Study On The Impact Of Knowledge Assets On Corporate Debt Financing Costs

In the era of knowledge economy,knowledge assets are undoubtedly important weapons to obtain competitive advantage,and knowledge-intensive enterprise,whose mainly productive factor is knowledge,is the product of this era,these enterprises engage in production and management activities based on knowledge assets.Their main characteristics are that they all have strong innovation ability and their asset form is mainly intangible intellectual assets.Similar to traditional enterprises,insufficient funds seriously hinder the development of enterprises.How to use their own advantages of having more intellectual assets to obtain funds is an important problem for enterprises to considerate when conducting external financing.Debt financing cost is a key factor considered by enterprises in debt financing,and its level directly affects the efficiency of corporate capital utilization.This paper studies the impact of knowledge assets on corporate debt financing costs from the following six parts.The first part expounds the research background and significance of the paper,and summarizes the content of the paper through reviewing of literature.The second part is the theoretical basis,which introduces the concepts related to knowledge assets and gives definitions and the theoretical basis of knowledge assets financing.The third part analyzes the current situation of knowledge asset financing that includes the knowledge asset financing method,the feasibility of knowledge asset financing and the problems of knowledge asset financing.The fourth part propose the hypothesis of this study based on the literature review and theoretical analysis,and determines the variables and defined them.The fifth part is empirical analysis,which verifies the hypothesis according to the selected model.The sixth part summarizes the research conclusions and propose corresponding suggestions,and makes an outlook for the follow-up research of the paper.The paper draws the following two conclusions:first,The quantity and quality of knowledge assets are negatively correlated with the cost of debt financing.Second,.in the same enterprise,with the cumulative increase in the number of knowledge assets,its debt financing costs will reduce.