首先，通过定性分析，从股权结构、高管激励、实际控制人特征以及财务状况与
R&D 投资的关系进行文献梳理。其次，本文对财务风险与 R&D 投资关系的相关理论，
公司治理与 R&D 投资关系的相关理论进行介绍分析，由此推出研究假设。再次，对江
浙中小民营上市公司的发展现状、公司治理现状以及 R&D 投资现状进行分析，总结出
江浙中小民营上市公司内部治理的特征，以及 R&D 投资强度的现状，对其 R&D 投资
的问题做出总结。实证部分包括实证设计与实证分析，实证设计方面包括变量定义、样
本的选择、数据来源以及模型构建。本文在实证分析时，通过财务风险区域划分将所选
取的样本分为破产风险区、灰色区、无破产风险区三个区域，对三个区域的解释变量和
被解释变量进行描述性统计分析；在相关性分析方面采用皮尔森相关分析法初步确认解
释变量与被解释变量之间的相关度；回归分析时，采用逐步回归法将股权结构、高管激
励以及实际控制人特征三个维度的变量逐步代入模型，结合共线性诊断验证模型的拟合
度。最后，得出结论：股权集中度能提高企业的 R&D 投资强度，但其影响度受企业财
务风险所处程度的约束；缺乏合理的股权制衡机制，不利于促进 R&D 投资强度的提高；
高管的股权激励与薪酬激励作为“利益报酬”能够对 R&D 投资有积极的促进作用；高管
两职兼任作为“权利激励”也有利于研发创新。根据本文得出的结论，并结合当前江浙中
小民营上市公司 R&D 投资的现状和问题，提出有关合理有效的建议。最后，指出了本
文在学术研究上的不完善之处
关键词：江浙中小民营上市公司；R&D 投资强度；财务风险区划；公司治理结构Abstract
II
Abstract
Based on the construction of financial risk model and the construction of regression
model, this paper examines the corporate governance of equity structure, executive incentive
and actual controller characteristics under different financial risks from 2011 to 2015 in
Jiangsu and Zhejiang small and medium private listed companies. The Impact of Factors on
R&D Investment Intensity.This paper analyzes the influence of the ownership structure,
executive incentive and the actual controller on the R&D investment intensity of the
enterprise under the three financial risk zones, which are in the bankruptcy risk zone, gray
area and no bankruptcy risk zone.
First of all, through qualitative analysis, from the ownership structure, executive
incentives, the actual controller characteristics and financial status and R&D investment
relationship between the literature comb. Secondly, this paper introduces the theory of
financial risk and R&D investment relationship, the theory of corporate governance and R&D
investment relationship, and introduces the research hypothesis. Thirdly, the author analyzes
the status quo of the development of small and medium-sized private listed companies in
Jiangsu and Zhejiang, the current situation of corporate governance and the current situation
of R&D investment, summarizes the characteristics of internal governance of small and
medium-sized private listed companies in Jiangsu and Zhejiang, and the current situation of
R&D investment intensity, and summarizes its R&D investment. The empirical part is divided
into empirical design and empirical analysis. The empirical design includes sample selection
and data source, variable definition and model construction. In the empirical analysis, the
selected samples are divided into three areas: the bankruptcy risk zone, the gray area and the
non-bankruptcy risk zone through the financial risk region. The explanatory variables and the
explanatory variables of the three regions are statistically analyzed by descriptive statistics
and Analyse；In the correlation analysis, the Pearson correlation analysis method was used to
confirm the correlation between the explanatory variables and the explanatory variables；In
the regression analysis, the variables of the three dimensions of the ownership structure, the
executive incentive and the actual controller are gradually substituted into the model by the
stepwise regression method, and the fitting degree of the collinear diagnostic model. Finally, it
is concluded that the concentration of equity can improve the R&D investment intensity of the
firm, but its influence is limited by the degree of financial risk. The lack of reasonable equity
checks and balances mechanism is not conducive to the promotion of R&D investment
strength. Executives&39; equity incentives and pay incentives as a benefit reward can positively
promote R&D investments. Executive as a rights incentive is also conducive to research and
innovation. Based on the conclusion of this paper, this paper puts forward the corresponding
policy suggestions for improving the current situation of R&D investment of small and
medium-sized private listed companies in Jiangsu and Zhejiang, and points out the
shortcomings of this paper.
Keywords: Small private listed companies in Jiangsu and Zhejiang；R&D investment
intensity；Financial risk zoning；Corporate governance structure目 录
III
目 录
摘要.....I
Abstract ..II
目 录.. III
第一章 绪论.... 1
1.1 研究背景及意义 . 1
1.1.1 研究背景....... 1
1.1.2 研究意义....... 2
1.2 国内外相关文献综述 ..... 2
1.2.1 国外相关文献综述... 2
1.2.2 国内相关文献综述... 4
1.2.3 综述述评....... 6
1.3 研究思路与方法 . 7
1.3.1 研究思路....... 7
1.3.2 研究方法....... 8
1.4 本文的创新点 ..... 9
第二章 理论基础及研究假设.......... 10
2.1 财务风险的相关理论 ... 10
2.1.1 财务风险的概念..... 10
2.1.2 财务风险预警的计量......... 10
2.1.3 财务风险与 R&D 投资关系的相关理论 .. 12
2.2 公司治理的相关理论 ... 13
2.2.1 公司治理的概念..... 13
2.2.2 公司治理与 R&D 投资关系的相关理论 .. 14
2.3 研究假设 ........... 15
2.3.1 财务风险与 R&D 投资强度的研究假设 .. 15
2.3.2 公司治理与 R&D 投资强度的研究假设 .. 15
第三章 江浙中小民营上市公司治理及 R&D 投资现状分析.........
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