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论文编号：	11835
作者编号：	2120182942
上传时间：	2020/6/22 16:06:13
中文题目：	环境不确定性与高新技术上市企业研发投入研究
英文题目：	Research on Environmental Uncertainty and R&D Investment of High-tech Listed Companies
指导老师：	王志红
中文关键字：	环境不确定性；研发投入；财务柔性；生命周期
英文关键字：	Environmental uncertainty; R&D investment; Financial flexibility; Life cycle
中文摘要：	我国经济目前正处于新常态下的“三期叠加”时期，即结构调整阵痛期、增长速度换挡期和前期刺激政策消化期。在这一阶段，企业经营环境的不确定性与日俱增，研发创新的重要性愈加凸显。考虑到创新行为的风险性，如何在环境波动频繁的情境下提升创新能力是企业关注的重点。高新技术企业作为我国创新发展的中坚力量，其创新发展水平会显著影响到国家核心竞争力的提升以及整体的经济发展进程。因此，在面临当今动态复杂环境的形势下，高新技术企业如何运用自身动态调整能力来应对环境变动带来的机遇与挑战，进行有价值的研发创新活动以保持核心竞争力的问题值得我们关注。在该背景下，本文拟以我国高新技术上市企业面临的环境不确定性为切入点，引入财务柔性这一调节变量，探究环境不确定性对企业研发投入的影响，以及财务柔性对两者关系的调节作用。同时考虑企业自身的经历发展阶段，分析不同生命周期的高新技术企业其环境不确定性、财务柔性与研发投入三者之间的关系有何不同。 本文基于2012-2018年沪深两市A股所有上市高新技术企业经验数据，研究环境不确定性、财务柔性对企业研发投入的影响。研究表明，环境不确定性上升显著提高了高新技术企业研发投入水平,其中，成长期和成熟期企业的研发投入对环境不确定性的刺激更敏感；财务柔性对环境不确定性与企业研发投入之间的正向关系起到正向调节作用，即随着企业财务柔性水平的提高，环境不确定性对企业研发投入的促进作用更强。相比成长期和衰退期企业，成熟期企业的财务柔性对环境不确定性与研发投入之间正相关关系有更显著的正向调节作用。上述结论为高新技术企业创新实践和政府为高新技术企业给予创新激励提供了一定经验证据和相关建议，具有一定的理论启示。
英文摘要：	China's economy is currently in the "three-phase superimposition" period under the new normal, that is, the structural adjustment pain period, the growth rate shift period, and the previous stimulus policy digestion period. At this stage, the uncertainty of the business environment of the company is increasing day by day, the importance of R&D and innovation is becoming increasingly prominent. Considering the risky nature of innovation, how to improve innovation ability in the context of frequent environmental fluctuations is the focus of enterprises. As the backbone of China's innovation development, the level of innovation development of high-tech enterprises can significantly affect the improvement of the country's core competitiveness and the overall economic development process. Therefore, in the face of today's dynamic and complex environment, how high-tech companies use their dynamic adjustment capabilities to respond to the opportunities and challenges brought by environmental changes, and to conduct valuable R&D and innovation activities to maintain core competitiveness deserve our attention. Against this background, this paper intends to take the environmental uncertainty faced by China's high-tech listed companies as the breakthrough point and introduce the financial flexibility as a regulating variable to explore the impact of environmental uncertainty on corporate R&D investment and the adjustment effect of financial flexibility on the relationship between environmental uncertainty and corporate R&D input. At the same time, the company's own development stage is considered, the relationship between the environmental uncertainty, financial flexibility and R&D investment of high-tech enterprises with different life cycles is analyzed. Based on the empirical data of all listed high-tech companies in Shanghai and Shenzhen A-share stocks from 2012 to 2018, this paper studies the impact of environmental uncertainty and financial flexibility on corporate R&D investment. Research shows that rising environmental uncertainty has significantly increased the level of R&D investment in high-tech enterprises, among them, R&D investment of growing and mature enterprises is more sensitive to the stimulation of environmental uncertainty; As the level of corporate financial flexibility increases, environmental uncertainty promotes corporate R&D investment more strongly; Compared with companies in the growth and recession period, the financial flexibility of mature companies has a more significant positive regulating effect on the positive correlation between environmental uncertainty and R&D investment. The above conclusions provide some empirical evidence for the innovation practice of high-tech enterprises and relevant suggestions for the government's incentives for innovation in high-tech enterprises, and have certain theoretical implications.
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