【作者】 杨洋；

【导师】 杨兴全；

【作者基本信息】 石河子大学 ， 财务管理， 2018， 硕士

【摘要】 伴随着改革的春风,中国实体经济发展迅猛,创新驱动的重要性在学术界得到广泛关注。研发创新不仅可以实现企业产品升级、成本费用降低,且有助于提高企业的整体经济利益,在行业中形成特色鲜明的竞争优势。无论是企业的经营活动还是投资活动,都需要相应的企业内部的现金持有(内源融资)和股票、债券等金融产品(外源融资)作支撑,二者的完美结合势必有助于重要投资活动之一的研发活动进行。然而研发活动的高额前期人力资本投入、核心技术不便充分披露、易被竞争者模仿等特性,使得外源融资不能充分扮演支持者角色,更多倾向于依靠企业内部资金支持,现金持有的充分性和重要性得以显现。企业作为行业的参与者,行业的市场竞争度可能会左右企业的财务策略、战略配置。激烈的产品市场竞争下,管理者出于名誉和职位的考虑,倾向于减少在职消费、合理配置现金、积极进行研发使得企业在竞争中处于优势地位。因此,本文试图弄清现金持有(现金持有水平、现金持有变化量)是否促进了企业的研发投入,以及产品市场竞争是否正向调节二者关系,缓解企业内部代理问题,起到外部监督治理的效用。进一步探究该种影响在融资约束下是否存在异质性,并检验现金支持研发是否给企业带来竞争优势,以及产品市场竞争的作用机制。本文以2007-2015年我国沪深两市公司为研究样本,探究了现金持有对企业研发投入的影响以及产品市场竞争对两者的调节作用。研究发现:现金持有(现金持有水平、现金持有变化量)激励企业进行研发,即现金持有对企业研发投入具有促进作用。随着行业竞争程度的提高,现金持有对企业研发投入的促进作用会增强,即产品市场竞争加强了现金持有对研发投入的正向作用。作为外部治理手段之一的产品市场竞争,有效缓解信息不对称问题和委托代理问题,抑制管理者利用现金持有满足个人私利的行为,能够促使管理者优化内部现金利用效率,积极支持企业创新。因此,现金持有对企业研发投入的促进作用会随着行业竞争的加剧而增强。本文还进一步研究不同融资约束下,现金持有对企业研发投入的影响,发现对外融资依赖高、融资约束严重的企业和行业,现金持有对企业技术创新的积极作用更明显,市场环境对现金持有和企业研发投入有正向的调节作用更显著。此外,本文在控制资本投资的基础上,检验了现金支持研发所带来的竞争优势,且产品市场竞争通过治理效应降低代理困扰,进而起到正向促进作用。所以企业应当重视内部资金积累,利用财务柔性缓解融资难题,及时了解产品市场竞争状况,通过外部治理效应的发挥,提高现金的利用效率,加强研发投入强度,并保证研发活动的平稳进行,从而形成独特的竞争优势。更多还原

【Abstract】 Since the Reform,China’s real economy is developing rapidly,and the importance of innovationdriven gained more attention.Research and development(R&D)innovation helps product upgrading,cost reduction,and improve profit,to form a competitive advantage.The enterprise’s business and investment activities need internal cash holdings and external financing support.Both help R&D activities.However,with features like high investment in human capital,inconvenient disclosure of core technology and easy imitation by competitors,it makes the external financing works ineffectively,compared to internal capital,making cash holding more important.The extent of market competitiveness impacts the financial strategy and strategic allocation.With the fierce competition,On-the-job consumption reduction,cash rationally allocation and better R&D are made,to have an advantageous position in the competition.Therefore,this paper looks for whether cash holding(cash holding level,cash holding change)promotes the R&D investment of enterprises,and whether the competition of product market positively regulates the relationship between the two,alleviates the problem of internal agency of enterprises,and plays the role of external supervision and governance.It further explore whether the heterogeneity in the impact of financing constraints,and test the relationship of cash-supported R&D and the enterprises competitive advantage,as well as the mechanism of product market competition.With samples from the A-share listed companies(2007-2015),this paper explores the impact of cash holdings on R&D investment and the effect of product market competition on them.It shows: more cash holdings make higher R&D investment level.With more competitiveness,cash holdings will better promote the R&D investment.As a means of external governance,product market competitiveness effectively alleviate the problem of information asymmetry and principal-agent problem,inhibit embezzlement,optimize the efficiency of internal cash utilization,and support innovation.Therefore,cash holdings will promote R&D investment with the intensification of industry competition.This paper further studies the impact of cash holdings on the R&D investment under different financing constraints,and finds out that cash holdings have a more significant positive effect on technological innovation in enterprises and industries with high dependence on external financing and serious financing constraints,and the market environment has a more significant positive regulatory effect on the cash holdings and R&D investment.In addition,based on the control of capital investment,this paper examines the competitive advantage of cash-based R&D,and the product market competition reduces agency distress with governance effect,to boost the promotion.Thus,enterprises should accumulate internal capital use financial flexibility to ease financing problems,and be updated to te product market trend,with the external governance effect,improve the efficiency of cash utilization,strengthen the intensity of R&D investment,and ensure the smooth progress of R&D activities,thus forming a unique competitive advantage.更多还原