【作者】 张晖；

【导师】 万解秋；

【作者基本信息】 苏州大学 ， 金融学， 2009， 博士

【摘要】 中国经济经过了30年的高速增长,经济规模已经进入世界经济大国的行列,经济的竞争力也有所提高。然而,中国经济能否持续增长,竞争能力也进入世界经济强国之列,是一个重要的现实问题。大量的研究表明,创新是经济长期增长的一个最重要的决定因素。我国经济要由大国转向强国,保持持续增长的势头,必须改变原有的经济增长模式。即以廉价的资源优势追求规模扩张、粗放型的经济增长,转向以技术创新为基础,不断提升自主创新能力、集约化的经济增长模式。问题是为什么我国的经济主体——企业不愿意创新,或者说为什么创新的推进速度这么慢。理论与实践表明,创新的重要基础是投入,是对实物资本和人力资本的持续投资。这种投入往往不仅规模大,持续性强,而且投资回报率很难估算。正因为如此,过去简单地依靠政府投入,导致在规模和使用效率上都无法有所突破。只有在市场经济环境下,依靠市场的力量才能改变这一局面。事实上,在我国经济高速发展的过程中,经济的增长模式正朝着集约化方向发展,而且这种转向日益明显,速度日益加快。表现在宏观政策上,我国在“十一五”发展规划和中长期科学和技术发展纲要中都明确和强调了未来经济发展的重点是提高自主创新能力。具体措施上,近年来不断加强了科技投入,尤其是加强了对自主创新的投入。而从市场背景看,30年的经济发展,我国已经基本构建起了较完善的市场体系,特别是金融体系日趋健全。不仅建立了资本市场,而且得到了迅速的发展。资本市场的规模已经成为经济的“晴雨表”,资本市场的结构也朝多层次方向发展,市场有效性日益提高,市场功能逐步完善并提升。因此,良好的政策环境与市场环境,都有力地证明了我国经济的转型已经开始,未来经济的发展有赖于增长模式的转变。而如何推动这一模式的有效转变,是理论研究者关注的重点。文章就是在这样的背景下,从研究企业自主创新与资本市场入手,论证资本市场与企业自主的关系及发挥的作用。认为资本市场的推动机制与企业自主创新的核心要素十分匹配,充分发挥资本市场资本供给,价格发现与风险分散机制,可以从根本上促进企业自主创新的深入推进,继而探究了资本市场促进企业自主创新的实现机制,建设三大平台,融资平台、激励平台和集聚平台。文章除导论外,大致分为六个部分。第二章,资本市场促进企业自主创新的理论论证深入剖析了企业自主创新的基本要素及企业是自主创新的重要主体。从金融角度探讨了企业自主创新收益与风险的市场表现。详细阐述了资本市场的两大推动机制,一是资本供给机制;二是价格发现,风险分散、管理机制。这两大机制如何在促进企业自主创新中发挥功效的。第三章是在第二章理论论证的基础上,采取实证检验的方法,对我国企业自主创新的产出与投入要素进行检验,得出资本要素、人力要素与企业自主创新的相关性,尤其是资本要素对企业自主创新有着更强的贡献度。而人力要素的贡献更多地从人力的质量水平提高上得到反映。其次是检验了我国资本市场与企业自主创新的关系,检验了资本市场资本供给机制,价格发现、分散风险机制如何在企业自主创新中发挥作用的。通过理论论证与实证检验,文章总体上论证了资本市场对企业自主创新的促进作用,继而从更深层次上提出了资本市场促进企业自主创新的实现机制,通过完善资本市场功能体系,构建资本市场促进企业自主创新的三大平台。所以,文章的第四章分析探讨了资本市场的融资功能如何促进企业自主创新,以及我国资本市场融资功能在促进企业自主创新上的优势与缺陷。论证中不仅从融资成本视角进行了分析,更多地从资本市场融资的稳定性与易得性角度进行了探讨,更针对于企业自主创新不确定性、风险性等特征。从而得出资本市场融资平台的建设可以直接促进企业自主创新。第五章是基于文章第二、三章论证中得出的,企业自主创新既是资金密集型活动,也是技术密集型的活动。分析了资本市场对于创新人力资本的激励是长期的,提高人力资本整体水平为目的等基本特征。探讨了资本市场的激励功能如何通过促进人力资本,提高人力资本的内在能力来推动企业自主创新。同时就我国资本市场的激励功能进行解析,找出了我国资本市场激励功能在促进企业自主创新上不显著的根本原因。文章第六章分析了资本市场的集聚功能,以及集聚功能促进企业自主创新的原因,对我国资本市场集聚功能与企业自主创新的作用进行了简单的实证检验,得出了我国资本市场的集聚功能对企业自主创新已有一定的积极作用,但正效应并不十分显著的结论。文章最后在第七章中,对全文进行了总结,并针对性地提出了如何发挥我国资本市场促进企业自主创新作用的思路。对我国资本市场体系完善,功能健全,效率提高等方面提出了相应的政策建议。更多还原

