【作者】 张雯；

【导师】 李辰颖；

【作者基本信息】 北京林业大学 ， 工商管理， 2023， 硕士

【摘要】 科技创新是当前社会关注的热点,企业作为创新的主力军,加大科技创新不仅可以推动企业高质量发展,还可以增加社会效益,助力国家经济高质量发展,研究企业创新的影响因素有助于提升企业创新能力,保证我国经济持续健康发展。企业创新具有投入多、周期长等特点,以较低的成本及时、稳定地满足创新投资的资金需求,是保证企业创新持续性的基本前提。目前我国股权融资仍处于较低的水平,大部分依靠债务融资满足外部融资需求,但是创新活动具有高风险的特征,企业进行债务融资时会受到一定的限制,因此主要通过内部融资进行企业创新,而内部资金通常受市场状况、发展空间、自身条件等因素的影响,因此考虑企业可以通过内部管理释放资金用于企业创新。营运资本作为流动性资金,调整成本低且具有可逆性,在资金受限时,可以通过内部营运资本管理释放短期资金作为创新资金来源。企业管理行为除了受到内部条件的限制,还会受到外部环境的影响,从外部约束来看,融资约束限制了企业外部融资,从外部激励来看,在我国实施创新驱动战略背景下,由于企业创新具有外部性,创新成果具有社会效益,为了激发企业的创新活力,政府部门通过发放补贴的方式激励企业进行创新。本文通过研究背景、研究思路引出本文研究重点:探究营运资本管理与企业创新之间的关系,进一步讨论外部约束和外部两个方面讨论产生的影响,并探究可能存在的异质性影响,包括产权性质、行业特征以及企业战略。随后梳理相关文献,提出本文理论基础以支持文章底层逻辑。以理论分析为基础,提出本文的核心假设,营运资本管理平滑企业创新,即通过调整减少营运资本投资加大企业创新投资,受融资约束的影响平滑作用增强,受政府补贴的影响平滑作用减弱。通过构建模型进行实证分析,基于2011-2021年间我国沪深两市A股上市公司数据,通过实证分析、稳健性检验验证文章所提假设。研究发现:第一,营运资本平滑企业创新;第二,营运资本平滑企业创新受外部环境的影响,在受到外部约束时,营运资本对企业创新的平滑作用增强,在受到外部激励时,营运资本对企业创新的平滑作用减弱;第三,从异质性分析来看,相比于国有企业,非国有企业营运资本对企业创新的平滑作用更强;相比于非高技术企业,高技术企业营运资本对企业创新的平滑作用更强;相比于防御型战略的企业,进攻型战略的企业营运资本对企业创新的平滑作用更强。本文的研究结论为企业管理者和政府机构提出相关建议,希望能为各方所用,采取相关措施,共同推动科技创新水平的提高,助力企业实现高质量发展。更多还原

【Abstract】 Scientific and technological innovation is the current hot spot of social concern,and enterprises,as the main force of innovation,can increase scientific and technological innovation to not only promote the high-quality development of enterprises but also increase social benefits and help the high-quality development of the national economy.The study of the influencing factors of enterprise innovation helps to enhance the innovation ability of enterprises and ensure the sustainable and healthy development of China’s economy.Enterprise innovation is characterized by high investment and a long cycle.Meeting the capital demand of innovation investment in a timely and stable manner at a low cost is the basic premise for ensuring the sustainability of enterprise innovation.At present,China’s equity financing is still at a low level,and most of them rely on debt financing to meet external financing needs.However,innovation activities are characterized by high risks,and enterprises are subject to certain restrictions when they carry out debt financing,so they mainly carry out corporate innovation through internal financing,and internal funds are usually affected by market conditions,development space,their own conditions,and other factors,so they can consider internal management to release Internal capital is usually influenced by market conditions,development space,and its own conditions.Working capital,as liquid funds with low adjustment costs and reversibility,can be used as a source of innovation funds by releasing short-term funds through internal working capital management when funds are restricted.From the perspective of external constraints,financing constraints limit the external financing of enterprises,and from the perspective of external incentives,in the context of China’s implementation of an innovation-driven strategy,because of the external nature of enterprise innovation and the social benefits of innovation results,in order to stimulate the innovation vitality of enterprises,governmental departments incentivize enterprises by issuing subsidies for innovation.This paper introduces the focus of this paper through the research background and research ideas:exploring the relationship between working capital management and corporate innovation,further discussing the impact arising from both external constraints and external discussions,and exploring possible heterogeneous influences,including the nature of property rights,industry characteristics,and corporate strategies.Subsequently,the relevant literature is combed,and the theoretical foundation of this paper is proposed to support the underlying logic of the article.Based on the theoretical analysis,the core hypothesis of this paper is that working capital management smooths corporate innovation,i.e.,the smoothing effect is enhanced by adjusting to reduce working capital investment to increase corporate innovation investment,and the smoothing effect is weakened by the influence of financing constraints.By constructing a model for empirical analysis,the hypothesis is verified through empirical analysis and a robustness test based on the data of A-share listed companies in the Shanghai and Shenzhen markets in China during 2011–2021.It is found that: first,working capital smoothes corporate innovation;second,the smoothing effect of working capital on corporate innovation is affected by the external environment,and the smoothing effect of working capital on corporate innovation increases when it is subject to external constraints and decreases when it is subject to external incentives;third,from the heterogeneity analysis,the smoothing effect of working capital on corporate innovation is stronger in non-state-owned firms compared with state-owned firms;the smoothing effect of working capital on corporate innovation is stronger in hightech firms compared with non-high-tech firms;the smoothing effect of working capital on corporate innovation is stronger in firms with offensive strategies compared with firms with defensive strategies.Third,from the heterogeneity analysis,the smoothing effect of working capital on innovation is stronger in non-state-owned firms than in state-owned firms;the smoothing effect of working capital on innovation is stronger in high-tech firms than in non-high-tech firms;and the smoothing effect of working capital on innovation is stronger in firms with offensive strategies than in firms with defensive strategies.The findings of this paper provide relevant suggestions for enterprise managers and government agencies,hoping that they can be used by all parties to take relevant measures to jointly promote the improvement of science and technology innovation and help enterprises achieve high-quality development.更多还原