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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企业各生命周期有不同的变化趋势: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的财务与组织特征,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。
Examining the relationship between technological innovation and the cost of equity capital, the empirical study found that the cost of equity capital of enterprises varies with the life cycle of the enterprise over time: the growth rate is declining in the growing period and the rising trend in the maturing and declining periods In the early stage of technological innovation investment, the decrease of asymmetric information leads to the decrease of the cost of equity capital, while the output of latter period leads to the increase of the cost of equity capital, that is, the U-shaped relationship exists between technology innovation and equity capital cost. Each life cycle stage has different financial and organizational characteristics. Technological innovation has a negative impact on the cost of equity capital in the growth and maturity stages, and has a positive impact in the recession.