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研究生:蘇曉曦
研究生(外文):SU,XIAOXI
論文名稱:中國上市公司創新力與控股型態及資本結構之關聯性
論文名稱(外文):The Relationship between Innovation, Holding Pattern, and Capital Structure of Chinese Listed Companies
指導教授:高立翰高立翰引用關係
指導教授(外文):Kao,Li-Han
口試委員:張哲嘉陳元保
口試委員(外文):Chang,Che-ChiaChen,Yen-Pao
口試日期:2021-06-08
學位類別:碩士
校院名稱:東吳大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2021
畢業學年度:109
語文別:中文
論文頁數:60
中文關鍵詞:中國上市公司創新能力控股型態資本結構
外文關鍵詞:Chinese Listed CompaniesInnovationHolding PatternCapital Structure
相關次數:
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2020 年對中國乃至世界都是極為不平凡的一年,在新冠疫情衝擊之下,全 球經濟受到重創。面對嚴峻複雜的國際形勢,艱巨繁重的重振任務,中國堅持把 創新作為引領發展的第一動力。企業發展決定了國民經濟的盛衰,而企業創新能 力則影響了國家的創新水平。因此,從企業控股型態及資本結構的角度出發,探 究該如何完善管理模式及解決創新研發的融資問題,對於提升創新能力具有重要 意義。
本研究立足於當下的事實背景,梳理了中國企業控股型態的變革,收集了國 內外學者關於融資方式的理論。在此基礎上,分析控股型態、資本結構對企業創 新力之影響,並提出相關假說。在實證研究部分,本研究選取 2009 年至 2019 年 間的中國上市公司的數據,並先對企業創新力建立綜合指標評估,再利用順序羅 吉斯迴歸及勝算比計算來分析企業創新力與控股型態及資本結構間之關聯性。
實證結果表明,從控股型態來看,國有控股企業對創新力有抑制作用,且股 權集中度越高,則越不利於企業創新;從資本結構的影響部分來看,只有在非國 有控股企業中,自有資金融資才能起到促進企業創新的作用,而不論是國有企業 或民營企業,權益融資皆能提升企業創新力。
2020 is an extraordinary year for China and the world because the Covid-19 suffered the global economy seriously. Faced with the grim and complex international situation and arduous task of revitalization, China adheres to treat innovation as the first driving force for development. The development of enterprises leads to the trends of the national economy, and further affects the innovation level of the country. Therefore, from the perspective of a corporate holding pattern and capital structure, it is of great significance to explore how to improve the management mode and solve the financing problem of innovation activities for improving the innovation ability.
Based on the current circumstance, this study organizes the revolution of Chinese enterprise holding pattern and collects the theory of financing methods from domestic and foreign scholars. On this basis, this study analyzes the influence of holding type and capital structure on enterprise innovation and makes relevant hypotheses. In the part of empirical research, the study adopts the data of Chinese listed companies from 2009 to 2019 and establishes a comprehensive evaluation system of enterprise innovation. This study utilizes ordered logistic regression and odds ratio to analyze the relationships between enterprise innovation, holding pattern, and capital structure.
The empirical results show that state-owned holding enterprises may hurt innovation, and the higher concentration of ownership, the more unfavorable to enterprise innovation. Furthermore, private capital financing can only play a role in promoting non-state-owned holding enterprise innovation. However, equity financing can both have influences on state-owned enterprises or private enterprises.
摘要 ........................................................................................................................I
Abstract .................................................................................................................II
第一章 緒論..................................................................................................................1
第一節 研究背景..................................................................................................1
第二節 研究動機..................................................................................................6
第三節 研究目的..................................................................................................8
第四節 研究架構..................................................................................................9
第五節 研究貢獻................................................................................................10
第二章 文獻回顧........................................................................................................11
第一節 創新力的定義與企業表現....................................................................11
第二節 控股型態的變化與影響........................................................................12
一、中國企業控股型態的發展..................................................................12
二、管理模式對企業創新力的影響..........................................................14
第三節 資本結構對企業創新的影響................................................................16
一、資本結構理論的發展..........................................................................17
二、資金來源對企業創新力的影響..........................................................17
第三章 研究方法........................................................................................................22
第一節 研究假說................................................................................................22
第二節 研究對象與資料來源............................................................................24
第三節 創新力綜合評價指標構建....................................................................25
第四節 研究變數之定義與操作........................................................................27
一、被解釋變數..........................................................................................27
二、解釋變數..............................................................................................27
三、控制變數..............................................................................................28
第五節 實證模型................................................................................................32
第四章 實證結果與分析............................................................................................34
第一節 敘述性統計分析....................................................................................34
第二節 PEARSON 相關係數檢定 ....................................................................36
第三節 迴歸結果與分析....................................................................................38
一、企業股權控制型態對創新力影響迴歸結果及分析..........................38
二、自有資金融資對企業創新力影響迴歸結果及分析..........................40
三、資本結構的組成對企業創新力影響迴歸結果及分析......................44
四、綜合變數測試對企業創新力影響迴歸結果及分析..........................46
五、增額測試對企業創新力影響迴歸結果及分析..................................48
第五章 研究結論與建議............................................................................................52
第一節 研究結論................................................................................................52
第二節 研究限制................................................................................................54
第三節 研究建議................................................................................................55
參考文獻......................................................................................................................56
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