资源依赖视角下研发强度对公司权益资本成本的影响研究

›› 2018, Vol. 30 ›› Issue (7): 52-63.

资源依赖视角下研发强度对公司权益资本成本的影响研究

王亮亮¹, 潘俊², 林树³

1. 东南大学经济管理学院, 南京 210096;
2. 南京审计大学会计学院, 南京 211815;
3. 南京大学管理学院, 南京 210093

收稿日期:2016-04-25 出版日期:2018-07-28 发布日期:2018-07-21
作者简介:王亮亮,东南大学经济管理学院副教授,博士;潘俊,南京审计大学会计学院副教授,硕士生导师,博士;林树,南京大学管理学院教授,博士生导师,博士。
基金资助:
国家自然科学基金项目（71502033；71572071；71372030）；中央高校基本科研业务费专项资金项目（2242017S20034）；江苏省社科应用研究精品工程（17SCB-19）；南京审计大学政府审计研究基金（GASA171008）。

Study on the Impact of R&D Intensity on Firm's Cost of Equity Capital from the Perspective Resource Dependence Theory

Wang Liangliang¹, Pan Jun², Lin Shu³

1. School of Economics and Management, Southeast University, Nanjing 210096;
2. School of Accounting, Nanjing Auditing University, Nanjing 211815;
3. School of Management, Nanjing University, Nanjing 210093

Received:2016-04-25 Online:2018-07-28 Published:2018-07-21

摘要/Abstract

摘要：

基于中小板上市公司披露的研发投入信息，本文研究公司科技创新投入与隐含权益资本成本之间的关系，并进一步检验董事会资源禀赋对二者关系的影响。实证检验发现：（1）公司研发强度与权益资本成本显著负相关，表明公司研发投入程度的提高能够显著降低权益融资成本；（2）董事会规模越大，公司研发强度与权益资本成本的负相关关系越显著，且该结果不受到董事会独立性、董事会会议强度的影响，结合我国制度背景该结果支持董事会"资源依赖理论"；（3）在运用Heckman两阶段方法控制样本选择偏误、IV-2SLS方法控制内生性的影响下，上述研究结论依然保持不变。研究发现不仅丰富了研发投入经济后果领域的学术文献，提供权益资本成本影响因素方面的经验证据，而且还为学术界较少关注的董事会"资源依赖理论"提供证据支持。

关键词: 研发支出, 权益资本成本, 董事会治理, 资源依赖理论

Abstract:

Based on R&D data of small and medium-sized listed companies, this paper examines the relationship between R&D investment and the implied cost of equity capital. Further, this paper investigates whether director board size affects this relationship. The empirical results suggest:(1) R&D intensity is negatively related to cost of equity capital, suggesting that R&D investment could reduce the cost of equity finance; (2) the greater the size of the board is, the more significant the relation between R&D intensity and cost of equity capital will be. This result holds constant under different board dependence and board meeting intensity. Combined with Chinese institutional background, these results support the "resource dependence theory" of board size; (3) After controlling the sample selection bias by using the Heckman two-stage method and mitigating the endogeneity problem by using IV-2SLS, above conclusions do not change. These findings not only enrich the academic literature on economic consequences of R&D and provide empirical evidence on determinants of implied cost of equity capital, but also provide supporting evidence on less studied "resource dependence theory" of director board.

Key words: R&D, cost of equity capital, board governance, resource dependence theory

王亮亮, 潘俊, 林树. 资源依赖视角下研发强度对公司权益资本成本的影响研究[J]. , 2018, 30(7): 52-63.

Wang Liangliang, Pan Jun, Lin Shu. Study on the Impact of R&D Intensity on Firm's Cost of Equity Capital from the Perspective Resource Dependence Theory[J]. , 2018, 30(7): 52-63.

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