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论文编号：	12433
作者编号：	2120192842
上传时间：	2021/6/11 8:00:00
中文题目：	资产剥离、研发投入与企业绩效研究 ——以中国制造业上市公司为例
英文题目：	Investment Divestiture,R & D and Firm Performance：Take China''s listed Manufacturing Companies as an Example
指导老师：	薛有志
中文关键字：	资产剥离；研发投入；企业绩效；制造业
英文关键字：	R&D Investment; Divestiture; Enterprise Performance; Manufacturing
中文摘要：	改革开放给我国企业带来了快速发展的环境和机遇，很多企业开始抓住机会进行大量的业务扩张，发展成为多元化经营企业。但是在这一扩张热潮下也产生了很多转型失败的企业，他们进行了很多与主营业务相关性不大的多元化扩张。经历了多元化转型失败的企业开始寻求扭转企业绩效的方法，多数选择了进行资产剥离，将之前盲目兼并的不良资产剥离，并进行资源的重组和重新配置，从而达到改善企业绩效的目的。资产剥离是一种收缩式资产重组方式，有利于企业的资产结构调整，提高资本运作效率，在促使企业回归到主营业务和建立核心竞争力上具有重要作用。近年来，我国企业发生资产剥离的数量也在逐年增加。但在学术界，对于资产剥离的研究却非常滞后。同时，国有企业与非国有企业在进行资产剥离时也存在较大的差异。相较于国有企业，非国有企业发生的资产剥离交易更多。有研究得出，资产剥离多数发生在经营情况陷入严重困境的企业，一般运营良好的企业不太可能主动进行资产剥离。既然多数企业发生资产剥离是由于经营不佳、严重亏损或资金周转困难，那么在发生资产剥离后，如何能够更好地改善企业绩效的问题有待解决。随着我国科技创新体系不断加强和完善，政府为自主品牌提供了很多的政策支持，在研发和技术创新方面投入了大量的资金，营造了良好的创新氛围。并且有研究指出，资产剥离通过缓解企业的融资约束，能够促进研发投入。 本文首先通过对2015-2018年发生资产剥离的制造业企业的数据进行汇总，探讨其研发投入对企业绩效的影响，以期找到提高发生资产剥离企业绩效的途径。由于资产剥离是企业获得一定资金的机会，也是企业重新部署内部资源的机会，因此将资产剥离作为调节变量，研究其在此过程中发挥的作用。其次，本文将研究样本根据股权性质分类进行了重复研究。 实证结果表明，企业发生资产剥离后的研发投入对企业绩效有正向促进作用，资产剥离对研发投入与企业绩效之间的关系具有正向调节作用。并且这两种作用均主要在非国有企业中发挥作用。因此，发生资产剥离的企业尤其非国企业可以通过增加研发投入来提高企业的绩效，以充分利用资产剥离获得的资金。
英文摘要：	It has brought a lot of opportunities for the rapid development of China's enterprises. But in this upsurge of expansion, there are also many failed enterprises, they have carried out a lot of diversification expansion which is not related to the main business. After the failure of diversification transformation, the enterprises begin to seek ways to reverse their performance. Most of them choose to divest their assets, divest the non-performing assets which were blindly merged before, and reorganize and reallocate their resources, so as to improve their performance. Divestiture is a way of shrinking assets restructuring, which is conducive to the adjustment of assets structure and the improvement of capital operation efficiency. It plays an important role in promoting enterprises to return to the main business and establishing core competitiveness. In recent years, the number of divestitures in Chinese enterprises is increasing year by year. But in academia, the research on divestiture is very backward. At the same time, there are great differences between state-owned enterprises and non-state-owned enterprises in asset divestiture. Compared with state-owned enterprises, non-state-owned enterprises have more divestiture transactions. Some studies show that most divestitures occur in enterprises with serious operating difficulties, and generally well run enterprises are not likely to take the initiative in divestitures. Since most enterprises have divestiture because of poor operation, serious losses or capital turnover difficulties, how to better improve the performance of enterprises remains to be solved after divestiture. With the continuous strengthening and improvement of China's scientific and technological innovation system, the government has provided a lot of policy support for independent brands, invested a lot of funds in R & D and technological innovation, and created a good innovation atmosphere. And some studies have pointed out that divestiture can promote R & D investment by easing the financing constraints of enterprises. This paper first summarizes the data of manufacturing enterprises with divestiture from 2015 to 2018, and discusses the impact of R & D investment on enterprise performance, in order to find ways to improve the performance of enterprises with divestiture. Because asset divestiture is an opportunity for enterprises to obtain certain funds, and it is also an opportunity for enterprises to re deploy internal resources, this paper takes asset divestiture as an adjusting variable to study its role in this process. Secondly, this paper makes a repeated study on the research samples according to the nature of equity. The empirical results show that R & D investment after divestiture has a positive effect on corporate performance, and divestiture has a positive moderating effect on the relationship between R & D investment and corporate performance. And these two functions are mainly played in non-state-owned enterprises. Therefore, enterprises with divestiture, especially non-state enterprises, can improve their performance by increasing R & D investment, so as to make full use of the funds obtained from divestiture.
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