制造业上市公司创新投资与股权资本成本关系的研究——基于企业年龄和高管平均年龄的调节效应
Research on the Influence of Innovation Investment on the Cost of Equity Capital of Listed Manufacturing Companies—Moderating Effect Based on the Age of Enterprises and the Average Age of Executives

国家的十四五规划纲要明确提到要坚持创新驱动发展，塑造新的发展优势。我国越来越重视资本市场在服务制造业等实体经济发展中的突出位置。基于上述背景，制造业企业创新投资与股权资本成本的关系成为当下的研究热点。本文以沪深A股制造业上市公司2015~2020年的数据为研究样本，实证分析制造业上市公司创新投资对股权资本成本的影响，并引入企业年龄和高管平均年龄两个变量，考察企业年龄和高管平均年龄对创新投资与股权资本成本关系的影响。研究结果表明，我国制造业上市公司创新投资与股权资本成本呈负相关关系。进一步研究发现：企业年龄负向调节创新投资与股权资本成本的关系负相关；高管平均年龄正向调节创新投资与股权资本成本的负关系。
The outline of the 14th Five Year Plan clearly mentions that we should adhere to innovation driven development and shape new development advantages. China is paying more and more attention to the prominent position of capital market in the development of real economy such as service manufacturing. Based on the above background, the relationship between innovation investment and the cost of equity capital in manufacturing enterprises has become a current research hotspot. This paper takes the data of A-share manufacturing listed companies in Shanghai and Shenzhen from 2015 to 2020 as the research sample, empirically analyzes the relationship between innovation investment and equity capital cost of manufacturing listed companies, and introduces two variables, enterprise age and average age of senior executives, to examine the impact of enterprise age and average age of senior executives on the relationship between innovation investment and equity capital cost. The results show that there is a negative correlation between innovation investment and the cost of equity capital. Further research finds that: the age of enterprises negatively regulates the relationship between innovation investment and the cost of equity capital. The age of senior executives positively regulates the negative relationship between innovation investment and the cost of equity capital.