导　　师： 陈海声

学科专业： 1253

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 随着全球化的深入，较大的技术竞争压力使得企业对技术创新的需求越来越迫切。然而，从我国企业的实际情况来看，企业的R/&D投入偏低。由于企业R/&D投资受提供资金的融资渠道的影响，R/&D融资问题也是制约企业R/&D投资的主要因素。尽管R/&D在经济增长中发挥了重要角色并且对融资有较高的敏感性，但现实中大量的研究考察固定投资的融资约束问题，很少有文献关注企业R/&D投资的融资约束问题。 本文采取案例分析方法，通过对A公司的分析，讨论和探究融资约束对研发投资的影响，将理论研究和现实案例结合起来，分析不同渠道融资约束及对研发投资的影响情况。本文主要内容分为四部分： 第一部分主要阐述文章的研究背景及选题的目的和意义，相关融资约束对研发投资影响的文献研究。 第二部分为案例介绍，本文选取了电力电子行业的A公司作为案例，重点阐述行业现状及A公司的基本情况。从现金流的角度分析发现A公司融资约束较为严重，研发投资强度逊色于行业水平，并且发现融资约束限制了研发投资的增长。 第三部分针对案例介绍中发现的问题，通过本章的深入分析，分渠道研究A公司融资约束对研发投资的影响，并与行业表现优秀的英威腾进行对比，发现A公司融资约束限制了研发投资的投入，是由以下几点原因造成的：首先，内源融资是公司持续研发投资的主要来源，A公司经营状况不佳导致研发的内源融资约束严重；其次，债务融资约束太强，A公司基本不存在长期借款，主要是短期融资用于支持经营活动而不是用于研发投资；然后，股权融资是次于内源融资的研发投资资金来源选择，上市后募集的资金基本用完，企业绩效不佳难以达到增资扩股要求。最后，将A公司总体融资约束对研发投资的影响与英威腾对比之后发现，A公司融资后研发投资的财务管理不强是重要原因，研发效率不高，进而也拖累了企业创新进度和市场占有率。 第四部分为案例启示，由A公司的案例分析可以反映出整个行业可能出现的普遍现象，鉴于电力电子行业等其他高科技企业存在的R/&D融资约束问题：一方面，应该大力推动企业融资模式创新，鼓励企业“抱团”融资以缓解融资约束情况；另一方面应将研发投资活动确立为企业的战略核心；最后，加强研发投资的财务管理是缓解融资约束的重要管理措施。 With the deepening of globalization, the large technology competition pressure makesinnovation more and more urgent for enterprises. However, from the point of the actualsituation of enterprise in our country, the R/&D input of enterprise is low. As the R/&Dinvestment of enterprise influenced by the financing channels, so R/&D financing problems isthe main factor which restricting enterprise R/&D investment. Although R/&D plays animportant role in economic growth and is more sensitive to financing, in reality, lots ofresearches focused on the financing constraint of fixed investment. There is few literaturestudied enterprise financing constraint problem of R/&D investment. The thesis adopted the method of case analysis, through the analysis of A Company, itdiscussed and explored the effect of financing constraints on R/&D investment. It combinedtheoretical research and practical case to analyse the effect of different channels of financingconstraints on R/&D investment. In this paper, the main content is divided into four parts: The first part mainly elaborated the research background and the significance of thisthesis, related literature research of the influence of financing constraints on R/&D investment. The second part is the case introduce, this article selects A Company of the powerelectronics industry as an example, focused on industry present situation and the basicsituation of A Company. It analysed the current situation of financing constraints from theperspective of cash flow, and the influence of financing constraints on R/&D investment.Found the ingenious consistency between R/&D investment and financing constraints, thethird part will have further analysis. The third part is case analysis, aimed at the problems found in the case introduce. Itexplored the influence of financing constraints on R/&D investment from internal financing,debt financing and equity financing channels. Compared with INVT and focused on datafurther generalization. Then presents and analyzes the INVT technology R/&D costs andbenefits, enterprise technology R/&D and its relationship with financial management is animportant content of corporate finance, enterprise financial management provides a goodanalysis and plays a support role for technology R/&D management, to make the enterprisetechnology R/&D more effective. The fourth part is the case illumination and conclusion, the constancy of technologyR/&D is the foundation of the enterprise for sustainable development. Enterprises continuedinvestment in technology development and technology assets into the financial managementsystem is the key to the success of technology innovation. According to enterprise itself andthe situation of the market, enterprise should develop a R/&D investment proportion. Thesame as marketing, human resources management, financial management and equipmentmanagement, R/&D management belongs to the enterprise's core business activities. Rooted inChina's national conditions, technology R/&D management should be the basic managementof Chinese enterprises.

关 键 词： 融资约束 研发投资 公司 现金流

分 类 号： [F426.6 F406.7 F273.1]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]