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The Influencing Mechanism Of Multi-level Capital Market On R&D Of Strategic Emerging Industry

Posted on:2016-07-17Degree:DoctorType:Dissertation
Country:ChinaCandidate:J H QiaoFull Text:PDF
GTID:1109330503493800Subject:Finance
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This dissertation studies the influencing mechanism of multi-level capital market on R&D of Strategic Emerging Industry. As an important factor influencing the development of Strategic Emerging Industry, how capital market influences the companies’ R&D behavior? How the influencing mechanism behave in the multi-level capital market in China currently? This dissertation studies these questions by both theoretical analysis and empirical analysis.Firstly, the dissertaion studies the development and R&D features of Strategic Emerging Industry, and points out the two factors of R&D production, capital and talent, base on the R&D production function. Then this dissertation analyzes the the influencing mechanism of capital market on R&D behavior, and sets up a theoretic model, “Factors Influenced Model”, and its extended model. After that, the dissertation have 3 empirical research and then draw the conclusion base on the study. The main content of the dissertation are shown in the following:(1) This dissertation sets up a model to describe the influencing mechanism of capital market on R&D hebavor, The Factors Influenced Model. In the model, two mechanisms of how capital market promotes R&D investment in strategic emerging industries are brought out, namely financing motivation and talent motivation.Further more, empirical studies are conducted based on the data of strategic emerging industries in China. Researches on the data of list companies in strategic emerging industries in China show that the dependence of R&D investment on financing channel and cash flow proves that financal constraints exist indeed in these companies. In addition, analysis on the empirical data of R&D investment and equity incentive indicates that enterprise exercising equity incentive among senior executives indeed has a higher R&D investment, which justifies the effectiveness of equity incentive mechanism in capital market for talents and the promotion force for R&D investment.(2)This dissertation sets up an extended model, a cooperative game model to describe the R&D behaviors of the companies and explains the R&D network formation mechanism and profit distribution among the network members.In the aspect of R&D network formation, this dissertation sets up an embeddedness game model to describe how a new member joins in a R&D network. In this model, the formation of the R&D network is influenced by three factors: R&D efficiency of the new member, information asymmetry, and ex ante beliefs original R&D network holds on the new member. These three factors exert great influence on the level of embeddedness and transaction cost, which are two important characteristics of network. The study results show that, during the formation of R&D network, low efficiency and asymmetric information will do harm to the level of embeddedness and raise the transaction cost, while trust will have a complicated impact on them because of the probability of misplaced-trust.In the aspect of R&D network profit distribution, this dissertation defines R&D efficiency coefficient and further builds up an efficiency compensation model based on the relative R&D efficiencies in the network. Based on this model, the solution of the cooperative game model which met the "Core" condition is obtained, and then the existence of this kind of compensation mechanism is discussed based on the balance theory of cooperative game.(3)This dissertation conducts a comparative study on the development situation and the financial environment, especially the capital market environment of strategic emerging industries in major countries in the world, analyzes the current development opportunities and deficiencies in capital market confronting China on the basis of conclusions drawn from empirical research on Chinese capital market, and further offers some policy suggestions concerning the development of both strategic emerging industries and capital market.In the aspect of industrial development, it’s suggested that proper attention shall be given to R&D activities and the construction of environment where R&D network thrives when policies are made. Besides, it is suggested to motivate and support the establishment of R&D branches invested by foreign companies which may bring along domestic technical innovation as a chain reaction, and support efficient R&D cooperation, encourage the R&D cooperation between Chinese enterprises and multinational corporations, and at the same time accelerate the building of R&D infrastructure and service system. In the aspect of multi-level capital market circumstances, it’s advisable to speed up the establishment and improvement of multi-level capital market circumstances to meet needs from enterprises at different levels, and attach importance to the execution of two functions of capital market, including financing motivation and talent motivation. It is also suggested to conduct innovation of various financial instruments and improve equity incentive regulation policy, and meanwhile give full play to the market information function, improve the efficiency of capital market by unbridling its various functions.
Keywords/Search Tags:Multi-level Capital Market, Strategic Emerging Industry, R&D Network, R&D Investment, Finiancial Constraints, Equity Incentive
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