發(fā)布時間：2020-12-19 07:24

　　研究和開發(fā)在創(chuàng)新過程中起至關重要的作用。它本質(zhì)上是對技術(shù)和未來的投資,這些投資能夠轉(zhuǎn)化為新產(chǎn)品、新工藝和新服務。研發(fā)投資為什么是重要的呢?答案是研發(fā)投資使企業(yè)能夠擁有競爭優(yōu)勢。在工業(yè)和技術(shù)領域,研發(fā)是創(chuàng)新的重要組成部分,也是發(fā)展新的競爭優(yōu)勢的關鍵因素。多項研究發(fā)現(xiàn),所有企業(yè)都希望具有創(chuàng)新精神。一項調(diào)查發(fā)現(xiàn),近90%的企業(yè)認為創(chuàng)新是本公司的首要任務。結(jié)論是,創(chuàng)新的重要性不斷提高,而且創(chuàng)新的重要性也明顯地增加。在當今經(jīng)濟形勢下,創(chuàng)新性已成為影響戰(zhàn)略規(guī)劃的重要因素。人們已經(jīng)認識到,創(chuàng)新導致財富的創(chuàng)造。盡管效率對企業(yè)成功至關重要,但從長遠來看,它無法維持企業(yè)的增長。此外,投資當中上市公司還應該考慮到公司的股利政策,因為鼓勵政策也會影響投資。現(xiàn)代企業(yè)財務理論認為,企業(yè)的投資決策和股利決策是相互關聯(lián)的:由于市場信息不對稱的出現(xiàn)及內(nèi)部資源的限制,投資與股利之間存在競爭。選擇最優(yōu)的投資水平,公司能夠以外部融資支付任何水平的股利�？傊�,正如前面提到的,創(chuàng)新對于公司的發(fā)展是非常重要的,研究與開發(fā)投資作為企業(yè)創(chuàng)新機會的反映,正成為研究的重要課題。此外,對于上市公司來說,投資、股利和外部融資（以財務杠桿表示）... 

【文章來源】：哈爾濱工業(yè)大學黑龍江省 211工程院校 985工程院校

【文章頁數(shù)】：87 頁

【學位級別】：碩士

【文章目錄】：
Abstract
詳細摘要
Chapter 1 Introduction
    1.1 Research background
    1.2 Objectives and significance of the research
        1.2.1 Objectives
        1.2.2 Significance of the research
    1.3 Literature review
        1.3.1 Dividend Payout and its effect on R&D Investment
        1.3.2 Leverage and its effect on R&D Investment
        1.3.3 Comments on literature review
    1.4 Main research content and basic study methods
        1.4.1 Main research content
        1.4.2 Basic study methods
        1.4.3 Research technology roadmap
Chapter 2 Theoretical analysis and hypotheses development
    2.1 Theoretical basis description
    2.2 The link between Dividends and R&D Investment
        2.2.1 Dividend and Payout Policy
        2.2.2 The effect of Dividend Payout on R&D Investment
    2.3 The link between Leverage and R&D Investment
        2.3.1 Concept of Leverage
        2.3.2 Sources and forms of innovation financing
        2.3.3 The effect of Leverage on R&D Investment
    2.4 The moderating role of Leverage
        2.4.1 The moderating role of Short-term Leverage
        2.4.2 The moderating role of Long-term Leverage
    2.5 Chapter summary
Chapter 3 Research design
    3.1 Data collection
    3.2 Variables
    3.3 Measurement
        3.3.1 Measurement of firm’s Leverage
        3.3.2 Measurement of Dividend Payout
        3.3.3 Measurement of R&D Investment
    3.4 Data analysis
        3.4.1 Descriptive statistics
        3.4.2 Correlation analysis
        3.4.3 Moderated regression analysis
    3.5 Discussion
    3.6 Robustness test
    3.7 Chapter summary
Chapter 4 Recommendations and suggestions for Joint-stock companies onusing Financial Leverage in R&D Investment
    4.1 Optimal Use of Financial Leverage
        4.1.1 Optimal Use of Short-term Leverage
        4.1.2 Optimal Use of Long-term Leverage
        4.1.3 Summary of recommendations on using Financial Leverage
    4.2 Develop Effective Dividend Policy
        4.2.1 Optimize Dividend Payments
        4.2.2 Criteria of Effective Dividend Policy
    4.3 Effective organize of R&D Investment
        4.3.1 Solve a problem of Financing R&D Investment
        4.3.2 Solve a problem of R&D Investment Management
    4.4 Chapter summary
Conclusion
結(jié)論
References
Acknowledgements



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