信息披露质量、融资约束与企业研发投入.pdf

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1、AbstractCurrently,theroleoftechnologicalinnovationintheworldeconomicisgrowing.WesternexperiencehasshownthatenterprisecontinuousR&Dinvestmentistheimportantimpetustoeconomicdevelopmentandtechnologicalprogress.EnterpriseR&Dinvestmentrequireslargeamountsoffundandlong-termsustainedeffort,d

2、uetothelimitedinternalfundsofenterprise,soexternalresourcesaccesstoenterpriseR&Dinvestmentplaysavitalrole.However,R&Dinvestmentofourcountryenterprisesstillrelyoninternalfunds,thereareseriousexternalfinancingconstraints.Improvingtheenterprisesqualityofinformationdisclosurewhethercanall

3、eviateenterprisesfinancingconstraintsandexpandenterR&Dfundingisamuch-neededresearchproblem.PreviousresearchhasshownthatimprovingthequalityofinformationdisclosurecanactuallypromotetheR&Dinvestmentoftheenterprise.Thisconclusionhasbeentestedbyempiricalresearchinwesternmaturesecuritiesmar

4、ket.Thisthesisbasedonthebackgroundofeconomictransitionperiod,combiningwithknowledgeofinformationeconomicsanalysisofenterpriseinformationdisclosurequalityimpactonR&D.Thisthesisdividedintofiveparts:PartOneistheintroductionoftheresearchbackgroundandsignificance,structurearrangementandthe

5、technologyroad-mapofthearticle,researchcontentofthisarticleaswellastheinnovation;PartTwoisthereviewofrelatedresearch,thissectionfirstreviewstherelatedresearchbothathomeandabroad,andthencommentstheresearchofpredecessors.PartThreeisthetheoreticalbasisandresearchhypothesis,includingthede

6、finitionofqualityofinformationdisclosure,financialconstraintsandothercoreconcepts,andbasedonthetheoryputtingforwardthehypothesisofthisthesis;PartFourisresearchdesign,includingsampleselectionandthedefinitionofvariablesanddesignasuitableempiricalmodelforthethesisandregressionanalysis;Pa

7、rtFiveisresearchfindingsandpolicyrecommendations,thispartismainlyaccordingtotheresultsofempiricalresearchanddrawstheresearchconclusionofthisarticle,andthenputsforwardtothepolicyrecommendations.Empiricalpart，，，1绪论研究背景研宄意义理论意义现实意义研究方法与研究内容研宄方法研宄内容创新点文献综述研发投入与融资约束的研宄现状国外文献综述国内文献综述融资约束与信息

8、披露质量的