企业rd费用与企业资本结构、企业成长性的相关性实证研究论文论文.docVIP

重庆大学硕士学位论文  摘  要  中文摘要  知识经济时代，已经有越来越多的企业意识到必须依靠科技的进步来提高企 业的核心技术，保持持续竞争力。根据国家经济普查数据显示，我国企业代表自 主创新能力的研发投入明显低于世界平均水平。为了进一步了解我国企业研发投 入的实际状况，本文通过以 246 家制造业上市公司自 2002 年到 2004 年的数据为 样本进行研究，从而揭示企业在进行研发投入时对资本结构、企业成长性以及不 同研发投入密度的企业资本结构对成长性的影响。 在本文的研究中不仅采用对混合数据进行回归分析，而且通过比较不同年份 的回归结果以考察不同期间的情况，使用虚拟变量考察不同行业的情况。 经实证研究得到以下结论：研发密度高的企业，为了避免较高的资金成本， 会减少债务融资。短期内，企业的研发支出对企业成长性的影响不明显，甚至有 负面影响；从市场评价的成长机会(用MB作为代理变量)来看，无论是高研发投入 密度的企业还是低研发投入密度的企业，资本结构对企业成长机会的影响差别不 大，成长机会大的企业都倾向于采用负债的方式来融资。但若以主营业务收入增 长率作为刻画企业成长性的指标来看，高研发投入密度的企业，相比低研发密度 的企业，资本负债比率对企业成长性的影响明显要小。 关键字：研发费用，RD，成长性，资本结构 I 重庆大学硕士学位论文  英文摘要  ABSTRACT In the time of knowledge-driven economy, more and more firms realize that they must develop their core technology. According to the statistics of national investigation, we can see RD investments, which represent the ability of innovation, are much lower than that of the average level of the world. In order to know more about the actual situation of RD investments of firms in china, we make following empirical studies:(1)The influence of RD investments to capital structure of firms.(2)The influence of RD investments to growth of firms.(3)Whether there is some difference between firms between intensive-RD firms and non-intensive RD firms. The paper, using 246 observations of listed manufacturing firms between the years 2002~2004, analyzes the results of regression and provides the following empirical results: The intensive-RD firms will lower asset liability ratio in order to avoid higher capital cost. In a short term, the RD investments have an ambiguous influence to the growth of firm. When it comes to the influence of capital structure to the growth opportunity (using MB as the proxy variable), there is no difference between intensive-RD firms and non intensive-RD firms. But, the capital structure of intensive-RD firms, comparing non-intensive RD firms, has a less influence to the growth (using rate of increase in sales).  Key words: RD investments,  capital structure, II