發(fā)布時間：2018-06-29 08:12

  本文選題：融資約束 + 投資-現(xiàn)金流敏感性��； 參考：《延邊大學(xué)》2017年碩士論文

【摘要】：新世紀(jì)的今天,以IT為代表的的一個大數(shù)據(jù)產(chǎn)業(yè)快速的發(fā)展著,推動了一個國家的經(jīng)濟(jì)發(fā)展,催生了全球一系列產(chǎn)業(yè)結(jié)構(gòu)轉(zhuǎn)型和優(yōu)化,對目前我國長遠(yuǎn)經(jīng)濟(jì)發(fā)展有深遠(yuǎn)的影響。從IT技術(shù)的產(chǎn)生到持續(xù)升級,這項技術(shù)促進(jìn)了生產(chǎn)要素的軟硬件的結(jié)合,傳統(tǒng)生產(chǎn)與現(xiàn)代服務(wù)相結(jié)合,線下實體經(jīng)濟(jì)與線上互聯(lián)網(wǎng)經(jīng)濟(jì)相結(jié)合,驅(qū)動經(jīng)濟(jì)社會全速前進(jìn)。以往企業(yè)發(fā)展依靠的初級生產(chǎn)資料物資,現(xiàn)代企業(yè)的核心競爭力是研發(fā)創(chuàng)新技術(shù),IT產(chǎn)業(yè)引領(lǐng)著時代發(fā)展的方向,各項計算機(jī)技術(shù)的廣泛運用,使得大數(shù)據(jù)時代各項信息化為企業(yè)的發(fā)展資源和優(yōu)勢,優(yōu)化了市場中的各項資源配置,推動我國企業(yè)從制造者轉(zhuǎn)變?yōu)檠邪l(fā)者,提高各類企業(yè)勞動生產(chǎn)率和社會各項資源運行效率。21世紀(jì)的今天,與IT行業(yè)發(fā)展類似,創(chuàng)新研發(fā)已然成為一個國家發(fā)展的頭號重要任務(wù),這個結(jié)論在各大發(fā)達(dá)國家逐步得到論證,我國研發(fā)創(chuàng)新力度自1978年開始迅速發(fā)展,截止到本文研究數(shù)據(jù)搜集時2015年企業(yè)研發(fā)支出金額占整個國家研發(fā)支出總額的70%以上,市場經(jīng)濟(jì)的參加者企業(yè)作為經(jīng)濟(jì)發(fā)展的帶動者和主力軍,在我國得到充分的驗證和肯定。企業(yè)融資渠道是影響一個企業(yè)研發(fā)支出投資的非常重要的因素,本文用上市公司財務(wù)樣本,研究近五年內(nèi)IT行業(yè)研發(fā)支出受融資約束的影響,分析融資約束的存在形式,對研發(fā)投資的影響程度。本文選取2010年-2015年主板A股剔除主板B股,在主板的基礎(chǔ)上增加了新成立的創(chuàng)業(yè)板、以及占有重要地位的中小企業(yè)板的IT類上市公司作為樣本,采用文獻(xiàn)研究和實證研究的方法探索以IT為代表的信息技術(shù)產(chǎn)業(yè)是否存在融資約束問題,并在此基礎(chǔ)上討論研發(fā)支出投資和現(xiàn)金持有量之間的關(guān)系。研究結(jié)果表明:(1)中國的IT行業(yè)上市公司存在一定程度的融資約束,從而限制了該行業(yè)的研發(fā)支出投資;(2)目前中國的IT行業(yè)上市公司因研發(fā)投資需要資金,一定限制條件下無法獲得貸款融資,研發(fā)支出所需投資首先選擇內(nèi)部留存現(xiàn)金,其次選擇資本成本相對較大的股權(quán)融資;(3)規(guī)模較大的公司有更強(qiáng)的融資能力、現(xiàn)金持有能力來應(yīng)對融資約束問題,因而相對規(guī)模較小的公司融資約束問題較小;(4)研發(fā)支出所需資金額度較大,因研發(fā)而產(chǎn)生投資時選擇自由現(xiàn)金而不是外部融資,且有研究顯示,持有現(xiàn)金越多,研發(fā)支出相對投入越大。這說明現(xiàn)金持有行為可以減輕企業(yè)的融資約束問題。
[Abstract]:In the new century, a large data industry, represented by IT, is developing rapidly, promoting the economic development of a country, promoting the transformation and optimization of a series of industrial structures in the world, and having a far-reaching impact on the long-term economic development of our country. From the emergence of IT technology to continued upgrading, this technology has promoted the hard and soft factors of production. The combination of parts, the combination of traditional production and modern service, the combination of the real economy under the line and the online Internet economy, drive the economy and society to advance at full speed. The core competitiveness of the modern enterprise is the R & D innovation technology, the IT industry leads the direction of the development of the times, and the various computer technologies. The extensive use of it makes the information of the big data age the development resources and advantages of the enterprise, optimizes the allocation of various resources in the market, promotes the transformation of our enterprises from the manufacturer to the R & D, and improves the labor productivity of all kinds of enterprises and the operation efficiency of various social resources in the.21 period. It is similar to the development of the IT industry, and has been innovating research and development. It has become one of the most important tasks for the development of a country. This conclusion is gradually demonstrated in the developed countries. Our R & D innovation has developed rapidly since 1978. The amount of R & D expenditure in 2015 is more than 70% of the total R & D expenditure of the whole country and the participants in the market economy. As the driver and main force of the economic development, it is fully verified and affirmed in China. The financing channel of the enterprise is a very important factor affecting the investment of an enterprise's R & D expenditure. This paper uses the listed company's financial samples to study the impact of the IT industry's R & D expenditure on the financing constraints in the last five years, and analyzes the existence form of the financing constraints. In this paper, the impact degree of R & D investment is selected. In this paper, we select the A shares of the main board in -2015 in 2010, and add the new gem on the basis of the main board, as well as the IT listed companies which occupy the important position of small and medium enterprise board as samples, and explore the information technology industry represented by IT by literature research and empirical research. On the basis of the problem of financing constraints, the relationship between R & D investment and cash holdings is discussed. The results show that: (1) there is a certain degree of financing constraints in China's IT listed companies, which restricts the investment in R & D expenditure in this industry; (2) the listed companies in China need funds for R & D investment, Under certain restrictive conditions, the loan financing can not be obtained. The investment required by the R & D expenditure is first selected as the internal retained cash, and secondly, the equity financing is relatively large in the capital cost; (3) the larger companies have stronger financing ability and cash holding ability to deal with the financing constraints, so the relatively small corporate financing constraints are relatively small. Less; (4) the amount of funds required for R & D expenditure is larger than that of external financing because of R & D investment, and there is a study showing that the more the cash is, the greater the investment in R & D expenditure. This shows that the cash holding behavior can reduce the problem of the financing of enterprises.
【學(xué)位授予單位】：延邊大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F49

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