联系我们

论文查询结果	返回搜索

论文编号：	11874
作者编号：	2120182936
上传时间：	2020/6/23 11:10:00
中文题目：	股权融资约束、营商环境与中小企业创新 ——基于中小板上市公司的经验研究
英文题目：	Equity financing constraints , business environment and innovation of SME：Research on the experience of small and medium-sized listed companies
指导老师：	周宝源
中文关键字：	股权融资约束；营商环境；企业创新；中小企业
英文关键字：	equity financing constraints; business environment; enterprise innovation; medium-sized and small enterprises
中文摘要：	在经济全球化、世界一体化这样的的大环境下，世界各国之间的经济、文化、政治交流更加更紧密，国家与国家之间的竞争也越来越激烈，如果想不断的提高国家竞争力，必须把国家的重心放在经济发展上来，企业不断的科技创新正是国家经济发展的第一动力。中小企业作为我国国民经济中最为活跃的主体，在国家不断创新发展中具有不可忽视的重要作用。 中小企业要想不断开展创新项目，就需要大量稳定的资金，只有大量稳定的资金才能保障创新活动不会因为资金问题而暂停终止，这也就说明中小企业开展创新研发仅仅依靠公司自有资金是不够的，也需要外部融资才能满足企业创新的资金需要。但是由于中小企业很少有可抵押、质押的资产，创新活动风险极大，中小企业外部融资主要为股权类融资。由于企业创新活动本身所具有的巨大未知性和风险性以及市场信息的不对称性，中小企业创新活动会受到股权融资约束，而营商环境的改善有助于解决信息不对称所带来的一系列问题，是否存在良好的营商环境对企业股权融资约束与企业创新活动之间的关系具有巨大的影响。 本文将采用实证研究和理论研究相互结合的方式，研究股权融资约束、营商环境与企业创新三者之间的关系。本篇文章经过研究发现，中小企业的股权融资约束对企业创新有着显著的抑制作用。营商环境具体是一个很大的概念，本篇文章对营商环境具体从行政环境、法制环境、金融环境这三个方面进行解读，在营商环境（行政环境、法制环境、金融环境）较差的地区，股权融资约束对中小企业创新的抑制作用较大，相反，在营商环境（行政环境、法制环境、金融环境）优良地区，中小企业的股权融资约束对其开展创新活动的抑制作用较小。 本篇文章还基于企业异质性进行研究，研究的线性回归结果表明，股权融资约束对不同所有权性质的中小企业创新活动都具有抑制作用。但是，优良的营商环境有助于降低股权融资约束对中小企业创新的影响，这一机制在非国有企业中显著，而对国有企业不显著。
英文摘要：	In the environment of economic globalization and world integration, the economic, cultural and political exchanges between countries in the world are closer, and the competition between countries is more and more fierce. If we want to improve the national competitiveness, we must focus on the economic development. The continuous technological innovation of enterprises is the first driving force of national economic development. As the most active subject in our national economy, small and medium-sized enterprises play an important role in the continuous innovation and development of our country. If small and medium-sized enterprises want to continuously carry out innovation projects, they need a large number of stable funds. Only a large number of stable funds can guarantee that innovation activities will not be suspended and terminated due to capital problems, which means that it is not enough for small and medium-sized enterprises to carry out innovation research and development only relying on the company's own funds, but also need external financing to meet the financial needs of enterprise innovation. However, due to the small and medium-sized enterprises have few assets that can be mortgaged and pledged, the risk of innovation activities is great, and the external financing of small and medium-sized enterprises is mainly equity financing. Due to the huge unknown and risk of enterprise innovation activities and the asymmetry of market information, the innovation activities of small and medium-sized enterprises will be restricted by equity financing. The improvement of business environment will help to solve a series of problems brought about by information asymmetry. Whether there is a good business environment has great influence on the relationship between equity financing constraints and enterprise innovation activities Big impact. In this paper, empirical research and theoretical research are combined to study the relationship among equity financing constraints, business environment and enterprise innovation. Through the research of this paper, it is found that the equity financing constraints of small and medium-sized enterprises have a significant inhibitory effect on the innovation ability of enterprises. The business environment is a big concept. This paper interprets the business environment from three aspects: administrative environment, legal environment and financial environment. In areas with poor business environment (administrative environment, legal environment and financial environment), equity financing constraints have a greater inhibitory effect on innovation of small and medium-sized enterprises. On the contrary, in business environment (administrative environment, legal environment) The equity financing constraints of small and medium-sized enterprises have little inhibition on their innovation activities. This paper also studies the heterogeneity of enterprises. The linear regression results show that equity financing constraints can inhibit the innovation activities of SMEs with different ownership. However, a good business environment helps to reduce the impact of equity financing constraints on the innovation of small and medium-sized enterprises. This mechanism is significant in non-state-owned enterprises, but not in state-owned enterprises.
查看全文：	预览  下载(下载需要进行登录)