本文選題：高新技術(shù)企業(yè) + 融資約束��； 參考：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：21世紀(jì)的社會是一個科學(xué)技術(shù)高速發(fā)展的社會,隨著高新技術(shù)在各行各業(yè)的廣泛應(yīng)用,人類的生活質(zhì)量和健康水平有了顯著的提升。高新技術(shù)企業(yè)在促進(jìn)國民經(jīng)濟發(fā)展、增強國家綜合實力、改善人民生活中,發(fā)揮著越來越重要的作用。我國一直致力于鼓勵企業(yè)的技術(shù)研發(fā),支持高新技術(shù)企業(yè)的發(fā)展。2016年,修訂后的《高新技術(shù)企業(yè)認(rèn)定管理辦法》開始推行,為規(guī)范高新技術(shù)產(chǎn)業(yè)的發(fā)展、促進(jìn)企業(yè)科技創(chuàng)新提供了重要的政策支持。企業(yè)的發(fā)展離不開資金的支持,資金偏好于投向規(guī)模大、主營業(yè)務(wù)穩(wěn)定的企業(yè),而對規(guī)模小、業(yè)務(wù)不確定性較強的企業(yè)卻顯得非常謹(jǐn)慎。高新技術(shù)企業(yè)普遍具有規(guī)模小、投入成本高、風(fēng)險大的特征,具有很強的不確定性,相對而言更難獲得融資,尤其是銀行的信貸融資。因此,國內(nèi)外許多學(xué)者致力于研究高新技術(shù)企業(yè)的融資約束,試圖為企業(yè)融資約束問題的解決提供一些切實可行的辦法。企業(yè)的政治關(guān)聯(lián)已經(jīng)成為一種普遍現(xiàn)象,經(jīng)濟活動中經(jīng)常出現(xiàn)企業(yè)家積極參與政治活動的事情,比如結(jié)交政府官員,參選人大代表或政協(xié)委員,聘任離職的政府官員等。國內(nèi)外學(xué)者們對這種現(xiàn)象進(jìn)行研究,發(fā)現(xiàn)政治關(guān)聯(lián)對企業(yè)的發(fā)展具有很大的幫助,具體表現(xiàn)在:為企業(yè)提供產(chǎn)權(quán)保護(hù)和項目資源,減少企業(yè)的信息不對稱程度,為企業(yè)提供稅收優(yōu)惠、財政補貼等方面。那么,政治關(guān)聯(lián)能否緩解高新技術(shù)企業(yè)的融資約束呢?如果可以,政治關(guān)聯(lián)緩解高新技術(shù)企業(yè)融資約束的機制又是什么呢?這就是本文研究的主要內(nèi)容。本文的研究樣本為在我國創(chuàng)業(yè)板和中小板上市的高新技術(shù)企業(yè)。高新技術(shù)企業(yè)在IPO政策的引導(dǎo)下,主要都集中在中小板和創(chuàng)業(yè)板上市,占比78%左右,以此為樣本進(jìn)行研究,具有代表性。本文采用現(xiàn)金-現(xiàn)金流敏感性作為融資約束的衡量工具,以企業(yè)董事長和總經(jīng)理的政治背景作為政治關(guān)聯(lián)的代理變量,把政治關(guān)聯(lián)分解為中央型、地方型、代表型和政府部門型四種。首先通過構(gòu)建現(xiàn)金-現(xiàn)金流模型,實證分析我國高新技術(shù)企業(yè)是否存在融資約束,發(fā)現(xiàn)我國高新技術(shù)企業(yè)確實存在顯著為正的現(xiàn)金-現(xiàn)金流敏感性;接下來逐一研究不同類型的政治關(guān)聯(lián)對高新技術(shù)企業(yè)融資約束的影響,關(guān)注點在于四種政治關(guān)聯(lián)能否降低企業(yè)的現(xiàn)金-現(xiàn)金流敏感性;最后分別研究政治關(guān)聯(lián)對高新技術(shù)企業(yè)短期借款、長期借款、權(quán)益融資和政府補助的影響,以分析政治關(guān)聯(lián)緩解高新技術(shù)企業(yè)融資約束的具體機制。通過理論研究和實證分析,本文得出以下結(jié)論:第一,高新技術(shù)企業(yè)存在顯著為正的現(xiàn)金-現(xiàn)金流敏感性,因此,我國高新技術(shù)企業(yè)確實存在融資約束;第二,政治關(guān)聯(lián)與經(jīng)營活動現(xiàn)金流的交叉項顯著降低了企業(yè)的現(xiàn)金-現(xiàn)金流敏感性,因此,政治關(guān)聯(lián)能夠緩解高新技術(shù)企業(yè)的融資約束;第三,相對于沒有政治關(guān)聯(lián)的高新技術(shù)企業(yè),有政治關(guān)聯(lián)的高新技術(shù)企業(yè)能夠獲得更多的短期借款、權(quán)益融資和政府補助,而對長期借款的獲得并不顯著,因此,政治關(guān)聯(lián)緩解高新技術(shù)企業(yè)的機制包括短期借款、權(quán)益融資和政府補助,但不包括長期借款。
[Abstract]:The society of twenty-first Century is a society with rapid development of science and technology. With the wide application of high and new technology in all walks of life, the quality of human life and the level of health have been greatly improved. The high-tech enterprises play a more and more important role in promoting the development of the national economy, strengthening the national comprehensive strength and improving the people's lives. The country has been committed to encouraging the technology research and development of enterprises and supporting the development of high and new technology enterprises in.2016 years. The revised management methods for the identification and management of high-tech enterprises began to be carried out. It provides important policy support to standardize the development of high-tech industries and promote technological innovation of enterprises. The development of enterprises can not be separated from the support of funds and funds are preferred. Enterprises with large scale and stable business are very cautious to enterprises with small scale and strong business uncertainty. High and new technology enterprises generally have the characteristics of small scale, high cost and high risk, which have strong uncertainty, and are relatively difficult to obtain financing, especially the credit financing of banks. Many scholars are committed to research