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论文编号：	8069
作者编号：	1120110763
上传时间：	2015/12/11 17:42:33
中文题目：	研发补贴信息、组织合法性与高科技企业融资能力
英文题目：	Government’s R&D Subsidy Information, Organizational Legitimacy and Financing Ability of China’s High-tech Firms
指导老师：	李莉
中文关键字：	研发补贴信息；组织合法性；认证效应；融资能力；知识产权保护
英文关键字：	Government R&D Subsidy; Organizational Legitimacy; Certification Effect; Financing Ability; IPRs Protection
中文摘要：	高科技企业是创新的主体，也是经济持续健康发展的重要内生动力，而融资约束问题一直困扰着这些企业，成为阻碍其发展的主要瓶颈之一。学者普遍认为高科技企业与市场间的信息不对称造成了融资困难，但在中国当前特殊情境中这一问题表现得更为严重和复杂。知识产权保护薄弱不仅导致企业信息披露不足，加剧双方信息不对称，更重要的是导致研发项目及其成果的价值不确定性大幅增加，这严重抑制了投资者对企业投资价值的信任和认可，使得企业难以获得资金支持。可见，在研究中国情境下高科技企业的融资能力时，不仅需要解决信息不对称问题，更重要的是解决信任和认可问题。因此，如何有效地展现企业的投资价值并获得投资者认可便成为解决问题的关键。有研究表明企业获得政府支持的相关信息可能具有认证效应，有助于企业获得市场认可和资金支持，本文在查阅部分企业年报时也发现，很多企业不愿过多披露研发相关信息，却都较为充分地披露获得政府研发补贴的相关信息。这不禁引发思考，在中国情境中，企业为什么愿意披露政府研发补贴的相关信息？这些信息是否同样具有认证效应，能否对其融资能力产生积极影响？如果有影响，那么其内在机理是什么？知识产权保护在其中又起着怎样的作用？这些问题对于现阶段我国高科技企业的生存和发展至关重要，但目前该领域的研究成果较少，在理论研究方面更有待突破。 本文从知识产权保护的视角出发，结合理论推演、数理分析与实证研究等方法，创新性地基于组织合法性理论分析了政府研发补贴信息影响高科技企业融资能力的内在机理与实现路径，并考察了知识产权保护在其中的调节作用。研究发现研发补贴信息的披露决策不仅符合市场规范和社会期望，而且展现出政府对其研发能力与项目价值的认可。研究结果验证了政府研发补贴信息的认证效应，即投资者因为信任政府而更加认可和认同企业的投资价值，从而赋予企业更高的组织合法性水平，其外在表现即为企业融资能力的提升。另外，知识产权保护水平在这一影响路径中起到调节作用，薄弱的知识产权保护促使投资者更加关注和认可政府研发补贴信息，这种现象在企业长期信贷融资中尤为显著。 本文存在如下创新之处：第一，本文对组织合法性的理论构念展开情境化研究，分析中国高科技企业信息披露的内在动机，探究研发补贴信息影响企业融资能力的微观机理。第二，本文考察了研发补贴信息的本质特征，基于组织合法性理论重新审视政府研发补贴信息与高科技企业融资能力间的逻辑关系，从根本上厘清中国情境中两者间的内在影响机理，识别并验证了组织合法性理论的解释路径。第三，本文将知识产权保护这一制度因素纳入到企业融资能力的分析框架中，将制度情境、企业行为与政府支持整合到市场化的资源配置研究中，揭示了中国特殊的制度情境对高科技企业信息披露决策及其在资源获取能力过程中的作用机制。第四，本文将不完全信息动态博弈方法与新古典经济学分析方法相结合，构建符合中国现实情境的博弈模型，以数理推演的方式揭示政府研发补贴信息与高科技企业融资能力间的内在微观机理，检验了本文理论框架的有效性。 本文的贡献在于：第一，本文从中国现实情境出发，基于组织合法性理论构建了知识产权保护调节下的研发补贴信息影响高科技企业融资能力的理论分析框架，并对其内在机理展开深入探讨，丰富了相关领域的研究，为相关轻资产类企业解决融资难问题提供新思路，为政府评估其政策影响力提供参考依据。第二，本文采用上市高科技企业及部分新三板挂牌高科技企业为研究样本，实证验证研发补贴信息具有认证效应，有助于企业获取组织合法性，提升其融资能力。这一结论为企业重视信息披露并关注组织合法性提供依据，为市场优化投资决策提供数据支持，为政府构建和完善社会信用体系提供理论依据和实践参考。第三，本文考察并验证了知识产权保护这一宏观制度变量在研发补贴影响高科技企业融资能力中的重要作用，为高科技企业提高知识产权保护意识提供数据支持，为政府加强知识产权保护执法力度，推动高科技企业健康发展提供决策依据。 本文结合规范研究与实证研究方法，通过理论推演构建政府研发补贴信息影响高科技企业融资能力的理论模型，在此基础上综合运用数理分析与实证研究对该理论模型进行检验，并最终得到稳健的研究结论。本文结构安排如下：第一章介绍了研究背景、核心概念、研究内容和创新点等，从整体上廓清研究框架体系；第二章系统回顾了相关理论研究。第三章在分析我国制度背景基础上，依托组织合法性理论构建理论分析框架，并厘清核心概念间的内在关系；第四章将信号传递理论与组织合法性理论结合，建立不完全信息动态博弈模型，检验理论模型的有效性；第五章构建研究假设并基于面板数据展开实证分析；第六章对解释路径、内生性问题及代理变量选取等问题进行深入讨论并展开稳健性检验；第七章对全文进行总结和展望，归纳出主要研究结论，并指出不足和改进的方向。
英文摘要：	High-tech enterprises play a key role in innovation and help to stimulate the development of economy. However, they have been suffering from financial constraint for a long time, due to asymmetric information between enterprises and the market. This financing constraint becomes more severe and complicated in emerging economies like China. The intellectual property rights (IPRs) protection is so weak in China today that the value of intangible assets becomes more volatile and it makes more valuable information like R&D projects hidden inside the enterprises. Thus it not only leads to a more severe information asymmetry, but also a lack of investors’ trust and acception to the value of high-tech enterprises, which makes enterprises more difficult to get funded. Therefore, the key issue is how to show enterprises’ value effectively and make investors trust in this situation. Some studies have shown that government’s support has certification effect, which help enterprises to get market’s acception and financial support, while actually most of high-tech enterprises’ annual reports are also found that most of R&D information is hidden except the government R&D subsidy. This is the question, why high-tech enterprises are willing to disclose the information about government R&D subsidy in the context of China? Does this kind of information also have a certification effect that help enterprises to improve their financing ability? If it does, what’s the mechanism? And what role does the IPRs protection play? All these questions means too much for the survival and development of high-tech enterprises in our country, while few relative research achievements have been done, especially for the theoretical research. This dissertation focuses on how government’s R&D subsidy influences high-tech enterprises’ financing