企业生命周期下投资者关注对权益资本成本的影响

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。

Influence of Investor Attention on the Cost of Equity in Corporate Life Cycle

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.