發(fā)布時(shí)間：2018-03-29 14:00

  本文選題：創(chuàng)新戰(zhàn)略　切入點(diǎn)：資本結(jié)構(gòu)　出處：《湘潭大學(xué)》2013年碩士論文

【摘要】：創(chuàng)業(yè)板開板三年，集聚了355家上市公司，93.24%為高新技術(shù)企業(yè)，這些企業(yè)都有較大研發(fā)支出。借鑒于產(chǎn)業(yè)經(jīng)濟(jì)學(xué)SCP（結(jié)構(gòu)－行為－績(jī)效）范式研究思路，論文建立起“創(chuàng)新戰(zhàn)略－資本結(jié)構(gòu)－企業(yè)績(jī)效”的研究模型，選取創(chuàng)業(yè)板符合條件的329家高新技術(shù)企業(yè)的非平衡面板數(shù)據(jù)進(jìn)行實(shí)證研究，試圖論證研發(fā)支出如何通過資本結(jié)構(gòu)影響企業(yè)績(jī)效。 論文首先簡(jiǎn)要地介紹了選題背景、意義等基本信息，并對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行梳理。然后，依次對(duì)相關(guān)理論進(jìn)行闡述，在此基礎(chǔ)上建立起“創(chuàng)新戰(zhàn)略－資本結(jié)構(gòu)－企業(yè)績(jī)效”的理論框架：從資產(chǎn)專用性和現(xiàn)金流兩個(gè)方面解釋負(fù)債水平隨創(chuàng)新戰(zhàn)略的推進(jìn)而下降的原因；從負(fù)債的直接影響和間接影響兩個(gè)角度分析資本結(jié)構(gòu)與企業(yè)績(jī)效的正相關(guān)關(guān)系；而隨研發(fā)支出的增加，研發(fā)強(qiáng)度與資產(chǎn)負(fù)債率的交互作用對(duì)企業(yè)績(jī)效的正效應(yīng)會(huì)增大。緊接著，利用樣本數(shù)據(jù)進(jìn)行實(shí)證分析，以檢驗(yàn)理論框架：對(duì)變量的數(shù)據(jù)特性進(jìn)行描述性統(tǒng)計(jì)分析，概述了創(chuàng)業(yè)板高新技術(shù)企業(yè)的特征；選擇企業(yè)績(jī)效評(píng)價(jià)指標(biāo)體系，使用因子分析方法提取公因子，對(duì)公因子加權(quán)平均得到企業(yè)績(jī)效的綜合評(píng)價(jià)；利用固定效應(yīng)模型回歸方法分別對(duì)創(chuàng)新變量與資本結(jié)構(gòu)變量、資本結(jié)構(gòu)變量與企業(yè)績(jī)效變量、交互變量與企業(yè)績(jī)效變量進(jìn)行多元線性回歸。最后，根據(jù)實(shí)證結(jié)果總結(jié)研究結(jié)論，并有針對(duì)性提出一些對(duì)策建議。 實(shí)證研究表明，我國(guó)創(chuàng)業(yè)板高新技術(shù)企業(yè)創(chuàng)新強(qiáng)度與資產(chǎn)負(fù)債水平反相關(guān)，資產(chǎn)負(fù)債率與企業(yè)績(jī)效正相關(guān)，，而創(chuàng)新強(qiáng)度與資產(chǎn)負(fù)債率的交互作用對(duì)企業(yè)績(jī)效的作用不明顯，從而創(chuàng)新對(duì)企業(yè)績(jī)效的影響不顯著。從四個(gè)角度對(duì)創(chuàng)新與企業(yè)績(jī)效的不顯著關(guān)系進(jìn)行解釋：（1）創(chuàng)新投入對(duì)績(jī)效的影響有滯后性；（2）資本結(jié)構(gòu)不合理制約著研發(fā)投入對(duì)企業(yè)績(jī)效的正效應(yīng)；（3）創(chuàng)業(yè)板中小企業(yè)的創(chuàng)新商品化能力不強(qiáng)；（4）部分企業(yè)為政策優(yōu)惠而申請(qǐng)高新技術(shù)企業(yè)資質(zhì)，并非真正的創(chuàng)新企業(yè)。在此基礎(chǔ)上提了三個(gè)建議：完善創(chuàng)新機(jī)制，真正發(fā)揮研發(fā)投入的作用；企業(yè)與金融機(jī)構(gòu)雙方共同努力以期企業(yè)更多地負(fù)債融資，優(yōu)化資本結(jié)構(gòu)；增強(qiáng)新產(chǎn)品商品化能力。
[Abstract]:During the three years of gem opening, 355 listed companies (93.24%) are high-tech enterprises, all of which have large R & D expenditure. This paper draws lessons from the SCP- (Structure-Behavioral-performance) paradigm of industrial economics. This paper establishes the research model of "innovation strategy-capital structure-enterprise performance", and selects the non-equilibrium panel data of 329 high-tech enterprises that meet the requirements of the gem for empirical research. This paper attempts to demonstrate how R & D expenditure affects firm performance through capital structure. Firstly, the paper briefly introduces the background, significance and other basic information of the topic, and combs the relevant literature at home and abroad. On this basis, the theoretical framework of "innovation strategy-capital structure-enterprise performance" has been established: explain the reason why the debt level decreases with the promotion of innovation strategy from two aspects of asset specificity and cash flow; This paper analyzes the positive correlation between capital structure and enterprise performance from the perspective of direct and indirect influence of liabilities, and the positive effect of the interaction between R & D intensity and asset-liability ratio on enterprise performance increases with the increase of R & D expenditure. Using sample data for empirical analysis, to test the theoretical framework: descriptive statistical analysis of the data characteristics of variables, summarized the characteristics of high-tech enterprises in gem, select the performance evaluation index system of enterprises, Using factor analysis method to extract common factors, weighted average of common factors to obtain the comprehensive evaluation of corporate performance, using fixed effect model regression method to analyze innovation variables and capital structure variables, capital structure variables and firm performance variables, respectively. Finally, the conclusions are summarized according to the empirical results, and some countermeasures and suggestions are put forward. The empirical study shows that the innovation intensity of high and new technology enterprises in gem is inversely related to the level of assets and liabilities, and the ratio of assets to liabilities is positively related to enterprise performance, while the interaction of innovation intensity and asset-liability ratio has no obvious effect on enterprise performance. Therefore, the impact of innovation on enterprise performance is not significant. Explain the relationship between innovation and firm performance from four angles. (1) the impact of innovation investment on performance is lagging. 2) unreasonable capital structure restricts R & D investment. The positive effect of Enterprise performance (3) the ability of small and medium-sized enterprises to innovate and commercialize on the gem is not strong. 4) some enterprises apply for the qualifications of high-tech enterprises for preferential policies. On the basis of this, three suggestions are put forward: perfecting the innovation mechanism, giving full play to the role of R & D investment, making joint efforts between enterprises and financial institutions in order to increase debt financing and optimize capital structure; Enhance the commercialization capacity of new products.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F276.44;F832.51;F275

