R&D投资与规模投资影响因素比较分析
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摘要
高新技术企业是国家自主创新的重要主体,并且自主创新的关键环节是R&D投资,但是,在资本配置过程中,高新技术企业常常存在R&D投资不足和规模投资过度问题,有哪些主要因素影响高新技术企业R&D投资和规模投资?这些因素又是如何影响高新技术企业R&D投资和规模投资?现有文献很少对此进行系统的研究。
本文从高新技术企业R&D投资与规模投资特征出发,结合中国特定的制度背景,从宏观和微观两个层面,以公司财务学和制度经济学等有关理论为支撑,从融资约束与投融资匹配机制、技术溢出与内部化机制、CEO激励与投资选择机制视角,运用规范研究和实证分析方法,通过对比分析,分析融资来源、政策补贴方式和CEO激励等主要影响因素与高新技术企业R&D投资、规模投资的之间的关系。本文研究发现,中国上市高新技术企业R&D投资主要依靠内源融资和股票融资,负债并不适合R&D投资;规模投资主要依靠股票融资和负债融资;中国上市高新技术企业R&D投资对非高新技术企业具有溢出效应,并且发现三种政策补贴方式都能促进企业增加R&D投资,并且政府直接货币补贴能够有效地抑制企业过度的规模投资,税收返还和所得税优惠政策能够促进高新技术企业技术成果转化而进行的适度规模投资;CEO股权激励能够促进企业增加R&D投资,减少规模投资;CEO年薪激励减少企业R&D投资,增加规模投资。此外,本文研究发现中国大部分高新技术企业存在R&D投资不足和规模投资相对过度问题,并且分析了高新技术企业R&D投资不足和规模投资过度产生的制度根源。
High and New Technology Enterprise is an important entity of the Independent national innovation,and the key phases of independent innovation is R&D investment.Whereas,High and New Technology Enterprise often face the problems of the R&D underinvestment and Scale overinvestment during the process of the capital collocation,what factors influence and how does these factors influence the capital collocation? All these haven't been systematically studied in the existing literatures.
With the features of the R&D investment and Scale Investment in High and New Technology Enterprise as its Starting point,combining with China's specific institutional context, based on the theory of corporate finance,institutional economics,etc.based on the visual angle of Financial Constraint and investment matching mechanism,technology spillover and internal mechanism,CEO incentive and investment choice Mechanism,using normative study and empirical study method,through comparative analysis,from macro and micro level,this paper analyses the relationship between the financing sources,subsidy policies,CEO incentives,other influencing factors and the R&D investment and Scale Investment of High and New Technology Enterprises.The study finds,the R&D investment of China's listed High and New Technology Enterprise mainly depends on inner source financing and equity financing,debt is not suitable for R&D investment.Scale investment mainly depends on equity financing and debt financing. China's listed High and New Technology Enterprise R&D investment have spillover effects on non-high-tech enterprises.The study also found,all the three types of government subsidies encourage enterprises to increase R&D investment and Government direct monetary subsidies can effectively curb excessive scale investment of the enterprise,Tax returns and income tax concessions can promote appropriate scale investment which translated form technological achievements,CEO equity-based incentives can encourage enterprises to increase R&D investment,reduce scale investment,CEO salary incentives can reduce R&D investment and increase scale investment.Furthermore,this paper finds the problems of the R&D underinvestment and Scale overinvestment of the Listed High and New Technology Enterprise in china,and analyses its institutional sources.
本文从高新技术企业R&D投资与规模投资特征出发,结合中国特定的制度背景,从宏观和微观两个层面,以公司财务学和制度经济学等有关理论为支撑,从融资约束与投融资匹配机制、技术溢出与内部化机制、CEO激励与投资选择机制视角,运用规范研究和实证分析方法,通过对比分析,分析融资来源、政策补贴方式和CEO激励等主要影响因素与高新技术企业R&D投资、规模投资的之间的关系。本文研究发现,中国上市高新技术企业R&D投资主要依靠内源融资和股票融资,负债并不适合R&D投资;规模投资主要依靠股票融资和负债融资;中国上市高新技术企业R&D投资对非高新技术企业具有溢出效应,并且发现三种政策补贴方式都能促进企业增加R&D投资,并且政府直接货币补贴能够有效地抑制企业过度的规模投资,税收返还和所得税优惠政策能够促进高新技术企业技术成果转化而进行的适度规模投资;CEO股权激励能够促进企业增加R&D投资,减少规模投资;CEO年薪激励减少企业R&D投资,增加规模投资。此外,本文研究发现中国大部分高新技术企业存在R&D投资不足和规模投资相对过度问题,并且分析了高新技术企业R&D投资不足和规模投资过度产生的制度根源。
High and New Technology Enterprise is an important entity of the Independent national innovation,and the key phases of independent innovation is R&D investment.Whereas,High and New Technology Enterprise often face the problems of the R&D underinvestment and Scale overinvestment during the process of the capital collocation,what factors influence and how does these factors influence the capital collocation? All these haven't been systematically studied in the existing literatures.
With the features of the R&D investment and Scale Investment in High and New Technology Enterprise as its Starting point,combining with China's specific institutional context, based on the theory of corporate finance,institutional economics,etc.based on the visual angle of Financial Constraint and investment matching mechanism,technology spillover and internal mechanism,CEO incentive and investment choice Mechanism,using normative study and empirical study method,through comparative analysis,from macro and micro level,this paper analyses the relationship between the financing sources,subsidy policies,CEO incentives,other influencing factors and the R&D investment and Scale Investment of High and New Technology Enterprises.The study finds,the R&D investment of China's listed High and New Technology Enterprise mainly depends on inner source financing and equity financing,debt is not suitable for R&D investment.Scale investment mainly depends on equity financing and debt financing. China's listed High and New Technology Enterprise R&D investment have spillover effects on non-high-tech enterprises.The study also found,all the three types of government subsidies encourage enterprises to increase R&D investment and Government direct monetary subsidies can effectively curb excessive scale investment of the enterprise,Tax returns and income tax concessions can promote appropriate scale investment which translated form technological achievements,CEO equity-based incentives can encourage enterprises to increase R&D investment,reduce scale investment,CEO salary incentives can reduce R&D investment and increase scale investment.Furthermore,this paper finds the problems of the R&D underinvestment and Scale overinvestment of the Listed High and New Technology Enterprise in china,and analyses its institutional sources.
引文
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