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论文编号：	12421
作者编号：	2120192879
上传时间：	2021/6/10 18:50:49
中文题目：	融资约束、高管团队特质对企业创新行为的影响 ——基于创业板上市公司的研究
英文题目：	The Impact of Financing Constraints and the Characteristics of the Senior Executives on Corporate Innovation Behaviour: Based on the Research of ChiNext Market Listed Companies
指导老师：	王永进
中文关键字：	融资约束；创新行为；政治关联；金融关联
英文关键字：	Financing Constraints; Innovative Behaviour; Political Connection; Financial Connection
中文摘要：	创业板是创新创业型中小企业的集聚地，技术驱动特性强，创新活动对其经营活动更为重要。源源不断的外部融资是促进企业发展创新的重要因素之一。然而对于中国很多企业而言，外部的融资约束严重制约了企业的创新行为。2020年创业板注册制的实施落地增加了中小企业资本市场的融资渠道。基于以上背景，本文对创业板上市公司这一细分主体进行研究，探索创业板上市公司融资约束、高管团队特质与企业创新行为之间的关系，有助于政府决策机构推动创业板上市公司进行创新活动，进而推动中国经济体的发展，也为我国创业板的制度探索提供借鉴。 本文通过梳理国内外学者关于融资约束与企业创新行为关系的已有研究，整合融资约束理论、CDM模型、高阶理论和社会资本理论，结合企业技术创新的特点，探究融资约束与企业创新行为之间关系，并进一步分析企业高管团队的政治关联和金融关联对二者关系的调节作用。借鉴已有研究的方法，本文以796家创业板上市公司2017-2019年共2233个观测数据为样本进行实证分析，并进行稳健性检验。在此基础上，本文根据企业产权性质、所处行业和所处制度环境的不同，进行分组回归，研究企业在不同环境下，融资约束、高管团队特质对企业创新行为影响的差异性表现。 本文通过实证研究发现：（1）创业板上市公司的融资约束会抑制其创新行为；（2）企业高管团队的金融关联和政治关联能够显著地缓解企业创新行为的融资约束；（3）根据企业性质分组回归，非国有企业实证结论与总样本保持一致；国有企业融资约束对创新行为无显著影响；（4）根据企业所处行业分组回归，制造业企业的实证结果与总样本保持一致；非制造业企业的融资约束会抑制企业的创新行为，但高管团队特质对二者关系的调节作用失效；（5）根据企业所处地区的制度环境分组回归，发现政商关系健康组的政治关联对创业板上市公司融资约束的调节作用失效。
英文摘要：	ChiNext Market is a gathering place for innovative and entrepreneurial Small and Medium-sized Enterprises (SMEs), with strong technology-driven characteristics, and innovative activities are more important to their business activities. A steady stream of external financing is one of the important factors that promote the development and innovation of enterprises. However, for many Chinese companies, external financing constraints have severely restricted their innovative behaviour. The implementation of ChiNext Market registration system in 2020 increases the financing channels of the SMEs capital market. Based on the above background, this paper conducts research on the subdivision main body of listed companies on ChiNext Market, and explores the relationship between the financing constraints of listed companies on ChiNext Market, the characteristics of the senior management team and the innovative behavior of enterprises, which will help the government decision-making body to promote the innovative activities of ChiNext Market listed companies, thus give impetus to the Chinese economy, and also provide a reference for the exploration of the ChiNext Market system. This paper analyzes the existing research on the relationship between financing constraints and corporate innovation behaviour by domestic and foreign scholars, integrates financing constraint theory, the CDM model, Upper Echelons Theory and social capital theory, explores the relationship between financing constraints and corporate innovation behaviour, and further analyzes the moderating effect of the relationship between the political connection and financial connection of the corporate senior executives. Drawing lessons from existing research methods, this paper uses a total of 2233 observational data from 796 ChiNext Market listed companies from 2017 to 2019 as the research sample. By constructing WW index and SA index, which measure corporate financing constraints, this paper empirically analyzes the relationship between the financing constraints of ChiNext Market listed companies and their innovation behaviour, and the moderating effect of the characteristics of the senior executives on the relationship between the two. The robustness test is also carried out. On this basis, according to the nature of corporate property rights, the industry and the institutional environment of the enterprise, this paper returns the above research questions in groups to study the differences in the impact of corporate financing constraints and the characteristics of the senior executives on corporate innovation behaviour in different environments. Through empirical research, this paper found that: (1) There is a significant negative correlation between the financing constraints of ChiNext Market listed companies and their innovative behaviour; (2) The financial and political connections of the senior executives of ChiNext Market listed companies can significantly alleviate the correlation between financing constraints and corporate innovation behavior, that is, the financial and political connections of the company's senior executives can reduce the financing constraint of corporate innovation activities; (3) According to results of the group regression on the nature of enterprises, the empirical conclusions of non-state-owned ChiNext Market listed companies are consistent with the total sample; the financing constraints of state-owned ChiNext Market listed companies have no significant impact on innovation behaviour; (4) According to results of the group regression on the industry of the enterprises, the empirical results of manufacturing ChiNext Market listed companies are consistent with the total sample; the financing constraints of non-manufacturing ChiNext Market listed companies on the inhibit the innovative behaviour of companies, but the characteristics of the senior executives have no effect on the relationship between the two; (5) According to results of the group regression of institutional environment where the enterprise is located, it is found that，for the group with healthy government business relationship, the regulating effect of the political association on the financing constraint of ChiNext Market listed companies is invalid。
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