高管事务所工作经历及内部控制质量中介效应与资本融资成本研究——基于A股上市公司

Work Experience of Senior Management and Internal Control Quality’s Mediating Effect on Cost of Capital Financing—Based on A-Share Listed Companies

摘要: 本文利用我国沪深A股2015~2019年的上市公司数据，检验了高管事务所工作经历与上市公司资本融资成本的关系。本文还以内部控制作为中介变量，探究了高管事务所工作经历对内部控制的影响进而对上市公司资本融资成本的影响。研究发现，高管拥有会计师事务所工作经历能够降低公司资本融资成本，但是内控质量的中介效应对于资本融资成本的影响并不显著。

Abstract: Based on the data of the public companies of the Shanghai and Shenzhen A-share from 2015 to 2019, this article tests the relationships between the executives working history and cost of capital financing. Furthermore, this paper tests the mediating effect of internal control quality on the cost of the capital financing. The study found that the accounting firm experience of senior managers can reduce the company’s capital financing cost, but the mediating effect of internal control quality has non-significant impact on the capital financing cost.