本文選題：多層次資本市場(chǎng)　切入點(diǎn)：戰(zhàn)略性新興產(chǎn)業(yè)　出處：《上海交通大學(xué)》2015年博士論文

【摘要】：本文研究了中國(guó)多層次資本市場(chǎng)環(huán)境對(duì)戰(zhàn)略性新興產(chǎn)業(yè)研發(fā)活動(dòng)的影響機(jī)制。資本市場(chǎng)作為戰(zhàn)略性新興產(chǎn)業(yè)發(fā)展的重要環(huán)境因素,對(duì)研發(fā)活動(dòng)是如何起作用的?當(dāng)前中國(guó)的多層次資本市場(chǎng)環(huán)境下,這種影響機(jī)制的作用情況如何?本文通過(guò)理論推衍和實(shí)證分析對(duì)這兩方面的內(nèi)容進(jìn)行了研究。本文先對(duì)戰(zhàn)略性新興產(chǎn)業(yè)的演化發(fā)展情況、研發(fā)活動(dòng)及其主要特征等進(jìn)行考察,進(jìn)而基于研發(fā)投入產(chǎn)出函數(shù)指出研發(fā)活動(dòng)的兩種投入要素——資金要素和人才要素;隨后重點(diǎn)分析資本市場(chǎng)對(duì)研發(fā)活動(dòng)的影響機(jī)制,建立理論分析模型“要素作用模型”及其引申模型。模型建立之后,本文設(shè)計(jì)了三部分實(shí)證分析內(nèi)容:特定行業(yè)的案例分析,基于上市公司數(shù)據(jù)的經(jīng)驗(yàn)分析,以及國(guó)際情況對(duì)比研究。最后,本文對(duì)研究?jī)?nèi)容進(jìn)行了總結(jié)并提出建議。論文的主要內(nèi)容和結(jié)論包括:(1)基于研發(fā)投入產(chǎn)出函數(shù)理論和研發(fā)投入要素分析,提出了資本市場(chǎng)對(duì)企業(yè)研發(fā)活動(dòng)的作用機(jī)制模型:“要素作用模型”。在模型中,本文詳細(xì)探討了資本市場(chǎng)通過(guò)融資促進(jìn)和人才激勵(lì)兩種作用機(jī)制影響企業(yè)研發(fā)活動(dòng)的情況,分別在資金約束和股權(quán)激勵(lì)約束條件下分析了企業(yè)的最優(yōu)研發(fā)決策問(wèn)題。在理論分析基礎(chǔ)之上,本文還采用實(shí)證研究對(duì)理論模型的結(jié)論進(jìn)行了驗(yàn)證。本文基于中國(guó)戰(zhàn)略性新興產(chǎn)業(yè)上市公司的數(shù)據(jù)研究顯示,企業(yè)的研發(fā)投資對(duì)融資渠道和現(xiàn)金流水平的依賴關(guān)系表明企業(yè)的研發(fā)投資的確具有融資約束現(xiàn)象,而中小板和創(chuàng)業(yè)板的設(shè)立對(duì)緩解企業(yè)融資約束狀況有一定的積極作用;研發(fā)投資與股權(quán)激勵(lì)的經(jīng)驗(yàn)數(shù)據(jù)分析表明,有高管股權(quán)激勵(lì)的企業(yè)的確有更高的研發(fā)投資,從而說(shuō)明資本市場(chǎng)上的股權(quán)激勵(lì)機(jī)制的確是有效的,對(duì)研發(fā)投資具有促進(jìn)作用。(2)本文在研發(fā)投資決策模型的基礎(chǔ)上對(duì)多研發(fā)主體的研發(fā)決策問(wèn)題進(jìn)行了引申,采用合作博弈分析方法,解釋了研發(fā)網(wǎng)絡(luò)的形成機(jī)制和利益分配問(wèn)題,為企業(yè)研發(fā)網(wǎng)絡(luò)理論提出了新的研究視角。在于研發(fā)網(wǎng)絡(luò)的形成機(jī)制方面,本文構(gòu)建了一個(gè)網(wǎng)絡(luò)嵌入博弈模型來(lái)刻畫新成員參與到原研發(fā)網(wǎng)絡(luò)過(guò)程中的博弈關(guān)系,引入新成員的研發(fā)效率、信息不對(duì)稱性、對(duì)新成員的事前信念三個(gè)影響因素,通過(guò)博弈求解分析他們對(duì)網(wǎng)絡(luò)嵌入程度、交易成本兩方面特征的影響。結(jié)果表明,在研發(fā)網(wǎng)絡(luò)的形成過(guò)程中,新成員的研發(fā)效率低下、信息不對(duì)稱都將有損網(wǎng)絡(luò)嵌入程度,并同時(shí)提高新研發(fā)網(wǎng)絡(luò)的交易成本,而對(duì)新成員的事前信念則由于誤信(misplaced-trust)的存在而對(duì)網(wǎng)絡(luò)嵌入程度、交易成本有著不同的影響。在研發(fā)網(wǎng)絡(luò)的利益分配機(jī)制方面,本文基于研發(fā)網(wǎng)絡(luò)節(jié)點(diǎn)企業(yè)的相對(duì)研發(fā)效率,定義了研發(fā)效率系數(shù),進(jìn)而建立了一個(gè)利益分配的研發(fā)效率補(bǔ)償模型,通過(guò)模型求解了該網(wǎng)絡(luò)博弈的核配置要求條件,并基于博弈的平衡性理論討論了效率補(bǔ)償機(jī)制的存在性問(wèn)題。(3)本文對(duì)國(guó)際上主要國(guó)家的戰(zhàn)略性新興產(chǎn)業(yè)發(fā)展情況、產(chǎn)業(yè)發(fā)展的金融環(huán)境特別是資本市場(chǎng)環(huán)境進(jìn)行了比較研究,并基于中國(guó)資本市場(chǎng)的實(shí)證研究結(jié)論分析了中國(guó)當(dāng)前資本市場(chǎng)的發(fā)展機(jī)會(huì)與不足,進(jìn)而對(duì)戰(zhàn)略性新興產(chǎn)業(yè)的發(fā)展以及資本市場(chǎng)的發(fā)展提出了政策建議。在產(chǎn)業(yè)發(fā)展方面,建議在政策制定中應(yīng)充分重視企業(yè)的研發(fā)活動(dòng),重視企業(yè)研發(fā)網(wǎng)絡(luò)的成長(zhǎng)環(huán)境的構(gòu)建。可以在政策制定中考慮鼓勵(lì)和支持境外投資企業(yè)設(shè)立研發(fā)機(jī)構(gòu)以帶動(dòng)國(guó)內(nèi)的技術(shù)創(chuàng)新,支持建立完善的合作研發(fā)機(jī)制,鼓勵(lì)中國(guó)企業(yè)與跨國(guó)公司開(kāi)展研發(fā)合作,同時(shí)加快研發(fā)基礎(chǔ)設(shè)施和服務(wù)體系建設(shè)。在多層次資本市場(chǎng)環(huán)境建設(shè)方面,則應(yīng)該加快構(gòu)建和完善多層次資本市場(chǎng)環(huán)境,以適應(yīng)不同層次企業(yè)的發(fā)展需要;注重發(fā)揮資本市場(chǎng)的融資功能和人才激勵(lì)功能,創(chuàng)新各種金融工具、完善股權(quán)激勵(lì)監(jiān)管政策;同時(shí),充分發(fā)揮市場(chǎng)的信息功能,提高資本市場(chǎng)的有效性,充分發(fā)揮其各項(xiàng)功能。
