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论文编号：	10171
作者编号：	2120162760
上传时间：	2018/6/11 10:16:44
中文题目：	“混改”背景下异质性参股股东对企业研发投资影响研究
英文题目：	The Influence of the Heterogeneous Shareholders and R&D Investment under the Background Of "Mixed Ownership Reform"
指导老师：	张晓农
中文关键字：	混合所有制改革；异质性参股股东；外源融资依赖；企业研发投资；中介效应
英文关键字：	Mixed ownership reform; heterogeneous shareholder; external financing dependence; R&D investment; intermediary effect
中文摘要：	十八届三中全会以来，“混合所有制”成为了中国企业改革和公司治理领域的中心议题之一。十九大以后，伴随着国家在战略层面对国有企业发展的重要定位，“混合所有制改革”得到了进一步地推进和发展。在此背景下，对于中国企业市场主体，公司治理结构变化必然会影响其投资方向与未来战略选择。因此，基于“混合所有制改革”背景，针对不同控股股东与融资依赖企业主体，探讨异质性参股股东对企业研发投资的影响对指导企业发展路径规划与国家政策制定优化具有重要意义。本文首先全面梳理了公司治理机制与企业研发投资的相关理论，在此基础上，对中国混合所有制改革、股权结构对企业研发投资的影响效度以及不同所有制企业研发投融资作用机理的相关文献进行全面回顾。在国内外学者现有研究成果的基础上，本文发现目前学术界在公司治理领域的研究主要围绕控股股东、独立董事以及机构投资者等变量展开，对参股股东的相关论证极少涉及，且定量研究与时代背景相对有所脱节。与此同时，多数研究围绕单一理论展开，对具体变量的作用机理较少探讨。因此，本文在理论梳理与文献回顾的基础上，以“混合所有制改革”为切入背景，系统研究对于不同控股股东与融资依赖企业主体，异质性参股股东的公司治理效应对企业研发投资的影响以及作用机理，从而丰富和提升相关研究领域的理论价值和现实意义。在研究假设提出与模型构建的基础上，本文通过数据检索与汇总整理，筛选出受“混合所有制改革”政策影响且股权结构发生变化的企业样本，为保证异质性参股股东股权变动的持续作用机制与研究结论的稳定性，论文将样本数据的起始年度延伸至2007年，形成涵盖参股股东、企业融资依赖与研发投资等信息10年跨度的数据库。通过整合此样本数据，本文采用Stata14.0计量分析软件对异质性股东与企业研发投资的相关关系，以及两者的作用机理进行实证回归分析，得到：（1）参股股东异质性对企业研发投资产生积极影响，而同质性参股股东占比对企业研发投资作用效果不显著。（2）融资依赖类型与程度对企业公司治理机制与研发投资将产生一定影响，在“混合所有制改革”背景下，对于外源融资依赖企业，国有参股一定程度上减轻了民企的融资约束，进而促进企业提高研发投入，增强企业研发能力。对于内源融资依赖企业，民营参股一定程度上增强了国企管理层的经营效率和管理水平，从而促进企业提高投资效率，推动企业增加研发投入与提高创新能力。（3）在参股股东异质性与企业研发投资的相互关系中，高管薪资、企业经营活动的现金流量与投资活动的现金流量发挥中介效应。在“混合所有制改革”背景下，对于国有控股企业，民营参股一定程度上提高了企业高管薪酬对绩效的敏感度，从而促进企业加大研发投入。对于民营控股企业，国有参股在一定程度上可以改善融资环境，增加企业经营活动现金流和投资活动现金流入，从而缓解资金压力，促进企业提高自身研发投入以及推动企业创新战略转型。参股股东性质与占比的公司治理研究是国际学术界关于“多个大股东”问题的一个具体分支领域，更是中国经济改革所面对的现实问题。本文的研究结论一方面为国际学术界补充了中国的独特案例，另一方面也有助于我们总结“中国道路”的经验，为当前的企业股权结构改革与创新战略转型发展提出具备实证研究支撑的政策建议。
英文摘要：	Since “the Third Plenary Session of the 18th CPC Central Committee”, the concept of "mixed ownership" has become one of the central issues in the field of Chinese enterprise reform and corporate governance. After “the nineteen National People's Congress”, along with the important position of the State-owned enterprise in the strategic level in China, the mixed ownership reform has been further promoted and developed. Under this background, for the main body of Chinese enterprise market, the change of corporate governance structure will inevitably affect the enterprise’ investment direction and future strategic choice. Therefore, based on the perspective of "mixed ownership reform", it is important to explore the relationship between equity holders, investment and financing for enterprises to guide development path planning and national policy making optimization. This paper comprehensively analyzes the corporate governance mechanism, financing constraints associated with the R&D investment theory, on the basis of China, mixed ownership reform, enterprise investment and financing mechanism under different ownership and corporate R&D investment financing related literature analysis to conduct a comprehensive review. On the basis of domestic and foreign scholars on the results of existing research, this paper found that the current research in the field of corporate governance in academic circles mainly focus on controlling shareholders, independent directors and institutional investors to "the argument variable expansion, mixed ownership reform equity shareholders rarely. At the same time, most of the research is carried out around a single theory, and the mechanism of the action of specific variables is less. Therefore, based on the theoretical review and literature review, to mixed ownership reform as the starting point of view, the system research for different independent financing, corporate governance effect of equity shareholders impact on corporate R&D investment and mechanism, so as to enrich and improve the theoretical value and practical significance in the field of related research. On the basis of the proposed research hypothesis and model construction, this paper selects the enterprise samples which are influenced by the "mixed ownership reform" policy and changes in the ownership structure through the data inspection and summary, and forms a database covering the shareholders, enterprise financing dependence and R&D investment. By integrating this sample data, this paper uses Stata14.0 econometric analysis software to make an empirical regression analysis on the research and development investment of heterogeneous shareholders and enterprises and the mechanism of the two. The results are as follows: (1) The heterogeneity of share shareholders has a positive impact on R & D investment, while homogeneity shareholders play a role on R&D investment. (2) The financing constraints will have a certain impact on corporate governance mechanism and R&D investment. Under the background of "mixed ownership reform", for external financing depends on enterprises, state-owned shares to some extent reduce the financing constraints of the private enterprises, and then promote the enterprise to improve R&D investment and enhance the R&D capability of enterprises. For internal financing depends on enterprises, private participation has enhanced the management efficiency and management level of state-owned enterprises to a certain extent, thereby promoting enterprises to improve investment efficiency, and promoting enterprises to increase R&D investment and improve their innovative capabilities. (3) In the relationship between shareholder heterogeneity and R&D investment, executive salaries, cash flows of business activities and cash flows of investment activities play a mediating effect. Under the perspective of "mixed ownership reform", for state-owned holding enterprises, private participation has improved the sensitivity of executive pay to a certain extent, thereby improving the R&D investment of enterprises. For private holding enterprises, state-owned shares can increase cash flow and inflow of investment activities to a certain extent, thereby improving financing environment, relieving financial pressure, promoting enterprises to improve their R&D investment and promoting enterprise innovation strategy transformation. The research on corporate governance of state-owned shares and private equity participation is a specific branch of international academia about "multiple major shareholders", and it is also a practical problem facing China's economic reform. On the one hand，the conclusion of this study added a Chinese unique case for international academic circles. On the other hand, it can also help us to summarize the "Chinese road" experience, and put forward the policy suggestions for the current enterprise equity structure reform and innovation strategy transformation development.
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