中国多层次资本市场环境对战略性新兴产业研发活动的影响机制研究

发布时间：2018-04-03 08:11

本文选题：多层次资本市场　切入点：战略性新兴产业　出处：《上海交通大学》2015年博士论文

【摘要】：本文研究了中国多层次资本市场环境对战略性新兴产业研发活动的影响机制。资本市场作为战略性新兴产业发展的重要环境因素,对研发活动是如何起作用的?当前中国的多层次资本市场环境下,这种影响机制的作用情况如何?本文通过理论推衍和实证分析对这两方面的内容进行了研究。本文先对战略性新兴产业的演化发展情况、研发活动及其主要特征等进行考察,进而基于研发投入产出函数指出研发活动的两种投入要素——资金要素和人才要素;随后重点分析资本市场对研发活动的影响机制,建立理论分析模型“要素作用模型”及其引申模型。模型建立之后,本文设计了三部分实证分析内容:特定行业的案例分析,基于上市公司数据的经验分析,以及国际情况对比研究。最后,本文对研究内容进行了总结并提出建议。论文的主要内容和结论包括:(1)基于研发投入产出函数理论和研发投入要素分析,提出了资本市场对企业研发活动的作用机制模型:“要素作用模型”。在模型中,本文详细探讨了资本市场通过融资促进和人才激励两种作用机制影响企业研发活动的情况,分别在资金约束和股权激励约束条件下分析了企业的最优研发决策问题。在理论分析基础之上,本文还采用实证研究对理论模型的结论进行了验证。本文基于中国战略性新兴产业上市公司的数据研究显示,企业的研发投资对融资渠道和现金流水平的依赖关系表明企业的研发投资的确具有融资约束现象,而中小板和创业板的设立对缓解企业融资约束状况有一定的积极作用;研发投资与股权激励的经验数据分析表明,有高管股权激励的企业的确有更高的研发投资,从而说明资本市场上的股权激励机制的确是有效的,对研发投资具有促进作用。(2)本文在研发投资决策模型的基础上对多研发主体的研发决策问题进行了引申,采用合作博弈分析方法,解释了研发网络的形成机制和利益分配问题,为企业研发网络理论提出了新的研究视角。在于研发网络的形成机制方面,本文构建了一个网络嵌入博弈模型来刻画新成员参与到原研发网络过程中的博弈关系,引入新成员的研发效率、信息不对称性、对新成员的事前信念三个影响因素,通过博弈求解分析他们对网络嵌入程度、交易成本两方面特征的影响。结果表明,在研发网络的形成过程中,新成员的研发效率低下、信息不对称都将有损网络嵌入程度,并同时提高新研发网络的交易成本,而对新成员的事前信念则由于误信(misplaced-trust)的存在而对网络嵌入程度、交易成本有着不同的影响。在研发网络的利益分配机制方面,本文基于研发网络节点企业的相对研发效率,定义了研发效率系数,进而建立了一个利益分配的研发效率补偿模型,通过模型求解了该网络博弈的核配置要求条件,并基于博弈的平衡性理论讨论了效率补偿机制的存在性问题。(3)本文对国际上主要国家的战略性新兴产业发展情况、产业发展的金融环境特别是资本市场环境进行了比较研究,并基于中国资本市场的实证研究结论分析了中国当前资本市场的发展机会与不足,进而对战略性新兴产业的发展以及资本市场的发展提出了政策建议。在产业发展方面,建议在政策制定中应充分重视企业的研发活动,重视企业研发网络的成长环境的构建。可以在政策制定中考虑鼓励和支持境外投资企业设立研发机构以带动国内的技术创新,支持建立完善的合作研发机制,鼓励中国企业与跨国公司开展研发合作,同时加快研发基础设施和服务体系建设。在多层次资本市场环境建设方面,则应该加快构建和完善多层次资本市场环境,以适应不同层次企业的发展需要;注重发挥资本市场的融资功能和人才激励功能,创新各种金融工具、完善股权激励监管政策;同时,充分发挥市场的信息功能,提高资本市场的有效性,充分发挥其各项功能。
[Abstract]:This paper studies the influence mechanism of environment Chinese multi-level capital market for research and development of strategic emerging industries. The capital market as the important environmental factors in the development of strategic emerging industries, is how the role of the current research and development activities? China multi-level capital market environment, how to effect this mechanism through theoretical derivation and? An empirical analysis of these two aspects are studied. Firstly, the evolution of strategic emerging industry development situation, investigation research and development activities and main characteristics, and then the two factors research input-output function indicates that the research and development activities, capital and talent based on the elements; then analyzes the influence mechanism of capital market on the R & D activities the establishment of the theoretical analysis, model elements function model and the extended model. After the model, this paper designs three An empirical analysis: analysis of industry specific case, analysis of the data of the listed companies based on the experiences of international and comparative study. Finally, this paper summarize the research contents and put forward some suggestions. The main contents and conclusions of this thesis include: (1) research input-output analysis function theory and R & D investment elements based on the proposed model of mechanism of capital market of enterprise R & D activities: "role model". In the model, this paper discusses the capital market incentive mechanism of two kinds of R & D activities through financing and promoting talents, the optimal decision problem of R & D enterprises respectively in the analysis of capital constraint and incentive constraints. On the basis of theoretical analysis, this paper also uses the theoretical model of the research conclusion is verified. This paper China listed companies based on the strategic emerging industry Research data shows that R & D investment financing channels and cash flow level dependence indicates that the enterprise R & D investment indeed with financing constraints phenomenon, and the establishment