制造业上市公司智力资本对融资约束的影响研究

发布时间：2017-12-31 00:16

本文关键词：制造业上市公司智力资本对融资约束的影响研究　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：知识经济时代,智力资本作为企业创造价值的关键战略资源,对我国制造业加快转型升级、实现健康发展有着举足轻重的影响。融资约束作为我国经济新常态下困扰制造业企业的现实问题,不仅制约了制造业企业的融资规模和投资决策,也阻碍了我国振兴实体经济的步伐,故缓解融资约束是当前我国制造业发展的重要课题之一。如今,在政府引导金融市场配合制造业转型升级的大背景下,智力资本作为转型升级的关键,是否有利于缓解制造业企业面临的融资约束状况?针对这一问题,本研究以验证智力资本对融资约束的缓解作用为目标,分别从理论和实证两个角度出发,探讨并检验了智力资本对制造业融资约束的作用机理,为企业加强智力资本的开发与管理、缓解融资约束提供理论依据。通过文献梳理与回顾,以知识基础理论、信息不对称理论和交易成本理论为理论基础,本研究分析了智力资本缓解企业融资约束的作用机理,提出研究假设认为:智力资本不仅能够直接缓解制造业企业融资约束,还可以通过提高企业盈利能力,间接地缓解融资约束状况;同时,智力资本对融资约束的缓解效果在不同股权性质的企业中也存在差别。在此基础上,本研究以2011至2015年的深证A股制造业上市公司为样本,采用了因子分析与PLS-SEM路径模型方法,构建了智力资本综合评价模型,对企业智力资本进行了量化评价,并与盈利能力指标和基于KZ方法的融资约束指数相结合,检验了制造业企业智力资本对缓解融资约束的积极作用以及盈利能力在其中起到的中介作用,并引入股权性质作为调节变量,进一步探究了不同股权性质下智力资本对融资约束的缓解效果。本研究取得的研究成果概述如下:(1)构建了基于PLS路径模型的,全面性、客观性和可测量性较强的智力资本定量评价模型。(2)证明了智力资本能够直接缓解融资约束,其中关系资本对融资约束的缓解效果最强,人力资本和结构资本效果次之。(3)证明了在人力资本和关系资本对融资约束的影响作用中,盈利能力起到了部分中介作用;而在结构资本对融资约束的影响作用中,盈利能力的中介作用不明显。(4)国有企业中,智力资本对融资约束的直接缓解效果不如私营企业,且对盈利能力的提升作用也不如私营企业,间接削弱了国有企业中智力资本对融资约束的缓解效果。本研究不仅以偏最小二乘PLS路径模型法与智力资本研究相结合,为智力资本度量和分析提供了新的研究方法,也证明了智力资本对企业缓解融资约束有着或直接或间接的积极作用,为企业管理者加强智力资本建设、有针对性地开发和利用智力资本缓解融资约束提供了理论上的指导。
[Abstract]:In the era of knowledge economy, intellectual capital, as a key strategic resource for enterprises to create value, speeds up the transformation and upgrading of our manufacturing industry. Financial constraints, as a real problem puzzling manufacturing enterprises under the new normal state of our country's economy, not only restrict the financing scale and investment decision of manufacturing enterprises. It also hinders the pace of revitalizing the real economy in China, so easing the financing constraints is one of the most important topics in the development of manufacturing industry. Now, under the background of government guiding the financial market to cooperate with the transformation and upgrading of manufacturing industry. As the key to transformation and upgrading, is intellectual capital helpful to ease the financing constraints faced by manufacturing enterprises? Aiming at this problem, this study aims to verify the mitigation effect of intellectual capital on financing constraints, and discusses and tests the mechanism of intellectual capital on financing constraints of manufacturing industry from the theoretical and empirical perspectives. It provides theoretical basis for enterprises to strengthen the development and management of intellectual capital and ease financial constraints. Through literature review and review, the theory is based on knowledge-based theory, information asymmetry theory and transaction cost theory. This study analyzes the mechanism of intellectual capital to ease the financing constraints of enterprises, and puts forward the hypothesis that intellectual capital can not only alleviate the financing constraints of manufacturing enterprises directly, but also improve the profitability of enterprises. Indirectly alleviate the financing constraints; At the same time, the mitigation effect of intellectual capital on financing constraints is also different among different equity enterprises. On this basis, this study takes Shenzhen A-share manufacturing listed companies from 2011 to 2015 as a sample. By using factor analysis and PLS-SEM path model, the comprehensive evaluation model of intellectual capital is constructed, and the quantitative evaluation of enterprise intellectual capital is carried out. Combined with profitability index and financing constraint index based on KZ method, this paper tests the positive role of intellectual capital in alleviating financing constraints and the intermediary role of profitability in it. And introduce the nature of equity as a regulating variable. This paper further explores the mitigation effect of intellectual capital on financing constraints under different equity properties. The research results obtained in this study are summarized as follows: 1) A comprehensive model based on PLS path model is constructed. The quantitative evaluation model of intellectual capital with strong objectivity and measurability proves that intellectual capital can alleviate financing constraints directly, among which relational capital is the most effective. The effect of human capital and structural capital is the second, which proves that profitability plays an intermediary role in the influence of human capital and relational capital on financing constraints. In the influence of structural capital on financing constraints, the intermediary role of profitability is not obvious. 4) in state-owned enterprises, the direct mitigation effect of intellectual capital on financing constraints is not as good as that of private enterprises. And the role of improving profitability is not as good as that of private enterprises. It indirectly weakens the mitigation effect of intellectual capital to financing constraint in state-owned enterprises. This study not only combines the partial least squares PLS path model method with the intellectual capital research. It provides a new research method for the measurement and analysis of intellectual capital. It also proves that intellectual capital has positive or direct or indirect role in alleviating financing constraints for enterprise managers to strengthen the construction of intellectual capital. It provides theoretical guidance for the development and utilization of intellectual capital to ease financing constraints.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7

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