Research On The Impact Of Enterprise Technological Innovation On Capital Cost From The Perspective Of Life Cycle

Building an innovative country is an important strategic objective,and Technological innovation is the eternal theme of development.Enterprises are the main body of technological innovation,and money is one of the most decisive input factors in the technological innovation activities of enterprise.It is an important and urgent task to promote the close integration of finance and technology,in order to promote the transformation of China’s industrial and the development of innovative economic.Improving the efficiency of technological innovation can improve the investment efficiency of funds,and can better promote the efficiency that the technological innovation on capital utilization.This paper conducted a tentative study.This paper explores the impact of technological innovation on capital cost in different stages of life and different industries based on the life cycle perspective.The results show as followes.Firstly,for the capital cost of equity,the cost of equity capital shows a decreasing trend in the growth stage,a rising trend in the mature stage,and a rising trend in the recession stage,which shows there is a "U" type relationship between technological innovation and equity capital cost.Technological innovation has a negative impact on the cost of equity capital in growth stage and maturity stage,and technological innovation has a positive impact on the cost of equity capital in recession stage.Secondly,for the cost of debt capital,the cost of debt capital shows a decreasing trend in the growth and maturity stage,and a rising trend in the recession stage.There is a negative relationship between technological innovation and debt capital cost.Technological innovation has a negative impact on the cost of debt capital,no matter in growth stage,or mature stage and the recession stage.Thirdly,as for the cost of capital,Technological innovation has a negative impact on the cost of capital.Industry factors are important factors in the impact of technological innovation on capital costs.In industry like agriculture,forestry,animal husbandry,fishery,manufacturing,information transmission,software and information technology services,scientific research and technical services,culture,sports and entertainment,Technological innovation has a negative impact on the cost of equity capital;in industry like mining,manufacturing,construction,culture,sports and entertainment,technological innovation has a negative impact on debt capital costs.The research of this paper can not only provide reference for enterprises to improve technological innovation and reduce capital cost,but also can provide reference for enterprises in different stages of life and different industries to develop technological innovation and financing decision-making.