【摘要】：隨著融資約束對企業(yè)的發(fā)展的影響越來越大，融資約束問題已經(jīng)引起得到企業(yè)界、理論界和政府領(lǐng)導(dǎo)的關(guān)注。融資約束是由于企業(yè)外部融資成本高于內(nèi)部，導(dǎo)致企業(yè)發(fā)展依賴于內(nèi)部資本的現(xiàn)象。近年來，我國學(xué)者對融資約束的研究主要集中在宏觀因素、產(chǎn)權(quán)、企業(yè)規(guī)模等因素對融資約束的影響。本文主要以上市公司創(chuàng)業(yè)板企業(yè)為研究對象，特別選擇市場導(dǎo)向、創(chuàng)新導(dǎo)向這兩個對企業(yè)發(fā)展創(chuàng)新發(fā)展有巨大影響作用的因素，研究分析創(chuàng)新導(dǎo)向、市場導(dǎo)向與融資約束之間的關(guān)系。 本文在分析創(chuàng)新導(dǎo)向、市場導(dǎo)向和融資約束基本內(nèi)涵的基礎(chǔ)上，重點分析了企業(yè)產(chǎn)生融資約束的原因、影響因素和定義和融資約束度量。研究過程中，運用混合研究方法，選用了探索性順序設(shè)計，并通過一個典型的探索性案例，做出了創(chuàng)新導(dǎo)向、市場導(dǎo)向與融資約束的關(guān)系假設(shè)，構(gòu)建了創(chuàng)新導(dǎo)向、市場導(dǎo)向與融資約束關(guān)系的實證檢驗?zāi)Ｐ�。實證研究時，，以部分我國創(chuàng)業(yè)板的企業(yè)2011-2013年數(shù)據(jù)為依據(jù)，系統(tǒng)分析論證了創(chuàng)新導(dǎo)向、市場導(dǎo)向與融資約束之間的關(guān)系，并對運用多遠線性回歸對假設(shè)進行了檢驗。 研究發(fā)現(xiàn)，在我國創(chuàng)業(yè)板的上市企業(yè)中，創(chuàng)新導(dǎo)向、市場導(dǎo)向與融資約束存在影響關(guān)系。本文的研究中采用了混合研究方法，先通過探索性案例研究得出研究假設(shè)，再通過實證研究進行檢驗。最后總結(jié)得出：創(chuàng)新導(dǎo)向會加大企業(yè)融資約束；市場導(dǎo)向會減弱企業(yè)融資約束，并以此為據(jù)提出了相關(guān)建議，具有一定參考價值和現(xiàn)實意義。
[Abstract]:With the increasing influence of financing constraints on the development of enterprises, financing constraints have attracted the attention of enterprises, theorists and government leaders. Financing constraint is caused by the fact that the external financing cost is higher than the internal one, which leads to the development of enterprises depending on the internal capital. In recent years, Chinese scholars' research on financing constraints mainly focuses on macro factors, property rights, enterprise size and other factors on the impact of financial constraints. This article mainly takes the listed company gem enterprise as the research object, specially chooses the market orientation, the innovation direction these two factors which have the enormous influence to the enterprise development innovation development, studies the innovation direction, studies and analyzes the innovation direction. The relationship between market orientation and financing constraints. Based on the analysis of the basic connotation of innovation orientation, market orientation and financing constraints, this paper focuses on the reasons, factors and definitions of financing constraints and the measurement of financing constraints. In the course of the research, we use the mixed research method, select the exploratory sequence design, and through a typical exploratory case, we make the hypothesis of the relationship between innovation orientation, market orientation and financing constraints, and construct the innovation orientation. The empirical test model of the relationship between market orientation and financing constraints. Based on the data of some Chinese gem enterprises in 2011-2013, this paper systematically analyzes and demonstrates the relationship among innovation orientation, market orientation and financing constraints, and tests the hypothesis by using multiple linear regression. It is found that innovation orientation, market orientation and financing constraints have an influence on the listed enterprises in gem. In this paper, the mixed research method is adopted, the hypothesis is obtained by exploratory case study, and then tested by empirical research. Finally, it is concluded that innovation orientation will increase corporate financing constraints, market orientation will weaken corporate financing constraints, and put forward relevant suggestions based on this, which has certain reference value and practical significance.
【學(xué)位授予單位】：杭州電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F275;F273.1

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