管理层持股、研发投入与股权资本成本

Managerial Ownership,R&D Investment and Cost of Equity Capital

企业研发投入具有风险性,会导致资本成本提高,研发融资负担加重,进而对企业研发活动的积极性产生负面影响。利用2007—2013年中国A股上市公司数据,对研发投入的资本成本效应和公司治理机制缓解研发投入资本成本效应的作用进行研究,结果显示:企业研发投入与股权资本成本之间显著正相关,研发投入的资本成本效应明显;提高高级管理者、董事会与监事会成员等管理层的持股比例有助于降低研发投入的资本成本效应。进一步研究发现,研发企业的信息披露程度对高级管理者持股降低研发投入资本成本效应具有替代作用;研发投入带来的收益率增加有助于抵消研发投入导致的股权资本成本提高。

R＆D investment possesses lots of risks, which will lead to the increase of capital cost and raise the burden of R＆D financing. Consequently, this will produce some negative influence on the positivity of R＆D. Based on the data of Chinese A- share companies from 2007 to 2013, this paper is devoted to the study of the impact of the effects of the R＆D capital cost and corporates＇ governance mechanism on the relief of the capital cost of R＆D investment. We find that there exist significant posi- tive correlation between R＆D investment and the cost of equity capital. And the effect on the R＆D investment is very distinc- tive. In addition, we also find that the increase of the stockholding ratio among senior manager, beard of directors and board of supervisors will be helpful to reduce the capital＇s effect on the R＆D investment. Furthermore, the extent of companies＇ infor- mation disclosure plays a crucial substitution role of decreasing the impact of the R＆D investment produced by the stockholding of senior manager. The increasing of the yield rate brought by the R＆D investment will instead contribute to offsetting the im- provement of the cost of equity capital which is induced by the R＆D investment.