of the small board and the gem has certain positive role to alleviate the financing constraints; empirical data of R & D investment and equity incentive analysis shows that the executives equity incentive the companies have higher R & D investment, so that the capital market on the equity incentive mechanism is indeed effective, can promote the development of R & D investment. (2) based on the R & D investment decision model on development decision problem of multi subject research has been extended by the cooperative game analysis method, explains the formation of the mechanism and interest distribution research network, put forward a new perspective for the study of enterprise research and development network theory. In this paper the formation mechanism of the development of the network. To construct a game model to describe the network embeddedness of new members to participate in the game between the original R & D network in the process of introducing new members, the efficiency of research and development, information asymmetry, a new member of the prior beliefs of three factors, through the analysis of their game solving network embeddedness, the two transaction cost characteristics. Results that, in the process of forming research network, R & D efficiency of new members, the information asymmetry will damage the network embeddedness, and increase transaction costs of new R & D network, and advance letter to new members read due to false information (misplaced-trust) the presence of Network Embeddedness, there are different the impact of transaction costs. In the interest distribution mechanism of R & D network, the relative efficiency of research and development based on network node R & D, R & D efficiency coefficient is defined, and then build an interest The efficiency of research and development model of compensation distribution, through the model of the network game's core configuration requirements, and balanced theory based on game theory to discuss the existence problems of the efficiency of the compensation mechanism. (3) the development of the major international strategic emerging industries, industrial development and financial environment especially the capital market environment a comparative study based on the conclusion of the empirical research Chinese capital market analysis development opportunities China current capital market and the lack of development of strategic emerging industry development of the capital market and put forward policy suggestion. In terms of industrial development, suggestions in policy making should pay full attention to the R & D activities, pay attention to the construction of the enterprise R & D network environment for the growth. It can be used in policy consideration to encourage and support overseas investment enterprises to set up R & D institutions to promote domestic technology Technology innovation, support the establishment and perfection of the cooperation mechanism, encourage Chinese enterprises and multinational corporations carry out R & D cooperation, and accelerate the development of infrastructure and service system. In the multi-level capital market environment construction, should accelerate the construction and improvement of the multi-level capital market environment, in order to meet the needs of the development of enterprises at different levels; pay attention to the function of capital market financing and incentive function, the innovation of financial tools, improve the equity incentive regulation policy; at the same time, give full play to the function of market information, improve the efficiency of the capital market, give full play to its functions.

【学位授予单位】：上海交通大学
【学位级别】：博士
【学位授予年份】：2015
【分类号】：F832.5;F121.3

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