144家上市企業(yè)2013至2015年的觀測(cè)數(shù)據(jù)進(jìn)行了實(shí)證分析。實(shí)證結(jié)果顯示,融資約束廣泛出現(xiàn)在我國(guó)上市公司當(dāng)中;融資約束對(duì)處于成長(zhǎng)期企業(yè)比成熟期對(duì)研發(fā)投入影響更為嚴(yán)重。最后從企業(yè)微觀經(jīng)營(yíng)和政府宏觀調(diào)控層面提出建議,包括加強(qiáng)企業(yè)資本積累提高研發(fā)投入潛力、完善服務(wù)于研發(fā)投入的多元融資市場(chǎng)、完善與研發(fā)項(xiàng)目相關(guān)的信息披露機(jī)制。旨在緩解我國(guó)企業(yè)進(jìn)行研發(fā)活動(dòng)時(shí)面臨的融資約束問(wèn)題,為加快推進(jìn)供給側(cè)改革提供強(qiáng)有力的技術(shù)后盾。
[Abstract]:With the increasingly fierce competition in the market, scientific and technological innovation has become a powerful factor for every enterprise or even every country to enhance their competitiveness. Research and development can not be ignored as a way of innovation. It plays an important role in promoting national technological progress and economic growth. Under the background that cost advantage becomes a historical reality, the products and services provided by Chinese enterprises want to continue to maintain competitive advantage. Only in the scientific and technological content and technology level, relying on innovation to increase the added value of products. Harvesting the high value-added is the most direct driving force for enterprises as the main body of scientific and technological innovation. The research and development of enterprises in the scientific and technological innovation path is the process of research and development. Research and development can not lack the support of resources, but compared with the developed countries. In recent years, the level of R & D investment in Chinese enterprises has increased, but still not up to the average standard. The amount and source of investment is the most important problem faced by enterprises. This is the impact of financing constraints on corporate R & D investment. Domestic research focuses on the constraints of financing constraints on the general investment inhibition, but on R & D investment this subdivision content is not too much follow-up. It is particularly important to study the impact of financing constraints on R & D investment, and to study the dynamic changes of this impact from the perspective of enterprise life cycle. On the basis of the related literature on financing constraints and R & D investment, the research direction and center of gravity are determined. Firstly, the related concepts are defined, and the characteristics of different life cycle, financing constraints and R & D investment of enterprises are discussed. And related to the theoretical basis of the study is expounded. Secondly, from the theoretical level of R & D financing system, financing difficulties and financing constraints on the impact of R & D investment are analyzed. And compare the impact of different life cycle financing constraints on R & D investment. Design the corresponding model to verify the existence of financing constraints. The impact of financing constraints on R & D investment and the differences between the financial constraints of R & D investment of enterprises in the growing and mature stages. Thirdly, based on the market environment in China. The observation data of 1144 listed companies from 2013 to 2015 in Shanghai and Shenzhen stock markets are selected for empirical analysis. The empirical results show that financing constraints are widely used in listed companies in China. Financing constraints have a more serious impact on R & D input in the growing period than in the mature period. Finally, suggestions are put forward from the micro level of enterprises and government macro-control, including strengthening the capital accumulation of enterprises to improve the R & D investment potential. Improve the diversified financing market which serves R & D investment, perfect the information disclosure mechanism related to R & D projects, in order to alleviate the financing constraints faced by Chinese enterprises in R & D activities. To speed up the promotion of supply-side reform to provide a strong technical backing.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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