中国创业板企业的资本成本

Cost of Capital for China GEM Listed Companies

摘要: 创业板是中国资本市场的重要组成部分，对推动高新技术企业的发展和国家创新战略的实施具有重要意义。论文以我国2012~2021年间被纳入创业板指数且上市时间超过十年的180家成分股企业为研究样本，估算企业的资本成本。研究表明，创业板企业十年平均资本成本为8.88%，十年间资本成本在6.97%~11.39%之间波动；十年来，创业板企业债务资本成本呈明显上升趋势；创业板企业权益资本成本对整体资本成本的影响大于债务资本成本；创业板企业资本成本的行业差异明显。

Abstract: As an integral part of China capital market, Growth Enterprise Market (GEM) is of great significance in promoting the development of high-tech enterprises and the implementation of the national innovation strategy. This study selected 180 companies once included in the GEM index from 2012 to 2021, and computed the weighted average cost of capital (WACC) for all of them. The research shows that, the cost of capital for GEM enterprises in ten years averages 8.88%, and the WACC fluctuates between 6.97% and 11.39% in ten-year time period. In the past ten years, the cost of debt capital for GEM enterprises has shown an obvious upward trend. The impact of cost of equity capital on overall cost of capital is greater than that of cost of debt capital. And furthermore, there are quite a lot discrepancies regarding the WACCs across various industry-sectors.