ability from the perspective of IPRs protection, based on organizational legitimacy. This dissertation finds that the government R&D subsidy information does have certification effect, the value of enterprises can be more acceptable to investors, and thus they acquire a high level of organizational legitimacy, when they disclose the information of the Government’s choice. Moreover, IPRs protection has a moderating effect on this process, a weaker IPRs protection leads to an increasing attention and acception of government R&D subsidy for investors. This phenomenon is particularly significant in acquiring long-term credit contract for high-tech enterprises. This dissertation does something new as follows: (1)This dissertation contextualizes the theory of organizational legitimacy into China’s institutional environment, analyzes the Intrinsic motivation why high-tech enterprises disclosing R&D information and research on the mechanism of R&D information and financing ability.(2)This dissertation discovers the essential feature of R&D information and constructs a theoretical framework to analyze the relationship bwteen R&D information and enterprises’ financing ability, based on organizational legitimacy theory. (3) This dissertation introduces IPRs protection into this theoretical framework, integrates institutional context, enterprises’ behavior and government’s support behavior into the research of market-oriented resource allocation and discusses the influence of IPRs Protection on R&D subsidy information of government and financing ability. (4)This dissertation designes a contextual game theory model to test the theoretical construct, based on incomplete information dynamic game theory and new classical economics analysis methods. Some contributions have been done in this dissertation: (1) This dissertation constructs a theoretical framework of the mechanism how government R&D subsidy information influence high-tech enterprise financing with the moderating effect of IPRs protection, based on organizational legitimacy theory and China’s institutional context. The research provides a new way for high-tech enterprises to pursuing funds and provides a reference for the government to evaluate the influence of policies. (2) This dissertation finds that the government R&D subsidy has a certification effect, which help enterprises to acquiring organizational legitimacy and financing ability empirically, based on a data sample of listed high-tech enterprises and some unlisted enterprises. The outcomes emphasize the significance of organizational legitimacy and information disclosure, provide references for investors to optimize their decision and promote an alternative way to offset the social credit system. (3)This dissertation investigate and verify the moderating effect of IPRs protection, which emphasize the significance of IPRs protection, and help government to strengthen the protection. This dissertation combines normative research and empirical research method, firstly constructs a theoretical model on how government R&D subsidy information influences high-tech enterprises’ financing ability by theoretical deduction. Then, the dissertation tests the theoretical model by integrating mathematical analysis and empirical research. The structure of this dissertation is as follows: Chapter 1 introduces the research background, the main concepts, research contents and innovative points, etc., illustrates the research framework of this dissertation. Chapter 2 systematically reviews the research situation and related research. Chapter 3 constructs a theoretical analysis framework and clarify the relationship between the main concepts, based on organizational legitimacy theory and China’s context. Chapter 4 develops an incomplete information dynamic game model, combining the theory of signaling and organization legitimacy. Chapter 5 sets up and test several hypothesis empirically using an unbalanced panel data, under the theoretical analysis framework. Chapter 6 does subtle robust test, based on the analysis of explanation, endogenousness and proxy variable problems. Chapter 7 is conclusions and prospections.
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