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MBA毕业论文_国创业板上市公司财务柔性对研发投入影响研究

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I 摘要 随着国家的日益富强,科研技术的不断深入发展,我国的企业发展进入新的 阶段,并且科技研发投入多少成为经济增长快慢的重要推手。对于科研企业来说, 投资活动深刻影响着企业内部现金流,对企业日常经营中作用日益增大,良好的 投资活动可以为企业创造巨大价值。所以,企业无论是为了现阶段的盈利,还是 未来的发展竞争力,势必加大科技投资,不断加大资本投入和人力投入。财务柔 性作为企业财务管理的重要策略,以及财务柔性对于企业研发投入的关系,使得 企业越来越重视财务柔性这一管理策略。财务柔性是企业在面对不确定性的经济 环境下,动态地、灵活地实施企业财务管理,从而有效应对不利冲击。其主要来 源是企业超额的现金持有和保持相对较低的财务杠杆,帮助企业迅速识别风险, 及时有效地抓住企业的投资机遇,降低财务发展风险,促使企业获得最大利益和 可持续发展。 纵观国内外现有研究,财务柔性与企业研发投入关系的研究十分缺乏,故本 研究在现存相关理论研究基础之上,仔细查阅和梳理财务柔性与企业研发投入的 资料文献,系统研究企业储备财务柔性与研发投入强度之间的关系,并选取融资 约束 KZ 指数、两职合一的指标作为论文的调节变量,将企业的规模、总资产净利 率等指标作为控制变量,提出研究假设并构建研究模型,利用 STATA 统计软件进 行多元回归分析,实证探讨财务柔性对企业研发投入的影响作用,以及将融资约 束指数、两职合一调节变量对财务柔性影响研发投入的作用进行了实证检验,从 而发现创业板上市公司的财务柔性储备对企业的研发投入起正向作用,以及融资 约束、两职合一能够对财务柔性对企业研发投入起正向调节作用,从而根据实证 结果提出企业经营发展的对策建议,促进创业板上市公司加大技术创新投入,并 提升研发创新能力。通过以上分析,希望一方面能够拓展和丰富企业财务柔性和 研发投入的理论研究,另一方面能够推动创业板上市公司树立财务柔性储备意识, 注入企业研发的投资机会,以促进我国企业更好更快发展。 关键词:财务柔性;研发投入;融资约束;两职合一;创业板Abstract II Abstract With the growing prosperity of the country, science and technology have also ushered in remarkable development, and the era of knowledge economy has come. How much investment in scientific and technological research and development has become an important driver of economic growth. For scientific research enterprises, investment activities have a profound impact on the internal cash flow of enterprises, and play an increasingly important role in the daily operation of enterprises. Good investment activities can create great value for enterprises. Therefore, whether it is for the profit at the present stage or for the future development competitiveness, enterprises are bound to increase investment in science and technology, capital investment and human investment. As an important strategy of financial management and the relationship between financial flexibility and R&D investment of high-tech enterprises, enterprises pay more and more attention to financial flexibility. Financial flexibility is a kind of management mode that refers to the uncertainty in the capital operation and financial activities of an enterprise and the dynamic implementation of financial management. The main sources are excess cash holding and relatively low financial leverage, which help enterprises quickly identify risks and grasp investment opportunities in time, so as to prevent risk impact and maximize the interests of enterprises. Throughout the existing research at home and abroad, the research on the relationship between financial flexibility and R&D investment of enterprises is very scarce. Therefore, based on the existing related theoretical research, this study further systematically combs the related literature of financial flexibility and R&D investment of enterprises, discusses the mechanism of the relationship between financial flexibility and R&D investment, and takes the financing constraints and the integration of two functions as the adjustment variables of the paper, Taking enterprise scale and ownership concentration as control variables, this paper constructs a multiple regression model, and uses STATA statistical analysis software to empirically examine the relationship between financial flexibility and R&D investment, as well as the effect of financing constraints and integration of two functions on R&D investment On the one hand, I hope to prove the important role of financial flexibility in enterprise risk management by enriching the research of financial flexibility theory; on the other hand,Abstract III I hope to improve the financial flexibility reserve awareness of GEM listed companies in China, and provide new ideas for the innovation and development of gem enterprises and the promotion of enterprise value, so as to promote the better and faster development of enterprises in China. Keywords: Financial flexibility; R&D investment; Financing constraints;Integration of two functions; GEM目 录 IV 目 录 摘要................................................................................................................................I Abstract...........................................................................................................................II 第 1 章 绪论.....................................................................................................................1 1.1 研究背景.............................................................................................................1 1.2 研究意义.............................................................................................................2 1.2.1 理论意义...................................................................................................2 1.2.2 现实意义...................................................................................................3 1.3 研究内容与方法.................................................................................................3 1.3.1 研究内容...................................................................................................3 1.3.2 研究方法...................................................................................................4 1.4 技术路线图.........................................................................................................4 