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  4. 融资约束、企业创新与流动性管理研究—基于中国军工板块上市企业的实证研究
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融资约束、企业创新与流动性管理研究—基于中国军工板块上市企业的实证研究

Full metadata

Title
融资约束、企业创新与流动性管理研究—基于中国军工板块上市企业的实证研究
Description
2008年金融危机以来,全球一大批企业因现金流短缺而破产或濒临破产,流动性短缺由金融机构蔓延至实体经济,给企业的正常运转造成巨大冲击,致使企业陷入资金紧张、融资困难的境地。在此情况下,持有适量现金对企业而言就显得尤为重要,本文也发现经济总量居世界前二的中美两国,其本土企业的现金持有水平逐年上升。

然而,企业持有现金规模的上升也会导致两大问题的产生:第一,持有较多的现金就意味着必须削减当期投资支出,在未来投资机会存在较大不确定性的情况下,这种持币等待会加大公司的经营风险,并限制公司的成长能力;第二,由于现金是最容易被侵占和攫取的资产,高额现金持有可能成为经理人获取私利或大股东掏空的猎物,从而引发了高昂的代理成本。在军民融合这一国家战略背景下,对于转型阶段的中国军工企业而言,上述两大矛盾在这一轮改革红利中也显得尤为突出。军工企业作为我国国防建设和经济建设的一员大将,是我国国防的重要支撑,承担着为人民军队和民兵提供各种所需武器装备和民品的重要任务。而技术创新是军工企业赖以生存的原动力,失去了技术创新的军工企业将给国家带来无法估量的灾难。但是军工企业的创新活动需要大量的资金支持,中小型军工企业因融资约束问题所导致的研发投入少、创新水平低在当下便显得较为严峻。

基于以上理论与现实背景,本文对我国军工上市企业的融资约束、流动性管理与企业创新等问题进行了深入研究,结果发现:(1)军工企业的融资约束与公司现金持有水平间具有显著的正向关联性,融资约束程度越高,企业持有现金及其等价物越多;(2)样本企业的融资约束问题也抑制了研发投入,融资约束程度越高,研发投入的资金越少;(3)通过调节效应模型,作者检验并证实了样本中企业持有更多的现金及其等价物可有效改善融资约束对研发投入的负向抑制作用。最后,根据本文实证得出的结论,并考虑到中国军工行业的发展现状,提出了相应的政策建议以缓解融资约束对军工企业的负面影响。
Date Created
2020
Contributors
  • Gu, Wenyang (Author)
  • Huang, Xiaochuan (Thesis advisor)
  • Chang, Chun (Thesis advisor)
  • Jiang, Zhan (Committee member)
  • Arizona State University (Publisher)
Topical Subject
  • Business Administration
  • 企业创新
  • 军工企业
  • 流动性管理
  • 融资约束
Resource Type
Text
Genre
Doctoral Dissertation
Academic theses
Extent
89 pages
Language
chi
Copyright Statement
In Copyright
Primary Member of
ASU Electronic Theses and Dissertations
Peer-reviewed
No
Open Access
No
Handle
https://hdl.handle.net/2286/R.I.56999
Level of coding
minimal
System Created
  • 2020-06-01 08:01:49
System Modified
  • 2021-08-26 09:47:01
  •     
  • 2 years 3 months ago
Additional Formats
  • OAI Dublin Core
  • MODS XML

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