本文選題：資本市場 + 研發(fā)投入�。� 參考：《中共江蘇省委黨校》2017年碩士論文

【摘要】：自1990年底滬深交易所相繼成立以來,我國資本市場經(jīng)歷了近30年的快速發(fā)展,在企業(yè)融資中扮演著越來越重要的角色。隨著人口紅利的消失和環(huán)保意識的提高,我國制造業(yè)逐漸喪失低成本競爭優(yōu)勢,經(jīng)濟增長由高速增長轉(zhuǎn)為中低速,進入“新常態(tài)”時期。推進供給側(cè)改革,實現(xiàn)《中國制造2025》的宏偉目標,離不開科技創(chuàng)新,科技創(chuàng)新離不開研發(fā)投入的支持,而我國上市公司作為各個行業(yè)的代表性企業(yè),其研發(fā)投入的提高離不開資本市場的支持。因此,本文對我國資本市場在促進上市公司研發(fā)投入中的作用進行了研究。企業(yè)研發(fā)投入的研究,一直是國內(nèi)外學者的研究重點。本文圍繞企業(yè)研發(fā)投入來源、金融機構(gòu)以及資本市場在促進企業(yè)研發(fā)投入中的作用三個方面,對國內(nèi)外研究文獻進行了回顧:企業(yè)的研發(fā)投入資金主要來源于內(nèi)部資金,相比于其他投資更容易面臨融資約束問題。相對于債權(quán)融資而言,股權(quán)融資對研發(fā)投入的促進作用更為顯著。金融業(yè)的發(fā)展,有利于緩解企業(yè)研發(fā)投資約束;資本市場在促進企業(yè)研發(fā)投入中確實發(fā)揮著重要的作用。在對國內(nèi)外研究文獻回顧的基礎上,本文對資本市場促進企業(yè)研發(fā)投入的機制進行了簡單分析。通過對我國資本市場促進企業(yè)研發(fā)投入的定性分析,本文認為我國多層次資本市場在促進企業(yè)研發(fā)具有重要的作用。目前,我國已初步形成了由主板市場、中小板市場、創(chuàng)業(yè)板市場等組成的場內(nèi)交易市場,以及全國股份轉(zhuǎn)讓系統(tǒng)、區(qū)域性股權(quán)交易市場等組成的場外交易市場構(gòu)成的多層次資本市場。我國高新技術上市公司研發(fā)投入呈現(xiàn)出東高西低、區(qū)域之間和區(qū)域內(nèi)部差異顯著,而研發(fā)投入強度區(qū)域差異較小的特征。我國改革開放以來,政府主導了高新技術產(chǎn)業(yè)的發(fā)展,導致了區(qū)域主導高新技術產(chǎn)業(yè)的雷同。近年來,隨著新三板的推出,以及分層制度的實行,我國場外市場同樣取得了快速的發(fā)展,并在促進中小微企業(yè)融資及健全公司治理方面取得了巨大的成就。為對我國資本市場促進企業(yè)研發(fā)投入進行實證檢驗,本文選取2009-2015年連續(xù)披露研發(fā)數(shù)據(jù)且正常經(jīng)營的1331家A股上市公司作為研究樣本進行定量分析,研究發(fā)現(xiàn):權(quán)益性融資對我國上市公司研發(fā)投入具有正向滯后的促進作用,債權(quán)融資影響微弱;短期和長期償債壓力均對研發(fā)投入具有重要的影響;中小板、創(chuàng)業(yè)板研發(fā)投入相對主板,對權(quán)益性融資更為敏感,存在一定的融資約束。最后,本文根據(jù)實證分析及實證檢驗的結(jié)論,從資本市場融資制度建設、產(chǎn)業(yè)政策等角度提出了針對性建議。
[Abstract]:Since the end of 1990, the Shanghai and Shenzhen stock exchanges have been set up one after another, China's capital market has undergone rapid development for nearly 30 years, and plays a more and more important role in enterprise financing. With the disappearance of the demographic dividend and the improvement of environmental awareness, China's manufacturing industry has gradually lost the advantage of low cost competition, and the economic growth has changed from high speed to medium and low speed. In the period of "new normal", promoting the supply side reform and realizing the grand goal of making 2025> in China can not be separated from scientific and technological innovation, and the innovation of science and technology can not be separated from the support of R & D investment. As a representative enterprise of various industries, the improvement of its R & D input can not be separated from the support of the capital market. Therefore, this article is on the capital market of China. The research on R & D investment has been the focus of scholars both at home and abroad. This paper focuses on three aspects of the source of R & D investment, financial institutions and the role of capital market in promoting R & D investment, and review the domestic and foreign research literature: Enterprise Investment in R & D is mainly derived from internal funds, which is more likely to face financing constraints than other investments. Relative to debt financing, equity financing has a more significant role in promoting R & D investment. The development of the financial industry is conducive to alleviating enterprise R & D investment constraints, and the capital market does play a real role in promoting R & D investment. On the basis of the review of research literature at home and abroad, this paper makes a simple analysis of the mechanism of the capital market to promote R & D investment in the capital market. Through the qualitative analysis of the investment in R & D in China's capital market, this paper holds that the multi-level capital market plays an important role in promoting the R & D of enterprises. Our country has initially formed the OTC market, which is composed of the main board market, the small and medium market, the GEM market, and the multi level capital market composed of the national stock transfer system and the regional stock exchange market. The R & D input of the high-tech listed companies in China shows the East High West low, the region between the regions. Since the reform and opening up in China, the government led the development of high and new technology industry, which led to the development of high and new technology industry in the region. In recent years, with the introduction of the new three boards and the implementation of the hierarchical system, the OTC market in China has also made rapid progress. It has made great achievements in promoting the financing of small and medium enterprises and improving corporate governance. In order to make an empirical test on the investment in R & D in China's capital market, this paper selects 1331 A shares listed companies that have disclosed R & D data for 2009-2015 years and have been operating normally as research samples for quantitative analysis. Equity financing has a positive lag effect on the R & D investment of Listed Companies in China, and the impact of debt financing is weak; both short-term and long-term debt repayment pressure has an important impact on R & D investment; small and medium board, the research and development of the GEM board is more sensitive to equity financing and there are certain financing constraints. Finally, this paper is based on the actual situation. Based on the conclusion of the evidence analysis and empirical test, the paper puts forward some pertinent suggestions from the perspective of capital market financing system construction and industrial policy.
【學位授予單位】：中共江蘇省委黨校
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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