1.5 创新点.................................................................................................................5 第 2 章 国内外研究综述.................................................................................................7 2.1 关于财务柔性的研究综述.................................................................................7 2.1.1 财务柔性概念的研究综述.......................................................................7 2.1.2 财务柔性影响因素的研究综述...............................................................8 2.1.3 财务柔性计量的研究综述.......................................................................9 2.2 关于研发投入影响因素的研究综述...............................................................12 2.3 关于财务柔性与研发投入的研究综述...........................................................13 2.4 关于融资约束与研发投入的研究综述...........................................................14 2.5 关于两职合一与研发投入的研究综述...........................................................16 2.6 各研究变量之间关系的研究综述...................................................................17 2.7 文献评述...........................................................................................................18 2.8 本章小结...........................................................................................................19 第 3 章 理论分析与研究假设.......................................................................................20 3.1 理论基础...........................................................................................................20 3.1.1 不确定性理论.........................................................................................20 3.1.2 委托代理理论.........................................................................................21 3.1.3 融资约束理论.........................................................................................22目 录 V 3.1.4 现代管家理论.........................................................................................23 3.2 研究假设...........................................................................................................23 3.2.1 企业财务柔性与研发投入的关系.........................................................23 3.2.2 融资约束、财务柔性与研发投入的关系.............................................24 3.2.3 两职合一、财务柔性与研发投入的关系.............................................25 3.3 本章小结...........................................................................................................26 第 4 章 实证研究设计...................................................................................................27 4.1 样本选取与数据来源.......................................................................................27 4.1.1 样本选取.................................................................................................27 4.1.2 数据来源.................................................................................................27 4.2 变量设计...........................................................................................................27 4.2.1 被解释变量.............................................................................................27 4.2.2 解释变量.................................................................................................28 4.2.3 调节变量.................................................................................................28 4.2.4 控制变量.................................................................................................29 4.3 模型构建...........................................................................................................30 4.4 本章小结...........................................................................................................30 第 5 章 实证研究...........................................................................................................31 5.1 描述性统计分析...............................................................................................31 5.2 相关性统计分析...............................................................................................32 5.3 实证回归结果...................................................................................................33 5.3.1 财务柔性与企业研发投入的回归分析.................................................33 5.3.2 融资约束对财务柔性与企业研发投入的回归分析.............................34 5.3.3 两职合一对财务柔性与企业研发投入的回归分析.............................35 5.4 稳健性检验.......................................................................................................36 5.5 本章小结...........................................................................................................38 第 6 章 研究对策建议...................................................................................................40 6.1 树立财务柔性储备理念...................................................................................40 6.2 重视研发创新意识和投入...............................................................................40 6.3 合理评估融资约束水平与环境.......................................................................41 6.4 完善管理层的治理机制和政策.......................................................................42 6.5 本章小结...........................................................................................................43 结 论.............................................................................................................................44