[Abstract]:This paper studies the influence mechanism of environment Chinese multi-level capital market for research and development of strategic emerging industries. The capital market as the important environmental factors in the development of strategic emerging industries, is how the role of the current research and development activities? China multi-level capital market environment, how to effect this mechanism through theoretical derivation and? An empirical analysis of these two aspects are studied. Firstly, the evolution of strategic emerging industry development situation, investigation research and development activities and main characteristics, and then the two factors research input-output function indicates that the research and development activities, capital and talent based on the elements; then analyzes the influence mechanism of capital market on the R & D activities the establishment of the theoretical analysis, model elements function model and the extended model. After the model, this paper designs three An empirical analysis: analysis of industry specific case, analysis of the data of the listed companies based on the experiences of international and comparative study. Finally, this paper summarize the research contents and put forward some suggestions. The main contents and conclusions of this thesis include: (1) research input-output analysis function theory and R & D investment elements based on the proposed model of mechanism of capital market of enterprise R & D activities: "role model". In the model, this paper discusses the capital market incentive mechanism of two kinds of R & D activities through financing and promoting talents, the optimal decision problem of R & D enterprises respectively in the analysis of capital constraint and incentive constraints. On the basis of theoretical analysis, this paper also uses the theoretical model of the research conclusion is verified. This paper China listed companies based on the strategic emerging industry Research data shows that R & D investment financing channels and cash flow level dependence indicates that the enterprise R & D investment indeed with financing constraints phenomenon, and the establishment of the small board and the gem has certain positive role to alleviate the financing constraints; empirical data of R & D investment and equity incentive analysis shows that the executives equity incentive the companies have higher R & D investment, so that the capital market on the equity incentive mechanism is indeed effective, can promote the development of R & D investment. (2) based on the R & D investment decision model on development decision problem of multi subject research has been extended by the cooperative game analysis method, explains the formation of the mechanism and interest distribution research network, put forward a new perspective for the study of enterprise research and development network theory. In this paper the formation mechanism of the development