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论文编号：	7410
作者编号：	2120132429
上传时间：	2015/6/9 16:02:44
中文题目：	政府补贴对高科技企业创新绩效的影响研究 ——基于融资约束的中介效应
英文题目：	Research on The Impact of Government subsidies on the High Technology Corporate innovation performance：Based on the mediation effect of Financing Constraints
指导老师：	李莉
中文关键字：	高科技企业；政府补贴；融资约束；创新绩效
英文关键字：	high-tech enterprises; the government subsidies; financing constraints; innovation performance
中文摘要：	国际舞台上的市场竞争从未停歇过，近年来愈演愈烈，随着科学技术的创新与发展，各国之间的竞争已经由原来的资本之间的竞争逐渐演变成为科技之间的竞争，高科技企业作为技术创新的具体载体，成为了科技进步与创新的关键要素。随着经济趋势的引领以及各项政策倾斜，高科技企业投入大量资金与资本进行研发以提高企业的创新能力。但是，对于研发投入的持续增加而不重视绩效的做法不符合我国高科技企业发展的战略要求，在科技快速发展的今天，时间和成本越发显得重要，因此，创新绩效逐渐成为目前炙手可热的一个话题。 政府作为经济发展中的重要主体，对于高科技企业的发展也起着至关重要的作用，无论是直接资金的流入、辅以政策的支持，还是政府信用的隐性力量，都为高科技企业弥补了资金缺口、拓展了融资渠道。目前来看，政府的支持对于高科技企业在研发投入方面提供了帮助，从而对于企业的创新绩效带来正面的影响。 关于制约高科技企业创新绩效提高的影响因素有很多，诸如宏观政策、人才选拔机制、政府关联等等，但是最为引人关注的还是资金问题，高科技企业的融资约束程度对高科技企业的创新绩效具有很大的影响作用，而目前政府提供的补贴能否通过缓解融资约束进而提高企业创新绩效亟待考证。 本文旨在研究政府对高科技企业的直接资金流入，即政府补贴对高科技企业创新绩效的影响，笔者认为资金的流入首先可以直接地影响企业的融资约束，而融资约束又可以进一步地影响企业的创新绩效，所以本文以融资约束作为中介变量进行研究。 除此之外，笔者还以公司财务学和政治经济学相交叉的方式，将政府补贴这一重要要素引入公司融资问题的研究，丰富了现有的融资理论，也为加快我国高科技产业发展，加强政府对企业的扶持、提供了理论和决策依据。
英文摘要：	Market competition in the international arena has never been idle, and becomes heavier and heavier in recent years, with the innovation and development of science and technology, the competition between countries has been changed from the original capital into science and technology gradually, high-tech enterprises as a specific carrier of technological innovation, become the key elements of the scientific and technological progress and innovation. With the leading of the economic trend as well as various policy, high-tech enterprises invested a lot of money and capital for research and development to improve the innovation ability of enterprises. However, the continued increase of R&D input without consideration for the performance doesn’t conform to the requirements of the our country high-tech enterprise development strategy, in this age with the rapid development of science and technology, time and cost are more and more important, therefore, innovation performance gradually become a hot topic at present. As an important subject in economic development, Government plays a critical role for in the development of high-tech enterprises, direct capital inflows and policy support, or indirect recessive power of government credit, both make up the shortfall for the high-tech enterprises, and expand the financing channels. For now, the government's support has helped high-tech enterprises in R&D input, thus to bring the positive influence to the innovation performance of the enterprise. There are many factors that have influence on innovation performance improvement of high-tech enterprises, such as macroeconomic policy, talent selection mechanism, the government correlation, etc., but what matters most is money, financing constraint degree of high-tech enterprise has a great influence on innovation performance. At present, whether the government subsidies can improve the innovation performance of enterprise by alleviating financing constraints needs to be proven. The purpose of this paper is to study the direct cash flows of government into high-tech enterprises, in the other words, the influence of the government subsidies on the innovation performance of high-tech enterprise, the author thinks that capital inflows can directly affect the enterprise financing constraints first, and the financing constraints can further influence the innovation performance of the enterprise, so this study goes on with financing constraints as intermediary variable. In addition, with the cross of the company's financial and political economics, the author brings the government subsidies which is such an important element into the research of company financing problems, so as to enrich the existing financing theory, accelerate the development of high-tech industry in our country, strengthen government support to the enterprise, provide the theory and decision-making basis.
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