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以我国2007-2012年沪深A股上市公司为样本,实证研究了智力资本对企业资本成本的影响。研究发现,智力资本整体水平与企业资本成本显著负相关,但不同类型的智力资本对企业资本成本的影响存在显著差异;智力资本对股权资本成本和债务资本成本的影响也明显不同;人力资本增值效率是影响企业资本成本的核心智力资本因素。
Taking China’s 2007-2012 A-share listed companies in Shanghai and Shenzhen as an example, this paper empirically studies the impact of intellectual capital on corporate capital costs. The research shows that the overall level of intellectual capital is significantly negatively correlated with the cost of capital, but there are significant differences in the impact of different types of intellectual capital on the cost of capital; the impact of intellectual capital on the cost of equity capital and the cost of debt is also significantly different; Efficiency is the core intellectual capital factor that affects the cost of capital.