【作者】 刘慧；

【导师】 黄珺；

【作者基本信息】 湖南大学 ， 会计学， 2022， 硕士

【摘要】 国家级高新技术产业开发区在推动我国科技创新、经济发展和社会进步方面发挥着举足轻重的作用。政府会给予高新技术产业开发区企业相应的优惠政策使其具备一定的发展优势。那么,高新技术产业开发区的设立是否会促使供应链上游企业对园区企业的信贷政策进行灵活调整。给予企业自身特征,企业在相关产业政策的影响下,对其自身的营运资金管理会做出何种调整,以缓解企业可能面临的流动性风险和促进供应链整体的有效运转具有重要意义。本研究从供应链视角,考察了高新技术产业开发区设立对企业商业信用融资的影响。本研究使用了A股上市公司2009-2019年的数据并结合PSM和DID的实证研究方法,研究发现,高新技术产业开发区的设立对企业的商业信用融资具有显著的正向影响。通过中介效应的回归模型发现,高新技术产业开发区的设立能通过促进企业的研发创新从而导致企业扩大商业信用的融资规模。进一步的异质性检验发现,当企业的产权性质不同、上市时间的长短不同、行业竞争程度不同和所处区域的市场化程度不同时,设立高新技术产业开发区对企业的商业信用融资行为具有不同影响。本研究的政策建议有:第一,对于高新技术产业开发区的企业应该建立供应商评级体系,合理使用商业信用;第二,政府主管部门应该引导高新技术产业园区的企业在研发创新方面投入相应的资源,同时与市场紧密结合促进科技成果的转化应用,使企业具备足够的实力参与国际竞争。第三,相关政府机构应该加强对知识产权的立法和执法,从而使其能够转化为产品市场的竞争优势。更多还原

【Abstract】 National high-tech industrial development zones contribute a lot to China’s scientific and technological innovation,economic development and social progress.The government will give corresponding preferential policies to enterprises in high-tech industrial development zones to make them have certain development advantages.Then,whether the establishment of the high-tech industrial development zones will promote the companies of the supply chain to flexibly adjust the credit policies to the enterprises in these zones.Based on the characteristics of the enterprises themselves,what adjustments the enterprises will do on its capital management is of great significance to alleviate the liquidity risks that enterprises may face.Besides,it can make the overall supply chain operates effectively.Based on the theory of supply chain,the study examines what influence of the establishment of high-tech industrial development zones will have on the commercial credit financing of companies in these zones.This study used the data of A-share listed companies from 2009-2019 and combined with the empirical research methods of PSM and DID,and found that the establishment of the high-tech industrial development zones have a significant positive impact on the commercial credit financing of these enterprises.Through the regression model of intermediary effect,it is found that the establishment of high-tech industrial development zone can lead to enterprises expanding the financing scale of commercial credit by promoting innovation of enterprises.Further heterogeneity test found that when the enterprises have different property rights,length of listing time,degree of the industry competition and the degree of marketization of the region in these zones,the establishment of high-tech industrial development zone has different effects on the commercial credit financing behavior of the enterprises in these zones.Based on the research,the suggestions to policy makers include: firstly,the enterprises in these zones should establish a supplier rating system and reasonably use the commercial credit;secondly,the government authorities should guide the enterprises in high-tech industrial zones to invest corresponding resources in research,development and innovation,and closely combine with the market to promote the transformation and application of scientific and technological achievements,so that the enterprises have sufficient strength to participate in international competition.Finally,the relevant government agencies should strengthen the legislation and enforcement of intellectual property rights,so that these polices can be transformed into a competitive advantage in the product market.更多还原