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论文编号：	14029
作者编号：	2120213292
上传时间：	2023/6/7 20:40:12
中文题目：	研发强度、核心竞争力与股权资本成本 ——基于创业板上市公司的实证研究
英文题目：	R&D Intensity, Core Competence and the Cost of Equity Capital ——Based on Empirical Evidence of GEM Listed Companies
指导老师：	梅丹
中文关键字：	研发强度；股权资本成本；核心竞争力；市场环境；分析师关注
英文关键字：	R&D Intensity; Cost of Equity Capital; Core Competence; Market Environment; Analyst Focus
中文摘要：	研发创新活动是一项关乎企业生存发展的战略性活动。根据国家统计局公布的数据，2021年中国企业研究与试验发展经费投入规模超过2万亿元，居世界第二位。由于研发创新活动的高风险、长周期和收益延迟性，企业更偏向选择股权资本作为研发活动的融资渠道。但是与内源资金和债务资本相比，股权资本的成本更高。目前，股东非常关注企业的研发活动与创新能力，企业是否可以通过增加研发强度来影响其股权资本成本呢？如果研发强度对股权资本成本的影响成立，那具体的作用机制又是怎样呢？ 与主板市场不同，创业板市场致力于向广大创新创业型企业提供融资渠道。截至2021年底，创业板市场共有1090家上市公司，总市值约为14万亿元。相比主板上市公司，创业板上市公司具有经营年限短、资产规模小和融资成本高的特点，同时也具备研发强度高的优势。因此，研究创业板上市公司研发强度与股权资本成本的关系很有必要且意义重大。 本文通过回顾以往文献和分析相关理论提出研究假设，选取2010-2021年创业板非金融上市公司为研究样本，运用实证分析的方法探究公司增加研发强度对其股权资本成本产生的影响以及核心竞争力的中介作用。同时，本文进一步考察行业性质、市场环境和分析师关注对研发强度与股权资本成本之间的关系产生的影响。研究结论如下：（1）随着创业板上市公司研发强度的增加，公司股权资本成本下降。（2）在研发强度影响股权资本成本的过程中，核心竞争力起到中介作用。（3）与创业板非制造业的公司相比，在创业板制造业公司中，增加研发强度对降低股权资本成本的效果更显著。（4）与处于市场化程度较低地区的创业板公司相比，在处于市场化程度较高地区的公司中，增加研发强度对降低股权资本成本的效果更显著。（5）与分析师关注度较低的创业板公司相比，在分析师关注度较高的创业板公司中，增加研发强度对降低股权资本成本的效果更显著。 关键词：研发强度；股权资本成本；核心竞争力；市场环境；分析师关注
英文摘要：	R&D activities are strategic activities related to the survival and development of enterprises. According to the data released by the National Bureau of Statistics, in 2021, the R&D investment of Chinese enterprises exceeded 2 trillion yuan, ranking the second in the world. Due to the high risk, long cycle and delayed income of R&D activities, enterprises prefer to choose equity capital to fund R&D activities. Compared with endogenous capital and debt capital, the cost of equity capital is expensive. At present, shareholders are very concerned about the R&D activities and innovation capabilities of enterprises. Can enterprises influence the cost of equity capital by increasing the R&D intensity? If the impact of R&D intensity on the cost of equity capital is existed, what is the specific mechanism? Unlike the Main-Board market, the Growth Enterprise Market is committed to providing financing channels for innovative enterprises. By the end of 2021, there were 1090 listed companies in the Growth Enterprise Market, with a total market value of about 14 trillion yuan. Compared to Main-Board listed companies, GEM listed companies have the characteristics of shorter operating years, smaller asset sizes, and higher financing costs, as well as the advantages of higher R&D intensity. Therefore, it is necessary and significant to study the relationship between R&D intensity and the cost of equity capital of GEM listed companies. This article proposes research hypotheses by reviewing previous literature and analyzing relevant theories, selecting non-financial listed companies on the GEM from 2010 to 2021 as research samples, and using empirical analysis methods to explore the impact of increased R&D intensity on the cost of equity capital and the mediating role of core competence. At the same time, this article further examines the impact of industry nature, market environment and analyst attention on the relationship between R&D intensity and the cost of equity capital. The conclusions of the study are as follows: (1) With the increase in R&D intensity of GEM listed companies, the cost of equity capital of companies decreases. (2) In the process that R&D intensity affects the cost of equity capital, core competence plays a mediating role. (3) Compared with non-manufacturing companies on the GEM, increasing R&D intensity has a more significant effect on reducing the cost of equity capital in GEM manufacturing companies. (4) Compared with companies in regions with low degree of marketization, among companies in regions with high degree of marketization, increasing R&D intensity has a more significant effect on reducing the cost of equity capital. (5) Compared with GEM companies with low analyst attention, among GEM companies with high analyst attention, increasing R&D intensity has a more significant effect on reducing the cost of equity capital. Key Words: R&D Intensity; Cost of Equity Capital; Core Competence; Market Environment; Analyst Focus
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