發(fā)布時間：2018-09-19 20:24

【摘要】：2009年10月30日,第一批28家企業(yè)在創(chuàng)業(yè)板上市,標(biāo)志著我國創(chuàng)業(yè)板市場的誕生。隨著我國資本市場的發(fā)展,我國創(chuàng)業(yè)板市場得到了飛速發(fā)展。創(chuàng)業(yè)板市場主要為我國廣大中小型和創(chuàng)新型企業(yè)服務(wù),滿足中小企業(yè)多元化發(fā)展需求,在整個社會發(fā)展中也承擔(dān)著越來越重要的作用。 在創(chuàng)業(yè)板高速發(fā)展的大背景下,對創(chuàng)業(yè)板企業(yè)上市后的發(fā)展研究就顯得尤為重要。創(chuàng)新不僅作為推動社會經(jīng)濟(jì)發(fā)展的動力,在企業(yè)的發(fā)展過程中也扮演著重要的角色,企業(yè)只有不斷的研發(fā)和運(yùn)用新技術(shù)才能獲得其他企業(yè)不可比擬的核心競爭力,提高企業(yè)績效。而從公司治理的角度來看,企業(yè)的股權(quán)集中度又與企業(yè)績效息息相關(guān)。雖然眾多學(xué)者已對創(chuàng)新研發(fā)、股權(quán)集中度與企業(yè)績效之間相關(guān)關(guān)系進(jìn)行了研究,但卻忽略了政治關(guān)系在研發(fā)強(qiáng)度、股權(quán)集中度與企業(yè)績效之間所充當(dāng)?shù)倪吔鐥l件。與此同時,現(xiàn)存的研究雖然提供了關(guān)于企業(yè)績效面板數(shù)據(jù)的縱向研究,但并沒有考慮企業(yè)績效隨著時間的變化是嵌套在公司內(nèi)部的。因此在多層次的縱向的數(shù)據(jù)結(jié)構(gòu)下,必然需要采用一種既能夠考慮到時間問題,又能考慮到跨層次問題的統(tǒng)計分析技術(shù)研究企業(yè)發(fā)展軌跡的變化。 為解決上述問題,本文在回顧國內(nèi)外相關(guān)文獻(xiàn)的基礎(chǔ)上,利用188家創(chuàng)業(yè)板企業(yè)4年的面板數(shù)據(jù),采用較前沿的多層線性模型分析方法(HLM),研究隨著時間的推移,各影響因素對企業(yè)績效的具體影響機(jī)制。將時間變量作為第一層,企業(yè)層作為第二層,以企業(yè)績效為因變量。嘗試在時間層研發(fā)強(qiáng)度、股權(quán)集中度與企業(yè)績效之間加入企業(yè)層政治關(guān)系這一變量,探究政治關(guān)系對其關(guān)系的影響。同時分別適當(dāng)引入各層其他自變量探究各層自變量對企業(yè)績效的作用。根據(jù)已有理論提出本文研究假設(shè),并建立分析模型,運(yùn)用Excel、SPSS19.0和HLM6.08統(tǒng)計分析軟件對數(shù)據(jù)進(jìn)行實(shí)證分析,包括樣本的基本情況描述性統(tǒng)計分析、變量的描述性統(tǒng)計分析、HLM模型建模與分析、各變量在企業(yè)發(fā)展過程中的作用分析。 最后,在上述實(shí)證研究基礎(chǔ)上,本研究得到以下結(jié)論：1)創(chuàng)業(yè)板企業(yè)呈先下降后上升的U型衰落軌跡；2)在企業(yè)衰落過程中,企業(yè)研發(fā)強(qiáng)度與企業(yè)績效呈負(fù)相關(guān)關(guān)系；3)在企業(yè)衰落過程中,股權(quán)集中度與企業(yè)績效之間呈正相關(guān)關(guān)系；4)在企業(yè)衰落過程中,企業(yè)政治關(guān)系較強(qiáng)時,企業(yè)研發(fā)強(qiáng)度與企業(yè)績效之間的負(fù)向關(guān)系越弱,即強(qiáng)政治關(guān)系會削弱企業(yè)研發(fā)強(qiáng)度與企業(yè)績效之間的負(fù)向關(guān)系,而弱政治關(guān)系會增強(qiáng)企業(yè)研發(fā)強(qiáng)度與企業(yè)績效的負(fù)向關(guān)系；5)在企業(yè)衰落過程中,企業(yè)地方政治關(guān)系越強(qiáng),企業(yè)股權(quán)集中度與企業(yè)績效之間的正向關(guān)系越弱,即強(qiáng)地方政治關(guān)系會削弱企業(yè)股權(quán)集中度與企業(yè)績效之間的正向關(guān)系,而弱地方政治關(guān)系會強(qiáng)化股權(quán)集中高度與企業(yè)績效的正向關(guān)系；6)企業(yè)之間比較而言,高財務(wù)冗余特征的企業(yè)較低財務(wù)冗余特征的企業(yè)績效更高。
[Abstract]:October 30, 2009, the first batch of 28 enterprises listed on the GEM, marking the birth of China's GEM market. With the development of China's capital market, China's GEM market has been developing rapidly. GEM market mainly for the vast number of small and medium-sized enterprises and innovative enterprises in China, to meet the diversified development needs of SMEs, in the whole society. Development is also playing an increasingly important role.
Under the background of the rapid development of GEM, it is particularly important to study the development of GEM enterprises after listing. Innovation not only acts as a driving force to promote social and economic development, but also plays an important role in the development process of enterprises. Only by constantly researching and applying new technologies can enterprises obtain the core that other enterprises can not compare with. From the perspective of corporate governance, ownership concentration is closely related to corporate performance. Although many scholars have studied the