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论文编号：	6355
作者编号：	2120122613
上传时间：	2014/6/9 10:27:13
中文题目：	融资约束对民营高科技企业R&D投资的影响研究——基于政治关联的视角
英文题目：	Research on The Impact of Financing Constraints on the Private High Technology Corporate R&D Investment：Based on the perspective of political association
指导老师：	李莉
中文关键字：	融资约束;R&D投资;政治关联;民营高科技企业
英文关键字：	Financing Constraints; R&D Investment; Political Association; Private High Technology Corporate
中文摘要：	在现今的知识经济时代下，这些高科技企业已经成为促进一国社会进步及经济发展的重要源泉和动力，也作为一项主要标准用以衡量一国综合国力和核心竞争力。企业承担了开展研发活动的主要任务，是推动国家技术进步与经济增长的主要动力。对高新技术研发的不断资本投入和创造更多成功的R&D投资项目成果，对企业具有重大的意义。 成功的R&D投资有利于增强企业的核心竞争力，促进国家乃至世界经济的发展。但是，目前我国在企业技术创新方面，存在R&D投资不足的现象，其中融资约束无疑是制约R&D投资的关键因素之一。由于正处在经济转型期，政府在市场经济中仍然扮演着重要角色，许多企业尤其是民营企业试图与政府建立政治关联来试图改善R&D投资活动中面临的问题。因此，本文将从政治关联的视角出发探讨我国融资约束对我国高科技企业R&D投资产生的影响。 首先，本文对国内外高科技企业融资、政治关联、R&D投资的相关研究进行综述；其次，基于信息不对称理论分析民营高科技企业中R&D投资中的融资约束问题；最后，以沪深两市2010-2012年披露了研发支出的民营高科技上市公司为研究样本，一方面检验了高科技企业R&D投资中是否存在融资约束，以及融资约束对R&D投资的影响，另一方面检验了有政治关联是否会缓解高科技企业融资约束对R&D投资的影响。 研究结果表明：（1）企业R&D投资由于其特殊性造成了企业与外界的信息不对称，我国民营高科技企业R&D投资中面临着融资约束的问题，在无政治关联的企业中表现尤为显著；（2）融资约束对我国民营高科技企业R&D投资具有显著负相关影响；（3）在政治关联作用下，融资约束对我国民营高科技企业R&D投资的影响得到缓解。
英文摘要：	Because of knowledge economy, the high-tech enterprises have become important to promote the development of a country's social progress and economic source and the power, also as a main criteria to measure a country's comprehensive national strength and core competitiveness. Enterprises to undertake the main task of the research and development activities, is to promote national technological progress and the main driver of economic growth. For high and new technology research and development of capital investment and create more successful R&D investment projects, is of great significance to the enterprise. The successful Research and Development (R&D) investment strategies promote enterprise to cultivate the core competitiveness of enterprises for sustainable source of competitive advantage. However, in terms of technological innovation of enterprises, there is insufficient R&D in the status quo. There are many factors affecting on R&D investment, and the financing constraints are the key factor. First of all, summarize the relevant research on domestic and foreign financing of high-tech enterprises, political connections and R&D investment; Secondly, combined with asymmetric information theory to analyze the private high-tech enterprises R&D financing constraint problem; Finally, by using samples of the private high-tech enterprises which had disclosed R&D expenses during the period from 2010-2012 in Shanghai and Shenzhen stock market, on one hand, tested the R&D investment of listed companies whether being in the existence of financing constraints, and how the financing constraints affect on R&D investment, on the other hand, tested the political connections whether will alleviate the effect of financing constraints on the high-tech enterprise R&D investment . The results show that: (1)Because of R&D investment special microstructure nature, there is a serious information asymmetry between enterprise and the outside world. China’s High and new technology listed companies exist certain financing constraint problems and thus restricting the R&D investment, especially in the absence of political connection enterprises; (2) Financing constraints have a significantly negative correlation to the private high-tech enterprises R&D investment; (3) In the political association’s effect, the effect of financing constraints on China's private high-tech enterprise R&D investment eased.
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