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论文编号：	5448
作者编号：	2120112439
上传时间：	2013/6/8 9:35:33
中文题目：	知识产权保护水平对高科技企业融资结构影响研究
英文题目：	A Research on the Influence of Intellectual Property Protection Level to the High-tech Enterprise Financing Structure
指导老师：	李莉
中文关键字：	知识产权保护水平；高科技企业；融资结构；信息不对称
英文关键字：	Intellectual property protection level; High-tech enterprise; Financing structure; Information asymmetry
中文摘要：	我国目前的重大发展战略是构建创新型的国家，创新基石是高科技企业。然而资金是研发的基础，是高科技企业发展的前提。知识产权是研发的结果、直接关系企业经营状况，其保护水平对于企业来说是保障其长久发展的重要因素。目前，我国各省份在知识产权立法方面，都实施由中央政府制定的统一的知识产权法律和国际公约，立法水平较高。但是目前我国各省份在知识产权执法方面，存在不少问题。对于企业来说，影响其融资结构的因素很多，如：企业规模、盈利能力、行业特征、治理状况等；对于高科技企业来说，具有较多、较高质量的知识产权是高科技企业区别于一般企业的一个重要特征，本文试图探讨宏观层面的知识产权保护水平是否会影响企业融资结构。同时信息不对称因素是影响企业融资结构的重要因素，目前我国宏观层面的知识产权保护水平不高，企业不愿意去披露自身知识产权的相关信息，这造成了高科技企业内外部信息不对称。在此基础上，本文试图解释，在宏观层面的知识产权保护水平提高的情况下，高科技企业会不会愿意披露相关信息，企业内外部信息不对称程度会不会得到缓解；同时，探讨信息不对称程度的降低对企业在资本市场上的融资有何影响。基于上述问题，本文首先分析知识产权保护水平与信息不对称的关系，其次分析信息不对称与高科技融资结构的关系，在此基础上传导出知识产权保护水平与高科技企业融资结构关系。本文认为知识产权保护水平是通过信息不对称来影响高科技企业融资结构的，即知识产权保护水平影响信息不对称，进而影响融资结构，在这条影响路径中，信息不对称水平是知识产权保护水平影响融资结构的中介变量。通过实证检验，本文的假设得到验证，知识产权保护水平越高，企业内外部信息不对称程度越低，企业越倾向于股权融资，信息不对称水平是知识产权影响高科技企业融资结构的中介变量。本论文以财务学与法学、政治经济学相交叉的方式，将知识产权保护因素引入公司财务学融资问题的研究，丰富了融资理论。为加快我国高新技术产业的发展，为政府加强知识产权保护、扶持高科技企业发展提供理论与决策依据。
英文摘要：	The high-tech enterprises are the cornerstone for an innovative nation. Financing is the base of Research & Development and the premise of high-tech enterprises. Intellectual property right, as a result of Research & Development, is directly related to the companies' operations. To protect intellectual property right is an important factor to ensure the long-term development of the enterprises. Nowadays, the provinces of China adopt the intellectual property right law by the central government and international convention. The legislation is of high quality. However, there still exist problems to be solved in the process of execution of the law. For an enterprise, there are many factors that can influence the financing structure, such as the size, the ability to profit, the characteristics of the whole industry and the management situation. For the high-tech enterprises, intellectual property right distinguishes them from other enterprises. This is one of the important properties of high-tech enterprises. Does the high protection of the intellectual property right influence the financing structure of an enterprise? Moreover, asymmetrical information is an important factor influencing the financing structure of an enterprise. Under the environment of highly protected intellectual property right law, it is important for outsider investor to know that the enterprises are willing to disclose relevant information of intellectual property right. How does this kind of information influence the financing structure of enterprises in the capital market? According to the above situation, this thesis introduces the theory based on the influence of asymmetrical information. It firstly analyzes the relation between intellectual property right and the asymmetrical information. Then it analyzes the relation between asymmetrical information and high-tech financing structure. From these two relations, it derives the relation between the protection of intellectual property right and the high-tech financing structure. This thesis thought that the protection of intellectual property right influence the financing structure of high-tech enterprise through asymmetrical information. After the examination of real evidence, the assumption of this thesis is verified. The higher the protection level of property right, the lower the level of asymmetrical information from inside or outside of an enterprise, the more likely the enterprise will finance by share. The level of asymmetrical information is the media by which the property right influences high-tech enterprise financing structure. Due to the lack of data on research background and the limitation of individual ability, there are still shortages and problems in this thesis that need to be further investigated and improved.
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