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

被引：0
|
作者：
Ni X. [1 ]
Zheng T. [1 ]
Zhao H. [2 ]
机构：
[1] School of Software and Microelectronics, Peking University, Beijing
[2] School of Business, Sun Yat-Sen University, Guangzhou
来源：
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice | 2023年 / 43卷 / 06期
基金：
中国国家自然科学基金;
关键词：
civil-military integration; civil-participation in the military; cost of equity capital; double machine learning; market attention;
D O I：
10.12011/SETP2022-2515
中图分类号：
学科分类号：
摘要：
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. © 2023 Systems Engineering Society of China. All rights reserved.
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页码：1630 / 1650
页数：20
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