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论文编号：	7467
作者编号：	2120132387
上传时间：	2015/6/10 11:57:05
中文题目：	我国高新技术企业的创新战略、财务杠杆与企业价值
英文题目：	Innovation Strategies, the Financial Structure and Enterprise Value of Chinese High-tech Enterprises
指导老师：	程新生
中文关键字：	企业价值; 创新战略; 财务杠杆
英文关键字：	Enterprise Value; Innovation Strategies; Financial Leverage
中文摘要：	高新技术企业的科技创新水平，影响着一个国家的科技水平和经济发展，影响着国民生活的方方面面。改革开放加速了我国的高新技术企业的发展，近十几年以来，各个行业的高新技术企业不仅在数量上猛增，其所创造的利润和总产值更是飞速上升。在我国的A股市场中，沪深主板、深圳中小板和创业板中上市的高新技术企业越来越多，其行业分布也越来越广泛。高新技术企业的创新性强，企业需要实施创新战略来保持自身的竞争优势和市场地位。 目前，一些国外学者研究表明，公司所处的竞争环境以及公司所实施的战略会对企业融资方式产生影响。但是，我国的经济制度和西方社会有很大的区别，国外的研究结论并不一定适用于我国的企业。因此，本文构建了创新战略、财务杠杆和企业价值的分析框架，试图探讨高新技术企业所实施的创新战略对财务杠杆和企业价值的影响。 本文选取了2011-2013年间我国A股市场上市的616家高新技术企业为样本进行了实证分析，实证结果表明：高新技术企业的创新战略与财务杠杆比率负相关，与企业价值正相关；创新战略与财务杠杆比率的交互作用与企业价值负相关。此外，对样本的分类研究表明，创新对计算机通信和其他电子设备制造业、医药制造业、专用设备制造业、信息传输软件和信息技术服务业这四大类行业的高新技术企业来说更加重要，它们实施创新战略能更加明显地提升企业价值，并且在实施创新战略时更应当保持较低的财务杠杆，以避免企业价值受损。
英文摘要：	High-tech enterprises not only affect the level of a country's technological and economic development, but also affect all aspects of people’s life. China’s reform and open-up policies have accelerated the development of Chinese high-tech enterprises. During the past few years, Chinese high-tech enterprises in various industries not only soared in quantity, but also create more profits and GDP. In China's A-share market in Shanghai and Shenzhen main board, the Shenzhen SME Board and GEM, there are more and more high-tech enterprises which distribute in more widely industries. High-tech enterprises are very innovative, they need to implement innovation strategies to maintain their competitive advantage and market position. Currently, foreign scholars suggest that the competitive environment as well as strategies will affect the capital structure of the company. However, China's economic system are very different from western countries. Foreign research findings do not necessarily apply to our business. Therefore, this thesis constructs innovation strategy-capital structure-enterprise value model, trying to study the impact of innovation strategies on enterprise capital structure and enterprise value. The sample of this thesis is 616 listed high-tech companies in China's A-share market from the year 2011 to 2013.The empirical results show that: high-tech enterprise innovation strategy and financial leverage are negatively correlated, and positively related to enterprise value. Capital structure of high-tech enterprises which pay a lot more attention to innovation is negatively related to enterprise value. Furthermore, this thesis classifies the sample into two categories. The first category is enterprises which distribute in four industries, respectively, computer communications and other electronic equipment manufacturing, pharmaceutical manufacturing, special equipment manufacturing, information transmission software and IT services industry. Innovation strategies of high-tech enterprises of these four industries implement innovative strategies are more clearly positively connected to corporate value. They should maintain a low financial leverage, in order to avoid damage to corporate value.
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