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论文编号：	7458
作者编号：	2120132426
上传时间：	2015/6/10 9:51:06
中文题目：	银行关联、融资约束与民营高科技企业研发投入
英文题目：	Bank connection, Financing Constraints and Private High Technology Corporate R&D Investment
指导老师：	李莉
中文关键字：	银行关联;融资约束;R&D投资;民营高科技企业
英文关键字：	Bank Connection;Financing Constraints;R&D Investment;Private High Technology Corporate
中文摘要：	“自主创新”在2005年首次被确定为一项重要的国家战略。国家创新战略的实施必须依赖企业，特别是高科技企业。因为创新的主体是企业，创新的基石是高科技企业,创新的方式是企业进行研发活动。但是，我国研发投资强度不足，与发达国家相比还存在很大的差距，其中融资约束无疑是制约R&D投资的关键因素之一。由于我国正处在经济转型时期，企业的融资渠道比较单一，银行在我国金融体系中占据主导地位，银行是外部融资的主要来源，与国有企业相比，民营企业更难以从银行获得贷款。为了消除这种信贷歧视，民营企业试图与银行建立银行关联以改善R&D投资活动面临的融资约束问题。因此，本文以融资约束作为理论分析路径，探讨银行关联对我国民营高科技企业R&D投资的影响。首先，本文对融资约束、研发投入和银行关联的相关文献进行梳理和评论。其次以信号传递作为理论依据，推导出银行关联对融资约束的影响路径；以信息不对称作为理论依据，推导出融资约束对民营高科技企业R&D投资的影响路径；以融资约束作为理论依据，探讨了银行关联对民营高科技企业研发投入的影响路径。最后以2008-2012年间民营高科技企业作为本文的研究样本，检验银行关联对民营高科技企业研发投资的影响。研究结果表明：（1）民营高科技企业融资约束问题比较严重，银行关联能够缓解民营高科技企业的融资约束问题，两者呈负相关关系；（2）融资约束与R&D投资呈显著负相关关系；（3）银行关联的建立能够促进民营高科技企业研发投入的增加，为银行关联这种非正式制度存在的合理性提供新的证据。
英文摘要：	“Independent innovation “was identified as an important national strategy for the first time in 2005 .The implementation of the national innovation strategy must rely on enterprises, especially high-tech enterprises. Because the main body of innovation is the enterprise, and the innovation is the cornerstone of the high-tech enterprises, and the innovation is the enterprise research and development activities. However, compared with developed countries, there is a big gap in the intensity of R&D investment in China. There are many factors affecting on R&D investment, and the financing constraints are the key factor. Because our country is in economic transition period, the enterprise's financing channel is unitary. Banks occupy the dominant position in the financial system in our country, and the bank is the main source of the external financing. Compared with the state-owned enterprises, the private enterprises are more difficult to get loans from the bank. In order to eliminate the credit discrimination, private enterprises try to establish bank connection to improve the financing constraint problem of R&D investment. Therefore, basing on the theory of financing constraints, this article explores bank connection to the influence of the private high-tech enterprise R&D investment in China. First of all, summarize the relevant research on financing constraints, R&D investment and bank connection. Secondly, how the bank connection has an impact on financing constraints is deduced with the signal transmission theory. With information asymmetry theory to analyze the private high-tech enterprises R&D financing constraint problem. How the bank connection effect R&D investment is deduced on the theory of the financing constraints. Finally, by using samples of the private high-tech enterprises which had disclosed R&D expenses during the period from 2008-2012 to test how the bank connection effect the private high-tech enterprise R&D investment. The results show that: (1) China’s private high and new technology listed companies exist certain financing constraint problems, especially in the absence of bank connection enterprises;(2) Financing constraints have a significantly negative correlation to the private high-tech enterprises R&D investment; (3) The establishment of bank connection can promote the increase of the private high-tech enterprise R&D input. This offers the rationality new evidence of the existence of banking connection.
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