Research On The Influence Of Management Power On Financial Restatement Of Companies In Growth Enterprise Market

As an important concept in modern financial theory,capital cost plays an important role in both academic and practical fields.What factors affect the capital cost of enterprises has always been a hot and controversial topic.With the advent of knowledge economy,people increasingly find that the development of high-tech enterprises can not rely solely on the accumulation and expansion of material capital.Although intellectual capital can not be directly reflected in financial statements,as a tacit asset based on knowledge,it plays an increasingly important role in the long-term and healthy development of high-tech enterprises.The development and application of intellectual capital can make enterprises have unique competitive advantages.At present,few scholars take intellectual capital into account in the study of capital cost.This paper attempts to study whether the two are related.Firstly,through a large number of domestic and foreign literature analysis,this paper theoretically analyses the total effect of intellectual capital on capital cost.Taking high-tech enterprises listed on A-share in China from 2013 to 2016 as research samples,weighted average capital is used to measure the overall level of capital cost of enterprises,and VAIC method is used to estimate the intellectual capital of enterprises.The empirical results show that:firstly,the overall level of intellectual capital of high-tech enterprises is negatively correlated with the cost of capital,indicating that the higher the overall level of intellectual capital,the higher the profitability and credit level of enterprises,the weaker the dependence on external financing,the greater the opportunity to raise low-cost funds,and the lower the overall level of capital cost.Secondly,intellectual capital value-added efficiency is higher than material capital value-added efficiency,but limited to our extensive economic development model,this difference is not particularly obvious.Thirdly,there is a significant negative correlation between human capital and capital cost,but the impact of structural capital on capital cost is not as significant as expected.Human capital is the core element of intellectual capital.To a certain extent,the value-added coefficient of human capital determines the value-added coefficient of enterprise intellectual capital.Structural capital also depends on human capital to play its role.Combining with the conclusion of this study,this paper puts forward several suggestions:Firstly,enterprises should optimize the capital investment structure with intellectual capital as the core,increase the investment of intellectual capital,and promote the proportional and coordinated development of various capital;secondly,when seeking ways to reduce the cost of capital,they should change their inertia thinking and take intellectual capital into account;thirdly,they should insist on human-made investment.This management concept attaches great importance to stimulating the creativity of employees and provides a better platform for their development.