会计学院知识库

融资问题是学术界普遍进行研究的一个话题，不同于股权融资等直接融资方式，我国大部分公司主要还是通过债务来进行间接融资。融资难、融资贵会扰乱资本市场，进而还可能制约实体经济的发展。在此背景下，如何降低债务融资成本是企业不得不面临的难题。 高管在公司中地位较高，负责企业日常经营状况。但目前已有关于企业高管的文献大多将其当作一个整体进行研究、或者是仅仅对独立董事或CEO进行研究，单独对CFO进行研究的文献较少。CFO身为首席财务官，主要处理公司财务事项，履行财务监督职能。但我国现阶段一部分CFO并没有掌握多少权力，这就会使CFO无法正常行使其财务监督职能。那么CFO权力是否会对公司债务融资成本产生影响？这一影响又是如何实现的？

因此，本文从组织权力、所有权力、专家权力和声望权力四个方面，通过主成分分析法来建立CFO权力指数，并基于高层梯队等理论，以2009年-2020年我国沪深A股上市公司为分析对象，建立多元回归模型，对CFO权力如何影响债务融资成本和二者之间的作用机制进行分析研究。另外对主要解释变量进行稳健性检验。研究结果表明：CFO权力与公司债务融资成本负相关，另外，CFO权力是通过提高会计信息的透明度从而降低公司债务融资成本。

通过对CFO权力、会计信息透明度和债务融资成本这三者间关系的分析研究，本文不仅拓宽了债务融资成本影响因素的相关文献，还从会计信息透明度和债务融资成本角度丰富了CFO权力经济后果的相关文献，并为资金所有者选择科学的投资策略和上市公司提高会计信息透明度，制定科学合理的CFO聘任决策提供参考。

Financing is a topic that the academic circle researches widely, different from the direct financing methods such as equity financing, indirect financing through debt is a more mainstream financing way for most companies in our country. The phenomenon of difficult and expensive financing reduces the efficiency of resource allocation in the capital market and may restrict the development of the real economy. In this context, how to reduce the cost of debt financing is a difficult problem that enterprises have to face. Senior executives have a higher status in the company and are responsible for the daily operation of the enterprise. However, at present, most of the existing literatures on corporate executives are studied as a whole, or only independent directors or CEO, while there are few literatures on CFO alone. As the chief financial officer, the CFO mainly deals with the financial affairs of the company and plays the role of financial supervision. However, the reality is that CFO's power is not in place, which directly leads to the CFO financial supervision function is not satisfactory. So will CFO power have an impact on the cost of corporate debt financing? How is this effect achieved?

Therefore, in this paper, CFO power index is established through principal component analysis method from four dimensions of organizational power, ownership power, expert power and prestige power. Based on the high-level echelon theory, the A-share listed companies in Shanghai and Shenzhen during 2009-2020 are taken as analysis objects to establish A multiple regression model. This paper analyzes how CFO power affects the cost of debt financing and the mechanism between them. In addition, the robustness test of the research results was carried out by replacing explanatory variables and explained variables, and PSM method. The results show that CFO power is negatively correlated with corporate debt financing costs. In addition, CFO power reduces corporate debt financing costs by improving the transparency of accounting information.

By analyzing and studying the relationship among CFO power, accounting information transparency and debt financing cost, this paper not only broadens the literature related to the influencing factors of debt financing cost, but also enriches the literature related to the economic consequences of CFO power from the perspective of accounting information transparency and debt financing cost. It also provides new enlightenment for capital owners to make reasonable investment decisions and for listed companies to improve the transparency of accounting information and make scientific and reasonable CFO hiring decisions.