陈波 高鹏飞

摘 要：为研究高科技企业自愿性信息披露的3个维度（非财务信息、财务信息和战略信息）在不同企业生命周期中对权益资本成本的影响，运用多元分组回归方法对2013—2017年沪深A股高科技上市公司的定期报告和财务数据进行实证检验，研究结果表明：在自愿性信息披露内部，财务信息和非财务信息能够降低权益资本成本，战略信息对权益资本成本具有正向拉升效应。随生命周期阶段不断演进，企业对3个维度自愿性信息的披露意愿持续减弱，权益资本成本呈现先下降后上升的趋势;财务信息和战略信息的权益资本成本效应呈现出先增强后减弱的变化趋势，并在成熟期达到最强;非财务信息的权益资本成本效应则逐渐减弱。因此，处于成长期和成熟期的企业，应尽可能提高财务信息和非财务信息的披露水平，以求权益资本成本效应最大化，另外战略信息的披露因其对权益资本成本的正向效应，企业在对其披露时要尤为谨慎;政策监管部门应当制定更加标准化的指标体系和内容格式并且连同上市公司積极引导资本市场自愿性信息披露质量水平的向好发展。

关键词：工商管理;权益资本成本;实证分析;自愿性信息披露;企业生命周期

中图分类号：F 273   文献标识码：A   文章编号：1672 - 7312（2020）02 -0203-10

Abstract：In order to study the three dimensions of high-tech firm voluntary disclosure （non-financial information，financial information and strategic information） on the cost of equity capital in different corporate life cycles，this paper，using multivariate group regression method tested periodic reports and financial data of Chinas High-tech listed firms during 2013-2017，the results show that：within the voluntary disclosure，financial and non-financial information can decrease the cost of equity capital，and strategic information has a positive pull-up effect on the cost of equity capital.As life cycle stages continue to evolve，the companys willingness to disclose voluntary information continues to weaken in three dimensions，and the cost of equity capital shows a trend of decline at first and then rise.The three dimensions of voluntary disclosure have different effects on the cost of equity capital at each stage of corporate life cycle;Financial and strategic information show a trend of increasing at first and then weakening on the cost of equity capital，and both reaching the strongest at maturity;non-financial information play a weaker and weaker on the cost of equity capital.Therefore，companies in growth and maturity periods should increased the disclosure level of financial and non-financial information as much as possible to maximize the cost effect of equity capital.In addition，and companies need to be more cautious about the disclosure of strategic information due to its positive effect on the cost of equity capital.Policy supervision departments should develop a more standardized indicator system and content format and actively guide the development of the quality level of voluntary disclosure in the capital market with listed companies.

Key words：business management;the cost of equity capital;empirical analysis;voluntary disclosure;corporate life cycle

0 引言

随着经济信息化、网络化、全球化的快速发展，各国更加注重科技创新，高科技企业的地位和质量不断提升。根据科技部统计截至2015年，中国高科技产业主营业务收入规模已突破13万亿元，尤其内资企业数占总高科技企业数的比例已达51%，高科技企业已经成为推动整个国民经济持续发展的新兴动力和新的经济增长点。……