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1、技术创新与企业规模及资本结构的关系研究以国家创新型试点企业为例云南财经大学硕士学位论文技术创新与企业规模及资本结构的关系研究-以国家创新型试点企业为例姓名：谢文杰申请学位级别：硕士专业：会计学指导教师：郭晓曦82011-04 摘要 由于衡量技术创新指标不同，即采用量的指标和强度指标会得出不同说法，因而我们在评价企业技术创新时应以量与强度的不同层次作参考，企业在追求技术创新量的同时也应从质即效率角度考核自身的创新活动。本论文在回顾前人研究的基础上，以国家自2006年以来连续开展的三批创新型试点企业中的上市公司为样本，将样本分类分为高新技术企业与非高新技术企业样本分类、国有企业及非国有企业样本分类
2、，对各样本分别做实证研究，分析技术创新与企业规模及资本结构的关系，以期为评价企业的技术创新活动提供参考。 本论文以我国近年来连续公布的三批创新型试点企业中的上市公司为样本对技术创新与企业规模的关系做实证分析得出：国家创新型试点企业的创新量随着企业规模的扩大而提高。对技术创新强度与企业规模相关性分析结果可得出两种结论：1.国家创新型试点企业的创新强度随企业规模扩大整体呈下降趋势；2.国家创新型试点企业中高新技术企业的创新强度随企业规模扩大先下降后提高（有翘尾）。并从实证分析中换算出这些国家创新型试点样本企业的技术创新强度大致在企业年销售收入约达到200亿左右由下降转为上升。 实证结果得出技术创新
3、量与资产负债率除非高新技术企业分类样本外的其它样本分类及总体样本都呈一定程度的正向关系；技术创新强度与资产负债率不同的样本得出不一致的结论，结果显示一部分样本分类及总体样本的创新强度与企业资本结构呈显著的负向关系在一定程度上支持大部分学者的结论。另一部分样本分类实证结果显示企业的创新强度与企业资本结构有显著的正向关系，正向关系的原因一方面可能是由于现我国大部分产业属成长性及成熟性产业资本结构本身的上升趋势，且逐年相比，因企业负债率相当、投资报酬率越来越高、宏观经济预期越来越好。所以，银行和企业没有理由不增加贷款。另一方面也可能是由于企业的财务杠杆作用对创新活动存在一定利用空间，或是 i 由于政
4、府对这些企业筹资方面的引导、支持效应，有待以后进一步研究、探讨。 本论文强调衡量企业规模与技术创新关系要区分创新量与创新强度不同指标代表的不同意义才有助于各企业重新审视传统的规模竞争观点, 从而更有效地将企业规模、资本结构与创新效率结合起来衡量自身的创新活动，本论文从理论上可以对企业规模与技术创及资本结构的关系有进一步的理解，在实践上，为评价企业技术创新活动提供参考。 关健词：技术创新；企业规模；资本结构；创新强度 ii Abstract Due to different technological innovation indicators to measure，Using quantity
5、 index and intensity index will draw a different story，So enterprise in the pursuit of technical innovation quantity also from quality namely efficiency assessment its innovation activities perspective, and we in evaluating enterprise technology innovation in volume and strength should be the differ
6、ent levels of reference . This paper reviews the basis of previous studies since 2006, with countries since conducted lots for the listed company of innovative pilot enterprise as samples, the analysis technology innovation and enterprise scale and capital structure, so as to evaluate the relationsh
7、ip of enterprise technology innovation activities to provide the reference. This topic in recent years in China published in the continuous innovative pilot enterprise of actually listed companies as a sample Technological innovation and enterprise scale of the relationship that do empirical analysi
8、s: The innovation of national innovative pilot enterprise amount with the enlargement of enterprises in scale and improve. It results enterprise scale Can draw two conclusions of the technology innovation strength and correlation analysis: 1. The national innovative pilot enterprise innovation inten
9、sity with enterprise scale expanding overall declined; 2. National innovative pilot enterprise of high-tech enterprise innovation intensity with enterprise scale after the first decline (late is holding up ) are improving. And from the empirical analysis from these countries in innovative pilot conv
10、ersion sample enterprises in technological innovation in enterprise strength has annual sales revenue by about 200 billion or so down to rise. The empirical results from technology innovation quantity with the asset-liability ratio unless high-tech enterprises outside the other sample classification
11、 samples and iii overall samples are classified a certain degree of positive relationship; Technology innovation strength and asset-liability ratio of different sample inconsistent conclusions obtained, the results show that part of the sample classification and overall sample of innovation strength
12、 and enterprise capital structure a significant negative relationship in a certain extent of support most scholars conclusion. Another part of the sample classification the evidence shows that the enterprise innovation strength and business capital structure, are significant positive relationship be
13、tween the positive relation on the reason may be due to most of our industry is of growth and maturity industrial capital structure itself is rising trend, and year after year, because enterprise leverage rather than return on investment more and more high, and better macroeconomic expected. So, Ban
14、ks and enterprises have no reason not to increase loan. On the other hand can also be caused by the enterprise's financial leverage to innovation activities exist certain use of space, or for government to these enterprise financing aspects of the guide, support effect, pending further studies
15、and discusses after. This essay emphasizes enterprise scale and technology innovation measure relationship should distinguish between innovation quantity with different index represents innovation strength can help to different meaning each enterprise re-examine the traditional viewpoint, thus scale
16、 competition more effectively will enterprise scale, capital structure and the innovation efficiency measure their combine innovative activities, this paper theoretically on the scale of enterprises can be technological innovation make further understanding the relationship, and in practice, for evaluation of enterprise technology innovation activities to provide the refere
