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MBA毕业论文_民融合企业股权融资效率对创新效率的影响PDF

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军民融合企业作为我国经济重要的知识产权实体和创新驱动主体,在推进军 民融合深度发展中扮演着基础性甚至决定性的角色。创新是军民融合企业发展的 最核心动力,其研发创新水平不仅关系到自身的发展,更关乎我国国家安全和发 展全局。如果军民融合企业创新能力无法与社会发展匹配,不仅会给企业造成重 大损失,更会给国家带来不可估计的风险。创新的发展又依赖于企业资金支持, 然而,我国军民融合企业融资结构不合理、成本高、风险大等问题,不仅降低了 股权融资质量,也制约了创新发展。 以我国上市军民融合企业为研究对象,研究股权融资效率对创新效率的作用 机制。首先,运用DEA-BCC模型,对军民融合企业股权融资效率和创新效率进 行了静态评价;其次,运用Malmquist指数,对军民融合企业股权融资效率和创 新效率进行了动态评价;再次,运用Tobit回归模型,分析了股权融资效率对创 新效率的作用程度;最后,在理论研究和实证分析的基础上,从宏观、中观和微 观三个层面的角度出发,提出了加强股权融资效率作用于创新效率的政策建议。 实证结果显示:第一,军民融合企业整体股权融资效率偏低,虽然整体股权 融资效率达到有效的军民融合企业数量较低,但呈现逐年增长态势。第二,军民 融合企业创新效率整体较低,同时根据Malmquist指数动态结果显示,研究期内 我国军民融合企业创新效率未能达到最优状态,呈总体下降趋势,主要原因在于 企业研发技术水平落后。第三,从股权融资效率对创新效率影响的Tobit回归分 析看,军民融合企业的股权融资效率对创新效率具有正向影响。 关键词:军民融合企业;股权融资效率;创新效率;DEA-Malmquist-Tobit III ABSTRACT As an important intellectual property entity and innovation driving subject of China's economy, the military-civilian integration enterprise plays a fundamental and even decisive role in promoting the deep development of military-civil integration. Innovation is the core driving force for the development of military-civilian integration enterprises. Its level of R&D and innovation is not only related to its own development, but also related to the overall situation of China's national security and development. If the innovation capability of military-civilian integration enterprises cannot match the social development, it will not only cause significant losses to the enterprises, but also bring unpredictable risks to the country. The development of innovation depends on the financial support of enterprises. However, the unreasonable financing structure, high cost and high risk of China's military-civilian integration enterprises have reduced the quality of equity financing and restricted the development of innovation. Taking China's listed military-civilian integration enterprises as the research object, this paper studies the mechanism of equity financing efficiency on innovation efficiency. Firstly, the DEA-BCC model is used to evaluate the equity financing efficiency and innovation efficiency of military-civilian integration enterprises. Secondly, the Malmquist index is used to dynamically evaluate the equity financing efficiency and innovation efficiency of military-civilian integration enterprises. Again, the Tobit regression model is applied. The paper analyzes the effect of equity financing efficiency on innovation efficiency. Finally, on the basis of theoretical research and empirical analysis, from the perspectives of macro, meso and micro, it puts forward the effect of strengthening equity financing efficiency on innovation efficiency. policy suggestion. The empirical results show that: Firstly, the overall equity financing efficiency of military-civilian integration enterprises is relatively low. Although the overall equity financing efficiency reaches a low number of effective military-civilian integration enterprises, it shows a year-on-year growth trend. Secondly, the innovation efficiency of military-civilian integration enterprises is low overall. At the same time, according IV to the dynamic results of Malmquist index, the innovation efficiency of China's military-civilian integration enterprises failed to reach the optimal state during the research period, showing an overall downward trend. The main reason lies in the backwardness of enterprise R&D technology. Thirdly, from the Tobit regression analysis of the impact of equity financing efficiency on innovation efficiency, the equity financing efficiency of military-civilian integration enterprises has a positive impact on innovation efficiency. Keywords: military-civilian integration enterprise; equity financing efficiency; innovation efficiency; DEA-Malmquist-Tobit V 目 录 1 绪论 ............................................................. 1 1.1 研究背景与意义 ............................................................................................. 1 1.1.1 研究背景 .................................................. 1 1.1.2 研究意义 .................................................. 2 1.2 文献综述 ...................................................... 2 1.2.1 创新效率 .................................................. 2 1.2.2 股权融资效率 .............................................. 4 1.2.3 企业股权融资与创新的关系 .................................. 5 1.2.4 研究现状总评 .............................................. 6 1.3 研究思路与方法 ................................................ 7 1.3.1 研究思路 .................................................. 7 1.3.2 研究方法 .................................................. 9 2 研究基础 ........................................................ 10 2.1 相关概念界定 ................................................. 10 2.1.1 军民融合及企业 ........................................... 10 2.1.2 股权融资及效率 ........................................... 11 2.1.3 创新及效率 ............................................... 12 2.2 相关理论 ..................................................... 13 2.2.1 企业融资理论 ............................................. 13 2.2.2 委托代理理论 ............................................. 14 2.2.3 创新理论 ................................................. 16 3 我国军民融合企业创新与融资的现状 ................................ 18 3.1 军民融合企业发展现状 ......................................... 18 3.1.1 态势良好 ................................................. 18 3.1.2 现存问题 ................................................. 19 3.2 我国军民融合企业创新现状 ..................................... 20 3.2.1 投入总额小 ............................................... 20 3.2.2 投入强度低 ............................................... 21 VI 3.3 我国军民融合企业融资现状 ..................................... 23 3.3.1 投融资渠道不足 ........................................... 23 3.3.2 资金使用效率低下 ......................................... 25 3.3.3 融资激励机制不畅 ......................................... 26 4 军民融合企业股权融资效率对创新效率的影响机理 .................... 28 4.1 影响机理分析框架 ............................................. 28 4.1.1 影响机理分析结构图 ....................................... 28 4.1.2 影响机理分析特征 ......................................... 28 4.1.3 影响机理分析与影响效应检验的衔接 ......................... 29 4.2 研发强度和财务弹性的中介作用 ................................. 30 4.2.1 研发强度 ................................................. 30 4.2.2 财务弹性 ................................................. 31 4.3 军民融合战略、政府补助和内部控制的调节作用 ................... 32 4.3.1 军民融合战略 ............................................. 32 4.3.2 政府补助 ................................................. 33 4.3.3 内部控制 ................................................. 34 5 军民融合企业股权融资效率与创新效率测度 .......................... 36 5.1 测度方法介绍 ................................................. 36 5.1.1 DEA-BCC模型.............................................. 36 5.1.2 Malmquist指数............................................ 37 5.2 数据来源及处理 ............................................... 38 5.2.1 数据来源与样本选取 ....................................... 38 5.2.2 数据无量纲化处理 ......................................... 39 5.3 军民融合企业股权融资效率测度 ................................. 40