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王娟,楊鳳林;中國(guó)上市公司資本結(jié)構(gòu)影響因素的最新研究[J];國(guó)際金融研究;2002年08期

2 王任飛;創(chuàng)新型戰(zhàn)略企業(yè)的資本結(jié)構(gòu)選擇[J];管理學(xué)報(bào);2004年03期

3 李穎;;商業(yè)銀行中小企業(yè)貸款業(yè)務(wù)中的金融服務(wù)創(chuàng)新[J];經(jīng)營(yíng)管理者;2009年15期

4 肖作平;上市公司資本結(jié)構(gòu)與公司績(jī)效互動(dòng)關(guān)系實(shí)證研究[J];管理科學(xué);2005年03期

5 姚福喜;呂江輝;;企業(yè)技術(shù)創(chuàng)新能力的衡量[J];經(jīng)濟(jì)問題;2008年04期

6 毛英;趙紅;;基于EVA我國(guó)上市公司資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效關(guān)系的實(shí)證研究[J];經(jīng)濟(jì)問題;2010年05期

7 曾蕾;金余泉;;高新技術(shù)上市公司科技開發(fā)支出與其資本結(jié)構(gòu)的相關(guān)性研究[J];技術(shù)經(jīng)濟(jì);2011年08期

8 李強(qiáng),黃國(guó)良;動(dòng)態(tài)環(huán)境下創(chuàng)新戰(zhàn)略與資本結(jié)構(gòu)關(guān)系分析——來(lái)自能源上市公司的證據(jù)[J];科技管理研究;2005年09期

9 陸正飛,辛宇;上市公司資本結(jié)構(gòu)主要影響因素之實(shí)證研究[J];會(huì)計(jì)研究;1998年08期

10 張自巧;;資本結(jié)構(gòu)與績(jī)效關(guān)系的實(shí)證研究——關(guān)于能源行業(yè)上市公司的分析[J];會(huì)計(jì)之友(下旬刊);2007年07期

本文編號(hào)：1681439