relationship between innovation and R&D, ownership concentration and corporate performance, they have neglected the political relationship between R&D intensity, ownership concentration and corporate performance. At the same time, the existing research provides a longitudinal study of the enterprise performance panel data, but does not consider that the enterprise performance changes over time is nested within the company. It also takes into account the statistical analysis technology of cross level problems to study the change of enterprise development trajectory.
In order to solve the above problems, based on the review of relevant literatures at home and abroad, this paper uses the 4-year panel data of 188 GEM enterprises and adopts the more advanced multi-level linear model analysis (HLM) to study the specific impact mechanism of various factors on enterprise performance over time. In the second layer, we take the firm performance as the dependent variable. We try to add the variable of political relationship between R&D intensity, ownership concentration and firm performance to explore the influence of political relationship on firm performance. This paper studies the hypothesis, and establishes the analysis model, using Excel, SPSS19.0 and HLM 6.08 statistical analysis software for empirical analysis of data, including the basic situation of the sample descriptive statistical analysis, descriptive statistical analysis of variables, HLM model modeling and analysis, the role of variables in the process of enterprise development analysis.
Finally, on the basis of the above empirical research, this study draws the following conclusions: 1) GEM enterprises show a U-shaped decline track, which first declines and then rises; 2) in the process of enterprise decline, R&D intensity and enterprise performance are negatively correlated; 3) in the process of enterprise decline, ownership concentration and enterprise performance are positively correlated; In the process of enterprise decline, the stronger the political relationship, the weaker the negative relationship between R&D intensity and enterprise performance, that is, the stronger the political relationship will weaken the negative relationship between R&D intensity and enterprise performance, while weakening the political relationship will strengthen the negative relationship between R&D intensity and enterprise performance. The stronger the local political relationship, the weaker the positive relationship between ownership concentration and firm performance, that is, the stronger the local political relationship will weaken the positive relationship between ownership concentration and firm performance, while weakening the local political relationship will strengthen the positive relationship between ownership concentration and firm performance. Enterprises with high financial redundancy characteristics have higher corporate performance than those with low financial redundancy.
【學(xué)位授予單位】：安徽財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F832.51;F273.1

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