This paper investigates the relationship between technological innovation and cost of equity capital.Empirical study finds that:(i) The cost of equity capital of enterprise shows different trends in different stage of the life cycle over time:a downward trend in the growth stage,an upward trend in maturity stage and rendering stage;(ii)There is a "U" shaped relationship between technological innovation and the cost of equity capital.In the initial stage of technological innovation,the reduction of information asymmetry leads to the decrease of the cost of equity capital,while in the final stage of technological innovation,the output brought by technological innovation will lead to the rise of the cost of equity capital;(iii) Enterprises have different financial and organizational characteristics in different life cycle stage,technological innovation has a negative impact on the cost of equity capital in growth and maturity stage,but has a positive impact in recession stage.

<正>随着全球经济一体化进程的加快和知识经济时代的来临,发展高新技术企业是调整经济产业结构、培养新的经济增长点、转变经济增长方式、提高经济实力和市场竞争力的惟一途径。然而,由于高科技产业化过程本身所蕴涵的技术因素和风险,使绝大多数高新技术企业在创业初期因无良好的业绩、