【作者】 刘玉；

【导师】 胡珑瑛；

【作者基本信息】 哈尔滨工业大学 ， 技术经济及管理， 2018， 硕士

【摘要】 科技引领时代发展的当今社会,科技型中小企业以其决策机制灵活,管理成本低廉,创新效率更加突等特点逐渐成为加快科技成果转化的有效载体,成为国民经济增长的重要支撑力量。近年来,科技型中小企业无论在数量还是质量上都有了突飞猛进的增长,但是在其发展的过程中可以发现,科技型中小企业的存活率依然不高,造成这种情况的主要原因之一便是其融资问题,而由此形成的融资结构又会进一步影响企业未来的生存与发展。因此对科技型中小企业融资问题展开研究是十分有必要的。本文以科技型中小企业为研究对象,研究企业技术创新能力等影响企业长期竞争能力的内生性因素对融资结构的影响,认为企业的融资结构是企业管理者考虑到企业内部实际情况而做出的一种选择,管理者个人特质不同,会对选择结构产生影响,进而引入管理者风险偏好者这一调节变量。并基于技术创新能力在科技型中小企业的特殊地位,即科技型中小企业往往以技术创新能力为企业的核心竞争能力,而企业的核心能力经常会给企业带来超出行业平均水平的超额利润,增加企业的盈利能力,从而增加企业的留存收益。由此根据优序融资理论认为企业的盈利能力在技术创新能力与融资结构之间起到中介作用,从而构建关于技术创新能力、管理者风险偏好、盈利能力、融资结构四者的关系模型,并利用创业板上市公司2014年——2016年的公开数据进行实证研究,得到如下结论:(1)技术创新能力与以产权比率为衡量的指标的融资结构负相关,即技术创新能力越强的企业,越偏向于拥有较低的债务水平;(2)盈利能力在技术创新能力与以产权比率表示的融资结构之间起中介作用,且作用效果相似;(3)管理者风险偏好对衡量技术创新能力的四个指标与融资结构的调节作用得到部分证实。最后根据研究结果提出优化企业融资结构的对策建议。本文的研究结论从理论上深化了对科技型中小企业技术创新能力与融资结构关系的认识,同时对科技型中小企业根据自身特点选择合适的融资结构具有重要的借鉴意义。更多还原

【Abstract】 In today’s society,science and technology are leading the development of the times,Technological SMEs are becoming effective carriers for accelerating the transformation of scientific and technological achievements and becoming an important supporting force for the growth of the economy because of their flexible decision-making mechanisms,low management costs,and more innovative efficiency.In recent years,Technological SMEs have experienced rapid growth both in quantity and quality.However,in fact,the survival rate of technological SMEs is still low,and one of the main reasons for the situation is the financing issue and the resulting financing structure.Therefore,it is necessary to study the financing of SMEs.The paper examines the impact of technological innovation capabilities on the financing structure,and considers the financing structure is made by the managers taking into account the actual situation within the company.One option,which in turn introduces manager risk appetite as a moderating variable,and based on the special status of technological innovation capability in technological SMEs which technological SMEs often use technological innovation capabilities as the company’s core competitiveness which bring enterprises excess profits that exceed the industry average,increase the profitability of the company,and thus increase the company’s retained earnings.Based on he preferential financing theory,the profitability plays an intermediary role between technological innovation capability and the financing structure,so establishing a relationship model between the technological innovation capability,manager risk appetite,profitability,and financing structure.Using the data of the GEM listed companies for 2014-2016 to conduct empirical research,the conclusions are drawn:(1)technological innovation has negative impact the financing structure measured by the equity ratio,that is,the stronger the ability of technological innovation Enterprises tend to have a lower level of debt;(2)Profitability plays an intermediary role between technological innovation capability and financing structure,and the effects are similar;(3)Manager risk appetite measures the four technological innovation capabilities The regulatory role of indicators and financing structures has been partially confirmed.Finally,according to the result the suggestions for optimizing the corporate financing structure are proposed.The research conclusions of this paper theoretically deepen the understanding of the relationship between technological innovation ability and financing structure of SMEs,and at the same time,it is of great significance for scientific and technological SMEs to choose the appropriate financing structure based on their own characteristics.更多还原