【作者】 王晓锋；

【导师】 李建标；

【作者基本信息】 山东大学 ， 金融学， 2023， 硕士

【摘要】 随着我国经济发展进入新常态,实现高质量发展日益成为经济发展的重要任务,发展战略性新兴产业是实现高质量发展的重要途径。2022年党的二十大报告明确提出,“推动战略性新兴产业融合集群发展,构建新一代信息技术、人工智能、生物技术、新能源、新材料、高端装备、绿色环保等一批新的增长引擎”。近年来,我国战略性新兴产业发展取得了较大进展,但仍存在发展不充分不平衡、核心技术受制于人等难题,主要是因为知识储备不足、知识溢出效果不佳等。同时,由于国有参股企业具有一定的技术优势,因此,研究国有股比例对战略性新兴产业上市公司知识溢出效应的影响,对于促进相关企业知识溢出,实现战略性新兴产业中企业的均衡发展,使战略性新兴产业发展水平达到世界前沿水平,有着现实的政策意义。本文在研究战略性新兴产业上市公司的国有股比例对知识溢出效应的影响过程中,首先对知识溢出以及战略性新兴产业的文献以及相关理论进行梳理总结;其次,在此基础上提出本文研究假设;随后,筛选出2016-2020年属于战略性新兴产业的上市公司作为研究对象,构建双向固定效应模型,以国有股比例为解释变量,以构建的衡量知识溢出水平的指标为被解释变量进行基准模型回归,然后进行了异质性分析。由于融资约束会制约企业发展以及创新能力,而国有股权在一定程度上能够缓解企业融资约束问题,所以融资约束可能在国有股比例对知识溢出效应的影响过程中起到中介作用,因此本文以WW指数衡量的融资约束为中介变量进行中介效应分析。在此基础上得到了本文结论并提出相关建议。本文研究表明,在战略性新兴产业上市公司中,国有股比例的提高能够显著提高企业的知识溢出水平。国有股比例对知识溢出水平的影响在不同所有制企业、不同规模以及不同地区的企业中均呈现出异质性。在战略性新兴产业中,与非国有企业相比,国有企业的国有股比例的提高能够显著地促进知识溢出;与规模较大的战略性新兴产业上市公司相比,在规模较小的战略性新兴产业上市公司中,国有股比例的提高能够显著地促进知识溢出;相较于东部地区的战略性新兴产业上市公司,中西部地区的战略性新兴产业上市公司国有股比例的提高能够显著地促进知识溢出。并且通过机制检验发现,对于战略性新兴产业的上市公司来说,国有股比例的提高可以通过缓解融资约束来促进知识溢出。更多还原

【Abstract】 As China’s economic development has entered the new normal,achieving high-quality development has increasingly become an important task of economic development,and developing strategic emerging industries is an important way to achieve high-quality development.The report to the Party’s 20th National Congress in 2022 clearly states that"promoting the integration of strategic emerging industries cluster development,building a new generation of information technology,artificial intelligence,biotechnology,new energy,new materials,high-end equipment,green environmental protection and a number of new growth engines." In recent years,the development of strategic emerging industries has made great progress,but there are still problems such as inadequate and unbalanced development and core technology being restricted by others,mainly because of insufficient knowledge reserve and poor knowledge spillover effect.At the same time,due to the technical advantages of stateowned shares,it is of practical policy significance to study the influence of the proportion of state-owned shares on the knowledge spillover effect of listed companies in strategic emerging industries to promote the knowledge spillover of related enterprises,realize the balanced development of enterprises in strategic emerging industries,and make the development level of strategic emerging industries reach the world frontier level.In the process of studying the influence of the proportion of state-owned shares of listed companies in strategic emerging industries on knowledge spillover effect,this paper firstly summarizes the literature and relevant theories of knowledge spillover and strategic emerging industries.Secondly,the research hypothesis of this paper is put forward on this basis.Subsequently,listed companies in strategic emerging industries from 2016 to 2020 were selected as research objects,and a two-way fixed-effect model was constructed.The proportion of state-owned shares was taken as explanatory variable,and the constructed index to measure the level of knowledge spillover was taken as explained variable to conduct benchmark model regression,and then heterogeneity analysis was conducted.Since financing constraints will restrict the development and innovation ability of enterprises,and state-owned shares can alleviate the financing constraints of enterprises to a certain extent,financing constraints may play an intermediary role in the process of the influence of state-owned shares ratio on knowledge spillover effect.Therefore,this paper takes financing constraints measured by WW index as the intermediary variable to analyze the intermediary effect.On this basis,the conclusion of this paper is obtained and relevant suggestions are put forward.This study shows that the increase of the proportion of state-owned shares can significantly improve the knowledge spillover level of listed companies in strategic emerging industries.The influence of the proportion of state-owned shares on the knowledge spillover level shows heterogeneity among enterprises of different ownership,different scale and different regions.In strategic emerging industries,compared with non-state-owned enterprises,the increase of state-owned shares in state-owned enterprises can significantly promote knowledge spillover.Compared with the larger scale listed companies in strategic emerging industries,the increase in the proportion of state-owned shares in smaller listed companies can significantly promote knowledge spillover.Compared with listed companies in strategic emerging industries in eastern regions,the increase in the proportion of state-owned shares of listed companies in strategic emerging industries in central and western regions can significantly promote knowledge spillover.And through the mechanism test,it is found that for listed companies in strategic emerging industries,increasing the proportion of state-owned shares can promote knowledge spillover by easing financing constraints.更多还原