文守逊,丁玮,李浩然,刘斌.企业技术创新能力对资本成本影响差异性的实证研究——基于不同生命周期视角[J].南京审计学院学报,2021,(5):
企业技术创新能力对资本成本影响差异性的实证研究——基于不同生命周期视角
  
DOI:
中文关键词:  企业技术创新能力  权益资本成本  债务资本成本  企业生命周期  资本成本  创新投资
英文关键词:technological innovation capability of enterprise  cost of equity capital  cost of debt capital  life cycle of enterprise  cost of capital  innovation investment
基金项目:国家社会科学基金重点项目(18AGL009)
作者单位
文守逊,丁玮,李浩然,刘斌 重庆大学 经济与工商管理学院重庆 400044 
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中文摘要:
      通过研究2013—2016年深市中小板上市公司发现,企业技术创新能力越强,权益和债务资本成本也就越低,同时技术创新能力对权益资本成本的影响程度要大于对债务资本成本的影响。进一步研究发现,不同生命周期的企业技术创新能力对权益和债务资本成本的影响有明显差异,处于成熟期的企业技术创新能力对权益资本成本影响更大,处于成长期的企业技术创新能力对债务资本成本影响更大。因此企业应注重提高技术创新能力,降低资本成本。同时股东和债权人应充分识别投资企业所处生命周期阶段,从而选取合理投资方案。
英文摘要:
      Through the study of Shenzhen SME board listed companies from 2013 to 2016, this paper finds that the stronger the technological innovation capability, the lower the cost of equity and debt capital, and the impact on the cost of equity capital is greater than the impact on the cost of debt capital. The further research finds that the impact of technological innovation capability on the cost of capital is significantly different in different life cycles. In the maturity period,technological innovation capability has a greater impact on the cost of equity capital, while in the growing period, that has a greater impact on the cost of debt capital. Therefore, enterprises should pay attention to technological innovation to reduce capital costs, and shareholders and creditors should fully identify the life cycle stage of the investment enterprise, so as to select reasonable investment schemes.
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