【作者】 李可；

【导师】 陈学胜；

【作者基本信息】 山东大学 ， 金融（专业学位）， 2021， 硕士

【摘要】 股权增发对现代企业而言,是扩大企业规模的重要筹资决策,尤其对于创业板的高科技企业,股权增发能够帮助其增加创新项目投资,缓解资金压力,转移创新失败的风险,一定程度上缓解了中小企业面临的融资约束,但是股权增发行为,意味着企业要放弃一部分的决策控制权,以换取现金流推动企业发展,募得的资金是否用于研发投入,能否达到理想预期,在一定程度上可能会受到代理问题的影响。本文基于以上背景,选取了 2012年之前于创业板上市的企业,来作为本文研究的对象,分析创业板企业的股权增发是否对其创新行为产生了激励作用,企业的薪酬差距对企业创新的影响,以及企业的薪酬差距在股权增发的创新激励效应中起到的调节作用。本文得到了以下结论:第一,创业板企业的股权增发缓解了企业面临的融资约束,促进了企业的创新投入。第二,企业管理层和员工之间的薪酬差距会抑制企业的研发投入,企业管理层内部的薪酬差距对企业的创新有促进作用。第三,企业薪酬差距会导致股权增发的创新激励作用受到一定程度的抑制。因此本文提出了如下建议:政府部门应该完善我国资本市场建设,缓解企业进行创新活动时面临的融资约束,同时对企业股权增发的过程加强监督,避免出现利益输送问题。其次创业板企业内部要完善监督机制,避免管理者代理问题,防止高管利用权利做出不利于企业长期发展的决策,同时应该调整薪酬差距,避免不合理的薪酬差距对创新产生的负向影响,提高增发募集资金的利用效率。最后企业的投资者应该积极行使监督企业的权利,参与治理,发挥股东的监督和制衡作用,避免管理层为了短期利益,做出不利于企业创新的决策。更多还原

【Abstract】 Equity increases,for modern enterprises,is an important financing decision for expanding the size of the company.Especially for high-tech enterprises in the GEM,equity issuance can help them increase innovative project investment,relieve funds,and transfer innovation failures,to a certain extent The financing constraints faced by SMEs,but equity increases,meaning that companies should give up part of decision control,in exchange for cash flow to promote corporate development,whether fundraising is used for R&D investment,can achieve ideal expectations,be sure Experience may be affected by proxy issues.Based on the above background,this thesis selects enterprises listed on the GEM in 2012 as the research object of the GEM,and whether the equity increment of the GEM enterprises has a motivation to innovation,the company’s salary gap on corporate innovation,and corporate compensation The adjustment effect of the gap in the incentive effect of the equity increase.This thesis got the following conclusions:The equity of the GEM businesses has eased the financing constraints facing the company and promoted the innovation input of the company.The compensation gap between enterprise management and employees should suppress the company’s R&D and investment,the compensation gap within the enterprise management promotes the innovation of the enterprise.Enterprise compensation gap will lead to an innovative incentive role of equity incidence to be inhibited to a certain extent.Therefore,this thesis proposes the following suggestions:The government department should improve the construction of our country’s capital market,alleviate the financing constraints facing the company’s innovation activities,and strengthen supervision of the process of increasing the enterprise equity to avoid interest delivery.Secondly,the central government should improve the supervision mechanism to avoid manager issues to prevent executive utilization rights from making a decision-making that is not conducive to the development for the company.The final enterprise investor should actively exercise the right to supervise the enterprise,participate in governance,play the supervision and balance of shareholders to avoid decisions that are not conducive to corporate innovation for short-term benefits.更多还原