生命周期视角下企业技术创新对权益资本成本的影响*

The Impact of Enterprise Technology Innovation on the Costof Equity Capital under the Perspective of the Life Cycle

摘要:

本文考察技术创新与权益资本成本的关系。实证研究发现,企业的权益资本成本随时间的推移在各生命周期的有不同的变化趋势：在成长期呈下降趋势,在成熟期和衰退期呈上升趋势；技术创新投入初期,信息不对称的降低导致权益资本成本降低,而后期其所带来的产出则会导致权益资本成本上升,即技术创新与权益资本成本之间呈现“U”型关系；企业在各生命周期阶段具有不同财务与组织特征,技术创新对权益资本成本在成长期和成熟期具有负向的影响,在衰退期具有正向的影响。

Abstract:

This paper uses regression analysis to investigate the relationship between technological innovation and the cost of equity capital. Empirical studies find that: (i) the cost of equity capital of enterprise shows different trends over time in different stage of the life cycle: a downward trend in the growth stage, an upward trend in maturity stage and decline in rendering stage; (ii) there is a "U" shaped relationship presenting between technological innovation and the cost of equity capital, because of technological innovation can reduce the information asymmetry at initial investment levels, reduce the expected rate of return, then can reduce the cost of equity capital, but when technological innovation bring technological innovation output which will lead to the increase of the cost of equity capital; (iii) because enterprises in different life cycle stage will have different financial and organizational characteristics, technological innovation has a negative impact on the cost of equity capital in growth and maturity stage, while have a positive impact in recession stage.