the financing constraints of high-tech enterprises, and try to provide some practical ways to solve the problem of financing constraints of enterprises. The political connection of enterprises has become a common phenomenon, and the active participation of entrepreneurs in political activities in economic activities, such as meeting government officials and selecting representatives of people's Congress, is a common phenomenon. At home and abroad, scholars at home and abroad have studied this phenomenon and found that political connections are of great help to the development of enterprises. It is manifested in the provision of property rights protection and project resources for enterprises, reducing the information asymmetry of enterprises, and providing tax incentives and financial subsidies for enterprises. So, can political relevance alleviate the financing constraints of high-tech enterprises? If it is possible, what is the mechanism to mitigate the financing constraints of high-tech enterprises? This is the main content of this study. The sample is the high-tech enterprise listed in the gem and the small and medium board in China. The high and new technology enterprise is in IPO Under the guidance of the policy, it is mainly concentrated on the SME board and the gem, accounting for about 78%. This is the representative of the sample. This paper uses the cash cash flow sensitivity as a measure tool for the financing constraints, and takes the political background of the chairman and the general manager as the proxy variable of the political connection, and decomposes the political connection into the political connection. There are four types of central, local, representative and government departments. First, through the construction of cash cash flow model, this paper makes an empirical analysis of the existence of financing constraints in the high-tech enterprises in China, and finds that the high and new technology enterprises in our country have a significant positive cash cash flow sensitivity. The concern is whether the four political connections can reduce the cash cash flow sensitivity of the enterprise, and the effects of the political relevance on short-term borrowing, long-term borrowing, equity financing and government subsidies respectively, in order to analyze the specific mechanism of the political connection to alleviate the financing constraints of high and new technology enterprises. Through theoretical and empirical analysis, this paper draws the following conclusions: firstly, the high and new technology enterprises have a positive cash cash flow sensitivity, therefore, the high-tech enterprises in China do exist financing constraints; second, the cross term of the cash flow of the political connection and the operating activities significantly reduces the cash cash flow sensitivity of the enterprise, therefore, The political connection can alleviate the financing constraints of high-tech enterprises; third, relative to the hi-tech enterprises without political connections, the high and new technology enterprises with political connections can obtain more short-term loans, equity financing and government subsidies, but the acquisition of long-term loans is not significant. Therefore, the political connection alleviated the high-tech enterprises. The mechanism includes short-term loans, equity financing and government subsidies, but not long-term loans.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D0;F276.44;F275

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