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论文编号：	11670
作者编号：	2120182960
上传时间：	2020/6/19 16:51:23
中文题目：	财务冗余、股权结构与研发创新——基于战略性新兴产业上市公司的实证研究
英文题目：	Financial Slack、Ownership Structure and R&D Innovation——Empirical Research of Listed Companies Based on Strategic Emerging Industry
指导老师：	薛有志
中文关键字：	战略性新兴产业；财务冗余；股权结构；研发创新
英文关键字：	Strategic Emerging Industry; Financial Slack; Ownership Structure; R&D Innovation
中文摘要：	当前我国正处于经济结构转型的关键时期，战略性新兴产业代表了未来产 业和科技革命的发展方向，是推动经济转型升级的主导产业。研发创新是实现 企业可持续发展的根本动力，更是我国实施创新驱动战略、提升国际竞争力的 重要引擎。研发创新活动具有高风险、高投入的特点，往往面临严重的资源约 束。在获取外部资源困难的情况下，财务冗余作为企业内部高流动性的积存资 源，其合理配置对于保持创新战略的灵活性和可持续性具有重要意义。股权结 构是企业内部治理机制的重要基础，对于资源配置以及战略决策都有着深远的 影响。因此，本文将财务冗余、股权结构纳入同一框架下探究对研发创新的影 响，对于企业高效配置资源、走出资源约束困境、缓冲外部风险、提升研发创新能力具有积极意义。 本文在梳理已有相关研究的基础上，提出了可能的突破点，进一步明确本文的研究思路。结合资源基础理论、委托代理理论、信息不对称理论以及组织理论等理论基础及现有研究，提出研究假设。选取我国625家A股上市的战略 性新兴企业为样本，利用样本公司 2014-2018年的数据进行实证研究，以财务冗余为解释变量，研发创新投入及产出为被解释变量，股权结构为调节变量，构建多元回归模型进行验证，其中股权结构包含股权集中度、股权制衡度、管理层持股比例、机构投资者持股比例四个指标。 本文研究发现：第一，财务冗余与研发创新投入正相关，相比国有企业，财务冗余对民营企业的研发创新投入具有更显著的促进作用；第二，股权结构 对于财务冗余与研发创新投入的关系具有调节作用，其中，股权集中度发挥负 向调节作用，股权制衡度发挥正向调节作用，管理层持股发挥正向调节作用，而机构投资者持股的调节作用不显著；第三，财务冗余与研发创新产出呈倒“U” 型关系。基于研究结论，本文从企业资源配置和股权结构治理角度出发提出了相关的建议：合理配置财务冗余，促进研发创新活动；改善股权结构，构建良 好的公司治理基础。
英文摘要：	At present, China is in a critical period of economic structural transformation. Strategic Emerging Industries represent the development direction of future industries and technological revolution. They are the leading industries to promote economic transformation and upgrading. R&D Innovation is not only the fundamental driving force for enterprises to achieve sustainable development, but also an important engine for China to implement innovation-driven strategy and enhance international competitiveness. R&D innovation activities are characterized by high risk and high investment. They are often faced with severe resource constraints. It is difficult for these enterprises to obtain external resources. Financial slack, as the internal resource with high liquidity, is of great significance to maintain the flexibility and sustainability of the enterprise innovation strategy. The ownership structure is the important foundation of the internal governance mechanism of the enterprise, which has a far-reaching influence on the resource allocation and strategic decision. Therefore, in this paper, financial slack, ownership structure are brought into the same framework to explore their impact on R&D innovation, it is of positive significance for enterprises to allocate resources efficiently, get out of the resource-constrained dilemma, buffer external risks and improve R&D innovation capability. This paper combs the existing relevant research, proposes the possible breakthrough points, and further clarifies the research ideas of this paper. Based on the analysis of resource-based theory, principal-agent theory, information asymmetry theory, organization theory and the existing research, the research hypotheses are put forward. This paper selects 625 strategic start-ups listed on A-shares in China as samples ,and conducts an empirical research using the data of the sample companies from 2014 to 2018, taking financial slack as the explanatory variable ,R&D innovation input and output as the explained variables, the ownership structure as regulatory variable ,which includes four indexes: ownership concentration degree, ownership balance degree, management ownership ratio, and institutional investor ownership ratio. In the empirical analysis, this paper chooses multiple regression model for panel regression. Through empirical research, this paper finds that: Firstly, financial slack has a positive correlation with R&D innovation investment. Compared with state-owned enterprises, financial slack has a more significant effect on the R&D innovation investment of private enterprise. Secondly, the ownership structure has a regulatory effect on the relationship between financial slack and R&D innovation investment, in which the ownership concentration plays a negative regulatory role, the ownership balance plays a positive regulatory role, and the management ownership plays a positive regulatory role, however, institutional investors' shareholding has no significant regulatory effect. Thirdly, there is an inverted "U" relationship between financial slack and R&D innovation output. Based on the research conclusions, this paper puts forward some related suggestions from the perspective of resource allocation and ownership structure governance of strategic start-ups: They should reasonably allocate financial slack to promote R&D innovation activities and improve ownership structure to build a good foundation of corporate governance.
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