| 企业生命周期下投资者关注对权益资本成本的影响 |
| |
| 引用本文： | 汤晓冬,林永坚,肖奇.企业生命周期下投资者关注对权益资本成本的影响[J].厦门理工学院学报,2021,29(6):27-35. |
| |
| 作者姓名： | 汤晓冬 林永坚 肖奇 |
| |
| 作者单位： | （1厦门理工学院经济与管理学院，福建 厦门 361024；
2上海立信会计金融学院会计学院，上海 201620) |
| |
| 摘 要： | 基于行为金融学的价格压力假说，结合企业生命周期理论，以2007—2014年的主板上市公司为样本，分析投资者关注对权益资本成本的影响以及这种影响在企业生命周期中存在的阶段性差异。研究发现，投资者关注与权益资本成本显著负相关，即权益资本成本随着投资者关注的提高而降低。对于不同生命周期的企业，投资者关注对权益资本成本的影响存在差异。新生期、衰退期企业的权益资本成本并不会随着投资者关注程度的提高而降低；成长期、成熟期企业的权益资本成本随着投资者关注程度的提高而降低。可以看出，投资者能够识别企业所处的生命周期，并愿意为成长期、成熟期的企业支付更高的溢价。
|
| 关 键 词： | 投资者关注 权益资本成本 影响因素 企业生命周期 阶段性差异 价格压力假说 |
Influence of Investor Attention on the Cost of Equity in Corporate Life Cycle |
| |
| TANG Xiaodong,Lin Yongjian,XIAO Qi.Influence of Investor Attention on the Cost of Equity in Corporate Life Cycle[J].Journal of Xiamen University of Technology,2021,29(6):27-35. |
| |
| Authors: | TANG Xiaodong Lin Yongjian XIAO Qi |
| |
| Affiliation: | (1.School of Economics & Management,Xiamen University of Technology,Xiamen 361024,China；
2.Shanghai Lixin University of Accounting and Finance,Shanghai 201620,China) |
| |
| Abstract: | Based on price pressure hypothesis and the theory of corporate life cycle,this paper uses the sample of listed companies in Shanghai and Shenzhen stock exchanges between 2007 and 2014 to study the influence of investor attention on the cost of equity,and its stage differences with the corporate life cycle.The study finds that investor attention is significantly negatively related to the cost of equity which drops with the rise of the former,and influence of investor attention on the cost of equity varies with stages of corporate life cycle a business stands.The cost of equity in the samples at startup and recession stages does not fall with the rise of investor attention,but that in the samples at growth and maturity stages does.The result indicates that investors recognize the corporate life cycle and are willing to pay higher equity premium for business at growth and maturity stages. |
| |
| Keywords: | investor attentioncost of equityinfluence factorscorporate life cyclestage differenceprice pressure hypothesis |
|
| 点击此处可从《厦门理工学院学报》浏览原始摘要信息 |
|
点击此处可从《厦门理工学院学报》下载全文 |