【Abstract】 After rapid growth over past 30 years, China’s economy has surged as one of world’s super powers in term of scale, the competitiveness of the economy also improved. However, it remains to be seen if the current China’s economic growth model is sustainable and if China’s economy can reach the superpower level on the aspect competitiveness as well. A large number of studies have shown that innovation is one of the most important determinants for long-term economic growth. China must change the existing model of economic growth in order to be strong instead of continuing to be taken as a chunky economic entity and to maintain the momentum of sustained growth. This is also to say that extensive economic growth with low-cost resources pursuing scale expansion should shift to intensive model of economic growth based on technological innovation and on continually enhancing the capability of independent innovation. But the problem rests with why the economic agents in our country are not interested in innovation, or why it’s so hard to push forward innovation activities in our country. Theories and practices indicate that the fundamental factor of innovation is inputs, is the continued inputs in physical capital and human capital. Such inputs are often not only large-scaled but only should be maken over a long period, and the return on investments is difficult to estimate. That is why, in the past, innovations simply rely on government investment, which results in small scale and low efficiency. The only way to change this situation is to rely on market forces in a market economy environment.In fact, in the course of China’s rapid economic development, economic growth pattern is moving in the direction of intensive development, and this transfer is more and more obvious and fast. As a macro-policy, both the eleventh“Five-year" development plan and long-term scientific and technological development program clearly emphasized that improving the ability of independent innovation is a priority in future economic development. Specific measures are also being carried out, the scientific and technological inputs have been strengthened in recent years, the input of independent innovation is especially so. From a market background, after 30 years of economic development, China has basically built a relatively complete market system. As a part of this market, financial system is becoming increasingly sophisticated and healthy. We have established capital markets and witness its fast development. The size of capital markets has become the economy’s "barometer", the capital markets structure evolves into a multi-level model with market efficiency enhanced and market function gradually improved.The current improved policy environment and market environment are the strong evidence that marks the beginning of China’s economic transformation, and future economic development would rely on the transfer of present growth model. But how to effectively promote the change of this development model is the the focus of theoretical researchers. The article, in this context, starting with the research of independent innovation and capital markets, demonstrates the relationships between capital markets and enterprises’independent innovation and the role played by capital markets on independent innovation. We think the original mechanism of capital markets matches well with the core elements of corporate innovation. By making full use of the role of the capital supply by capital market and mechanisms of price discovery and risk diversification, enterprises can fundamentally push forward independent innovation. I then explore the realization mechanism of capital market’s promoting enterprise independent innovation, which means the construction of three major platforms, namely financing platform, incentive platform and gathering platform.In addition to introduction, the paper divides into six parts. Chapter two, the theory on how capital markets promote enterprise innovation presents an in-depth analysis of the basic elements of enterprises’independent innovation and indicates that enterprises are the primary subject of independent innovation. And in this part, we also discuss the market performance of the benefits and risks of enterprise independent innovation from a financial point of view. In the rest of this section, two primary mechanisms for the capital market are elaborated on, one is capital supply mechanism; the other is price discovery, risk diversification and management mechanism, At last, I analyze how these two mechanisms play an active role in encouraging enterprises’innovation activities.The third chapter, on the basis of theoretical argument of the second chapter, takes an empirical test on input factors and output of Chinese enterprises independent innovation. We find the correlation between capital factor, human factors and enterprise independent innovation, and a stronger contribution degree of capital factor for enterprises independent innovation, while the contribution of human factors reflects more from the raise of the quality of human force. Secondly, we test the relationships between capital market and enterprises independent innovation and how the capital supply mechanism of capital markets, price discovery and risk diversification mechanism work for enterprises independent innovation.Through theoretical argument and empirical testing, overall, the paper demonstrates the capital markets active role in promoting independent innovation, presents from a deeper level the realization mechanism of capital markets acting to promote enterprises independent innovation, and advocates to build three platforms of the capital market to promote enterprise independent innovation through improving the functioning system of capital market,.The fourth chapter analyzes how the financing function of capital market help promote enterprises independent innovation, as well as the strengths and weaknesses of this financing function for promoting independent innovation. The Argument, not only analyzes from the perspective of financing costs, but also from a point of view of financing stability and accessability of the capital markets, moreover we probe into the uncertainty, risk and other characteristics of enterprises independent innovation. We, therefore, find that the construction of a capital market financing platform can directly contribute to enterprises independent innovation.Chapter five, based on the argumnts in chapter two and three, concludes that enterprises independent innovation is not only capital-intensive activities, but technology-intensive activities. We analyze some basic features of capital market such as that its incentives for human capital in innovation have a long-term effect, its aim is to raise the overall level of human capital, etc. We also discuss the incentive function of capital markets about how to promote human capital, and how to improve the inherent ability of human capital so as to drive forward enterprises independent innovation. At the same time, we analyze the incentive function of China’s capital market, and identify some fundamental causes why the incentives function of China’s capital market are not significant in promoting enterprise independent innovation.Chapter six discuss of the gathering function of capital market, and the reasons for gathering function to promote enterprise innovation. I conduct a simple empirical test on the effect of gathering function of China’s capital market on enterprises independent innovation, and come to a conclusion that the gathering function of China’s capital market have an active effect on enterprises independent innovation, but the positive effect is not very significant.In Chapter seven, all the contents of this paper are summarized, and I accordingly propose some new ideas on how to make China’s capital market work well for promoting enterprise independent innovation. I also provide some policy recommendations aimed to enhance the system, functions and efficiency of China’s capital market.更多还原