军民融合能降低高新技术企业权益融资成本吗?——基于双重机器学习的实证研究  

Can military-civilian integration reduce the cost of equity capital for high-tech enterprises? An empirical study based on double machine learning

作　　者：倪宣明 郑田田 赵慧敏[2] NI Xuanming;ZHENG Tiantian;ZHAO Huimin(School of Software and Microelectronics,Peking University,Beijing 100871,China;School of Business,Sun Yat-sen University,Guangzhou 510275,China)

机构地区：[1]北京大学软件与微电子学院,北京100871 [2]中山大学管理学院,广州510275

出　　处：《系统工程理论与实践》2023年第6期1630-1650,共21页Systems Engineering-Theory & Practice

基　　金：广东省自然科学基金(2022A1515011893);国家自然科学基金面上项目(71973147)。

摘　　要：自我国经济发展进入新常态以来,军民融合发展战略的地位得到了巨大提升,军民融合过程离不开金融支持.因此,民参军作为军民融合战略的重要组成,探索权益资本市场资金支持民参军企业融资的可行性及民参军行为对高新技术企业股权资本成本的影响特点具有重要意义.本文基于2010-2021年94家民参军高新技术企业的财务数据、交易数据进行实证分析,为克服传统因果推断模型线性设定的局限性,同时保持在高维控制变量下因果推断效应的估计精度,本文利用双重机器学习框架研究了民参军对高新技术企业股权资本成本的影响、特点及作用机制.研究结果发现,民参军行为可以降低高新技术企业股权资本成本,且这种影响对于国有企业更加显著,进一步分析该影响的作用机制可以发现,民参军是通过影响分析师和投资者关注度,降低信息风险和股票流动性风险,进而实现股权资本成本的降低.基于这些分析结果,本文提出了相应的对策建议.Since China's economic development entered the new era,the status of the development strategy of military-civilian integration has been greatly improved.The process of military-civilian integration cannot be separated from financial support.Therefore,as an important component of the military-civilian integration strategy,it is of great significance to explore the feasibility of equity capital market funds to support the financing of companies of civilian participation in the military and the characteristics of the impact of civilian participation in the military on the cost of equity capital of high-tech companies.This paper conducts an empirical analysis based on the financial data and transaction data of 94 civilian-joined military high-tech companies from 2010 to 2021.In order to overcome the limitations of the linear setting of the traditional causal inference model and maintain the estimation accuracy of the causal inference effect under high-dimensional control variables,this paper adopts a double machine learning framework to study the impact,characteristics and mechanism of civilian-joined military on the cost of equity capital of the high-tech enterprises.The research results show that civil-participation in the military can reduce the cost of equity capital of high-tech enterprises,and this effect is more significant for state-owned enterprises.Further analysis of the mechanism of this effect shows that civilian participation in the military can reduce the information risk and stock liquidity risk by influencing the attention of analysts and investors,thereby reducing the cost of equity capital.Finally,based on the results of the empirical analysis,this paper puts forward corresponding suggestions.

关 键 词：军民融合 民参军 股权资本成本 市场关注度 双重机器学习 

分 类 号：F830.9[经济管理—金融学]