本文選題：資本結構 + 研發(fā)投入��； 參考：《華東師范大學》2012年碩士論文

【摘要】：隨著經濟全球化的發(fā)展和國際競爭的日益激烈,提高科技水平和自主創(chuàng)新能力成為每個公司面臨的重要問題。研究開發(fā)是科技創(chuàng)新的重要體現,企業(yè)技術創(chuàng)新能力的提高是和研發(fā)投入密不可分的。影響企業(yè)研發(fā)投入的因素有很多,而研發(fā)投入作為企業(yè)一項重要的投資決策,必然受到融資結構的影響。因此本文從資本結構角度出發(fā),研究企業(yè)資本結構和研發(fā)投入的關系。自2009年10月23日創(chuàng)業(yè)板正式推出,到2011年12月為止,已有280余家上市公司在創(chuàng)業(yè)板掛牌交易。創(chuàng)業(yè)板上市的公司大多是高技術企業(yè),大多屬于七大國家戰(zhàn)略性新興產業(yè),創(chuàng)業(yè)板的推出將會促進高科技企業(yè)發(fā)展,也將使資本市場的結構更加完善。本文在總結前人研究的基礎之上,首次針對我國創(chuàng)業(yè)板上市公司資本結構對研發(fā)投入的影響進行實證研究。本文以2010年12月31日之前在我國創(chuàng)業(yè)板上市的160家公司為樣本,對我國創(chuàng)業(yè)板上市公司資本結構對研發(fā)投入的影響進行理論和實證分析,從而進一步探討創(chuàng)業(yè)板的推出對促進企業(yè)研發(fā)投入的意義。 通過理論和實證分析,本文得出以下主要結論：企業(yè)資本結構對研發(fā)強度存在顯著影響,企業(yè)資產負債率與研發(fā)投入顯著負相關,權益融資對促進研發(fā)活動的效果則較為明顯；企業(yè)規(guī)模與企業(yè)研發(fā)投入絕對值呈顯著正相關關系,而與研發(fā)強度存在顯著負相關關系；企業(yè)的研發(fā)投入與企業(yè)盈利能力具有顯著的正相關關系,而企業(yè)的成長性和營運能力與研發(fā)投入關系不顯著。另外,企業(yè)資本結構不僅影響當年的研發(fā)投入,債務比重高的企業(yè)以后年度的研發(fā)投入也相應較低。因此,我國創(chuàng)業(yè)板的推出為創(chuàng)業(yè)板上市公司提供了權益融資的重要渠道,對于促進中小高科技企業(yè)權益融資、提高研發(fā)投入具有重要的意義,有助于進一步提高我國上市公司的自主創(chuàng)新能力。最后本文針對理論和實證分析的結果,為我國創(chuàng)業(yè)板上市公司提高研發(fā)投入提出了合理化的建議,包括加強政府對企業(yè)研發(fā)活動的重視、加強我國創(chuàng)業(yè)板的建設、拓寬高技術企業(yè)的其他融資渠道、提高公司自身研發(fā)主動性等。
[Abstract]:With the development of economic globalization and the increasingly fierce international competition, improving the level of science and technology and the ability of independent innovation has become an important issue for every company. Research and development is an important embodiment of scientific and technological innovation, and the improvement of enterprises' technological innovation ability is closely related to R & D investment. There are many factors that affect R & D investment. As an important investment decision, R & D investment is bound to be influenced by financing structure. Therefore, this paper studies the relationship between enterprise capital structure and R & D investment from the point of view of capital structure. Since the gem was officially launched on October 23, 2009, until December 2011, more than 280 listed companies have been listed on the gem. Most of the companies listed on the gem are high-tech enterprises, most of them belong to the strategic emerging industries of seven countries. The introduction of the gem will promote the development of high-tech enterprises and make the structure of the capital market more perfect. On the basis of summarizing the previous studies, this paper makes an empirical study on the impact of the capital structure on R & D investment of the listed companies in the gem of our country for the first time. Based on 160 companies listed on the gem before December 31, 2010, this paper makes theoretical and empirical analysis on the impact of the capital structure on R & D investment of the listed companies in the gem. In order to further explore the launch of gem to promote enterprise R & D investment significance. Through theoretical and empirical analysis, this paper draws the following main conclusions: corporate capital structure has a significant impact on R & D intensity, corporate asset-liability ratio and R & D investment significantly negative correlation, equity financing to promote R & D activities is more obvious effect; There is a significant positive correlation between enterprise size and R & D investment absolute value, but a significant negative correlation with R & D intensity, and a significant positive correlation between R & D investment and enterprise profitability. However, the relationship between the growth and operation ability of enterprises and R & D investment is not significant. In addition, the capital structure not only affects the R & D investment in the current year, but also the R & D investment of the enterprises with high debt ratio. Therefore, the launch of the gem provides an important channel of equity financing for listed companies on the gem, which is of great significance for promoting the equity financing of small and medium-sized high-tech enterprises and increasing R & D investment. It is helpful to further improve the independent innovation ability of listed companies in our country. Finally, according to the results of theoretical and empirical analysis, this paper puts forward some reasonable suggestions for the listed companies of gem to increase their R & D investment, including strengthening the government's emphasis on enterprise R & D activities and strengthening the construction of gem. Broaden the other financing channels of high-tech enterprises, improve the company's own R & D initiative and so on.
【學位授予單位】：華東師范大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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本文編號：1811701