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论文编号：	2314
作者编号：	2120082163
上传时间：	2010/6/8 20:32:28
中文题目：	政治联系对我国民营高新技术企业融资约束影响研究
英文题目：	Research on the influence of Political Connection onto the Financing Constraint of Non-state Hi-tech Enterprises
指导老师：	李莉
中文关键字：	政治联系;民营高新技术企业;融资约束
英文关键字：	Political Connection;Non-state Hi-tech Enterprise;Financing Constraint
中文摘要：	随着我国社会主义市场经济体制的逐步深化，民营经济作为我国经济结构中的重要组成部分发挥出越来越突出的作用。民营高新技术企业作为民营经济中科技含量高、经济效益好、经营风险大的特殊群体，对于我国经济结构优化调整，提高自主产权和核心竞争力做出了巨大的贡献。 民营高新技术企业的产品研发、中试和投向市场都需要充足的资金成本支持，尤其在企业的种子阶段和期初阶段，这种融资的需求很大。然而“融资难”问题严重制约着民营高新技术企业的发展壮大。这种融资约束是由于资本市场信息不对称，内部融资与外部融资的成本差异所造成的。我国民营高新技术企业利用不同渠道尝试打破“融资瓶颈”，降低融资约束的程度。 政治联系这一概念于上世纪90年代逐渐被引入的，体现了公司与政府之间的关系。研究表明，政治联系对企业的诸多方面，如投资与融资、利息与税收等都有一定程度的影响。我国对于政治联系的研究刚刚起步，主要涉及到政治联系与企业价值、行业壁垒、融资结构等方面的研究。 本文拟运用数据资料研究政治联系对民营高新技术企业融资约束产生的影响，本文选取民营高新技术上市企业为样本，在确定影响企业融资约束的财务指标后，引入政治联系为虚拟变量，通过多元线性回归分析两者之间的相关性。本文的研究结果表明，政治联系对于民营高新技术企业融资约束有显著影响，具有政治联系的企业受到的融资约束程度较低，即其融资的便利性更强，进而持续经营和发展的可能性就更大。本文最后为民营高新技术企业降低融资约束、走出融资困境提出了具有针对性的建议。 本文的创新之处在于研究视角的新颖性，既深入剖析了民营高新技术企业的实际特点，又通过实证分析把政治联系与融资约束有机联系起来。笔者希望在本文的研究基础之上，今后的研究进一步深化对政治联系的标准化解释，同时把具有政治联系的企业和不具有政治联系的企业的特征及相关影响进行对比研究，这样会更有益于问题的解决。
英文摘要：	With the development of Social Market Economy in China, non-state economy plays a significant role in economic structure. As the special part of non-state economy, Non-state Hi-tech Enterprises have excellent technology, better returns and extrodinary operating risks, making great contributions to optimize economic structure and enhance core competiton abilities. Non-state Hi-tech Enterprises reqiure sufficient capital support during the periods of R&D, attempt and open to market. Especially in the stages of seeds and originality. However, financing problems constrain the development of Non-state Hi-tech Enterprises. Financing constraint is due to information asymmetric and the gap between interal financing and outside financing. Non-state Hi-tech Enterprises make use of different methods to break the “financing bottleneck”,alliviet the degree of financing constraint. The concept of political connection dates back to 1990s, reflecting the relationship of government and enterprises. Research indicates that political connection influnce different aspects of enterprises such as investment and financing, interest and tax. The researh in China has just set up and focuses on enterprises value, industry barriers, financing structure. The paper intends to research on the influnce of political connection onto financing constraint of Non-state Hi-tech Enterprises. The paper takes political connection as dummies. The result indicates that political connection has a significant impact on Non-state Hi-tech Enterprises. In the end, the paper provides some helpful suggestions for Non-state Hi-tech Enterprises to improve their financing difficulties. The innovation of the paper is the novel research perspective. The paper not only introduces the characteristics of Non-state Hi-tech Enterprises but also empirically analyzes the relationship between political connection and financing constraint. It is expected that future research can focus on improving the standard of political connection and making comparison of companies with political connections and those without political connections, which will be of great help to solve the problem.
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