私募股权投资、财务冗杂与企业创新绩效

发布时间：2018-03-08 05:33

本文选题：私募股权投资　切入点：财务冗余　出处：《浙江财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着国内经济的持续发展,传统行业的发展空间被进一步压缩,创新成为各个企业持续发展的源动力,创新能力的培养不仅是国家长期的战略目标,也是企业长期发展的关键所在。比之于发达的欧美国家,我国企业规模虽大,但由于研发投入的不足及自身管理能力、资源配置使用能力等的匮乏,导致企业缺乏核心技术和创新能力。我国的私募股权投资起始于上世纪八十年代,当下私募股权投资已经成为很多中小企业重要的融资渠道,对我国中小企业的发展产生了很大的促进作用。已有研究表明,企业的创新绩效与内外部的制度环境、企业规模、盈利状况等有关。私募股权投资的参与,可在一定程度上提升中小企业价值,改善治理结构,私募股权投资持股的企业表现出更多样化的创新特征。另一方面,财务资源是维持并促进创新活动开展的必备条件,企业创新研发活动的强度直接取决于财务资源的数量,但同时财务资源的增多也会导致企业的管理者为追求自身利益而产生低效的投资活动,进而影响企业创新绩效。因此,私募股权投资如何影响被投资企业的治理,能否正面影响企业的绩效,是否可以缓解企业财务冗余增多时而产生的委托代理矛盾,成为学术界研究的重点领域,也是本文主要探讨的内容。本文首先梳理回顾了国内外已有文献关于私募股权投资对企业创新绩效的影响,及财务冗余与企业创新绩效之间关系的研究。在理论分析部分,引用并阐释了委托代理理论、信息不对称理论和组织冗余理论,分析了私募股权投资参与投资企业后会影响企业治理及影响企业决策的内在机理。其次,对企业财务冗余程度增加会产生利益冲突进而引发自利行为的状况进行了理论阐释,并进一步分析了财务冗余资源对私募股权投资与企业高风险投资活动之间委托代理矛盾的调节效应。并据此提出了本文的假设。进一步本文以2009-2014年具有代表性的创业板企业的数据,手工搜集了企业私募股权的持股状况作为解释变量,以企业的研发投入占总营业收入的比重及专利申请数作为衡量企业创新绩效的标准,借鉴了已有文献对财务冗余的度量,测度了企业的财务冗余程度,建立财务冗余与私募持股的交乘项,并进一步构建了多元回归模型,利用软件对已提出的研究假设进行了实证检验分析,据此得出了本文的研究结论并针对性的提出了政策建议。经过理论分析与实证检验,本文得到了以下结论:(1)私募股权机构参与投资的企业比无私募股权参与的企业对创新研发投入更多,且创新活动的成果也更高。(2)财务冗余与企业的创新绩效呈倒“U”型关系,适度的财务冗余会促进企业的创新绩效,过多的财务冗余会一定程度上抑制企业的创新绩效。(3)企业财务冗余的程度越高,会正面强化私募股权投资与企业创新绩效的影响关系,促进企业将更多的资源投入到创新活动中。本文利用理论分析与实证检验相结合的方法,以财务冗余作为切入点建立私募投资背景、财务冗余与创新绩效的联系,可以进一步挖掘企业创新绩效的影响因素,及探究私募股权投资背景对财务冗余影响创新绩效的调节效应,这是一种新的尝试与探索。本文主要贡献在于:丰富了私募股权如何影响企业创新绩效的相关文献,从财务冗余的视角进一步探究了私募股权投资与企业创新绩效之间的委托代理问题。
[Abstract]:With the continuous development of the domestic economy, the traditional industry development space is further compressed, innovation has become the internal impetus of the sustainable development of the enterprise, innovation ability is not only the country's long-term strategic goals, and it is also the key to the long-term development of the enterprise. Compared with developed countries, our country enterprise scale is large, but because of lack of R & D investment and self management ability, lack of resource allocation and utilization ability, causes the enterprise to lack of core technology and innovation ability. China's private equity investment in the last century, starting in 80s, the private equity investment has become an important financing channel for many small and medium-sized enterprises, have a great role in promoting the development of small and medium sized enterprises in China. Studies have shown that the institutional environment, innovation performance and internal and external business enterprise scale, profitability and so on. Private equity participation can be The promotion of small and medium enterprise value to a certain extent, improve the governance structure of private equity investment holding companies show the characteristics of innovation more diversified. On the other hand, financial resources is the necessary condition to maintain and promote the innovation activities of the enterprise, the number of R & D activities directly depends on the strength of financial resources, but also increased the financial resources can also cause managers to pursue their own interests and inefficient investment activities, thereby affecting the performance of enterprise innovation. Therefore, how to influence private equity invested enterprise governance, can affect the performance of enterprises is positive, can ease the principal-agent conflicts occur when increasing financial redundancy, become the focus of academic field the research, is also the main contents of this paper. This paper firstly reviews the domestic and foreign literature on private equity investment on the enterprise innovation The impact of new performance, and study the relationship between financial slack and firm innovation performance. In the part of theoretical analysis, reference and interpretation of the principal-agent theory, asymmetric information theory and organizational redundancy theory, analyzes the internal mechanism of the private equity investment in enterprises will affect the corporate governance and affect decision-making. Secondly, interest the conflict of enterprise financial will increase the degree of redundancy and thus lead to self-interest of theoretical explanation, effects of principal-agent conflicts and further analysis of the high risk investment activities of the private equity investment and corporate financial resources. And the redundancy of the hypothesis put forward in this paper. Further gem enterprises in 2009-2014 years representative the data collects the corporate private equity ownership status as explanatory variables, the total operating income to the corporate R & D investment The proportion and the number of patent applications as a measure of enterprise innovation performance standards, from the existing literature on the measurement of financial slack, measure the financial redundancy degree of enterprises, the establishment of financial slack and private ownership of the product, and further build a multiple regression model, using the software of the research hypothesis has been put forward by the empirical test according to analysis, come to the conclusion of this paper and put forward the policy suggestion. Through theoretical analysis and empirical test, this paper obtained the following conclusions: (1) corporate private equity investment institutions to participate in the equity ratio selfless participating enterprises on innovative R & D investment more, and the results of innovative activities are higher. (2) an inverted "U" relationship between financial slack and firm innovation performance, moderate financial slack will promote enterprise innovation performance, financial redundancy will to some extent restrain enterprise innovation Performance. (3) the higher the degree of redundancy of enterprise financial relationships will influence, positive reinforcement of private equity investment and enterprise innovation performance, promote the enterprises to invest more resources to innovation activities. Methods based on the theoretical analysis and empirical test, the establishment of financial slack private investment background as the breakthrough point, financial redundancy and innovation performance, influencing factors can further explore the performance of enterprise innovation, innovation performance and the moderating effect on private equity investment on the background of financial slack, this is a new attempt and probe. The main contribution of this paper is: to enrich the literature of private equity how to affect the performance of enterprise innovation, the principal-agent problem from the perspective of financial slack and further explore the private equity investment and enterprise innovation performance.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F273.1;F275

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