本文選題：創(chuàng)業(yè)板上市公司　切入點：融資約束　出處：《天津大學》2014年碩士論文　論文類型：學位論文

【摘要】：改革開放以來,伴隨著社會主義市場經(jīng)濟的繁榮,我國中小企業(yè)發(fā)展迅速中小企業(yè)不僅對經(jīng)濟增長和增加就業(yè)作出了重要貢獻，在技術(shù)創(chuàng)新領域也成就卓著因此如何提高中小企業(yè)的技術(shù)創(chuàng)新能力成為了建設創(chuàng)新型國家的關鍵然而中小企業(yè)的技術(shù)創(chuàng)新能力卻受著諸多因素的制約，其中最為顯著的為融資因素目前我國中小企業(yè)融資普遍面臨融資渠道單一融資難的問題，導致我國中小企業(yè)的融資結(jié)構(gòu)不合理，融資約束程度較高，嚴重制約技術(shù)創(chuàng)新能力的提升因此，在中小企業(yè)研發(fā)效率低下的背景下，對中小企業(yè)的融資現(xiàn)狀與研發(fā)效率的關系開展研究，，具有較大的現(xiàn)實意義 本文在綜述國內(nèi)外有關融資因素對研發(fā)效率的理論和研究成果的基礎上，針對目前研究所存在的問題，以2009-2012年四年為研究區(qū)間，選擇深證證券交易所創(chuàng)業(yè)板上市公司為研究樣本從創(chuàng)業(yè)板企業(yè)目前融資現(xiàn)狀存在的兩大問題即融資約束和融資結(jié)構(gòu)出發(fā)，首先分析了融資約束形成的機理和融資約束對研發(fā)效率的影響機制以及融資結(jié)構(gòu)對研發(fā)效率的影響機制，在研發(fā)效率的定義中根據(jù)企業(yè)研發(fā)活動價值實現(xiàn)的路徑，開創(chuàng)性的將研發(fā)效率分為了技術(shù)效率經(jīng)濟效率和綜合效率三個效率值然后在理論分析的基礎上結(jié)合實證研究，分別運用Logistic模型和DEA模型合理構(gòu)建衡量融資約束和研發(fā)效率指數(shù)，運用SPSS18實證檢驗了融資約束與研發(fā)效率和融資結(jié)構(gòu)與研發(fā)效率的關系結(jié)果顯示融資約束對中小企業(yè)的技術(shù)效率和綜合效率均呈正相關關系，而與經(jīng)濟效率呈負相關關系融資結(jié)構(gòu)對研發(fā)效率的影響較為復雜，不同來源的融資對三種效率值的影響差異較大，但從總體上看內(nèi)源融資對研發(fā)效率的正向影響較為顯著 根據(jù)實證研究結(jié)果，結(jié)合目前創(chuàng)業(yè)板中小企業(yè)融資現(xiàn)狀和研究中發(fā)現(xiàn)的問題，基于改善中小企業(yè)的融資現(xiàn)狀，提高中小企業(yè)的研發(fā)效率的目的，從中小企業(yè)自身政府銀行等金融部門三個層面提出了一些較為可行的政策建議
[Abstract]:Since the reform and opening up, with the prosperity of the socialist market economy, the rapid development of small and medium-sized enterprises in China has not only made an important contribution to economic growth and increase employment. In the field of technological innovation, great achievements have been made. Therefore, how to improve the technological innovation ability of small and medium-sized enterprises has become the key to building an innovative country. However, the technological innovation ability of small and medium-sized enterprises is restricted by many factors. Among them, the most significant factor is financing. At present, SMEs in our country generally face the problem of single financing channel, which leads to the unreasonable financing structure of SMEs and the high degree of financing constraints. Therefore, under the background of low R & D efficiency of SMEs, it is of great practical significance to study the relationship between financing status and R & D efficiency of SMEs. On the basis of summarizing the theories and research results of financing factors on R & D efficiency at home and abroad, and aiming at the problems existing in the present research, this paper takes the four years of 2009-2012 as the research interval. Selecting the listed companies on the gem of Shenzhen Stock Exchange as the research sample, starting from the two major problems existing in the current financing situation of the gem enterprises, that is, the financing constraints and the financing structure. Firstly, it analyzes the formation mechanism of financing constraint, the influence mechanism of financing constraint on R & D efficiency and the influence mechanism of financing structure on R D efficiency. The innovative research and development efficiency is divided into three efficiency values: technical efficiency, economic efficiency and comprehensive efficiency. Based on the theoretical analysis and empirical research, the Logistic model and the DEA model are used to reasonably construct the index of financing constraints and R & D efficiency. Using SPSS18 to test the relationship between financing constraints and R & D efficiency and financing structure and R D efficiency. The results show that financing constraints have positive correlation with technical efficiency and comprehensive efficiency of SMEs. However, the influence of financing structure on R & D efficiency is more complex, and the influence of financing from different sources on the efficiency of R & D is quite different, but the positive effect of endogenous financing on R & D efficiency is significant in general. According to the empirical research results, combined with the current financing status of SMEs and the problems found in the research, based on the purpose of improving the financing status of SMEs, improving the efficiency of research and development of SMEs. This paper puts forward some feasible policy suggestions from three aspects of the financial sector, such as the small and medium-sized enterprises' own government banks and so on.
【學位授予單位】：天津大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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