of the network. To construct a game model to describe the network embeddedness of new members to participate in the game between the original R & D network in the process of introducing new members, the efficiency of research and development, information asymmetry, a new member of the prior beliefs of three factors, through the analysis of their game solving network embeddedness, the two transaction cost characteristics. Results that, in the process of forming research network, R & D efficiency of new members, the information asymmetry will damage the network embeddedness, and increase transaction costs of new R & D network, and advance letter to new members read due to false information (misplaced-trust) the presence of Network Embeddedness, there are different the impact of transaction costs. In the interest distribution mechanism of R & D network, the relative efficiency of research and development based on network node R & D, R & D efficiency coefficient is defined, and then build an interest The efficiency of research and development model of compensation distribution, through the model of the network game's core configuration requirements, and balanced theory based on game theory to discuss the existence problems of the efficiency of the compensation mechanism. (3) the development of the major international strategic emerging industries, industrial development and financial environment especially the capital market environment a comparative study based on the conclusion of the empirical research Chinese capital market analysis development opportunities China current capital market and the lack of development of strategic emerging industry development of the capital market and put forward policy suggestion. In terms of industrial development, suggestions in policy making should pay full attention to the R & D activities, pay attention to the construction of the enterprise R & D network environment for the growth. It can be used in policy consideration to encourage and support overseas investment enterprises to set up R & D institutions to promote domestic technology Technology innovation, support the establishment and perfection of the cooperation mechanism, encourage Chinese enterprises and multinational corporations carry out R & D cooperation, and accelerate the development of infrastructure and service system. In the multi-level capital market environment construction, should accelerate the construction and improvement of the multi-level capital market environment, in order to meet the needs of the development of enterprises at different levels; pay attention to the function of capital market financing and incentive function, the innovation of financial tools, improve the equity incentive regulation policy; at the same time, give full play to the function of market information, improve the efficiency of the capital market, give full play to its functions.

【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2015
【分類號(hào)】：F832.5;F121.3

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