女性CFO、激励与会计稳健性

发布时间：2018-03-27 20:14

本文选题：女性CFO　切入点：会计稳健性　出处：《湖北工业大学》2017年硕士论文

【摘要】：近年来,女性在时代发展进程中的作用也越来越重要,无论是家庭地位还是社会地位都有明显的提升,越来越多的女性在公司的经营管理中担任着至关重要的岗位。与男性高管相比,女性高管具有的两大特点是风险厌恶与伦理敏感,高管性别的异质性会影响公司的生产经营和财务行为。另一方面,会计稳健性是一种财务报告机制,因此上市公司的会计稳健性的水平会对企业财务计划以及经营决策有着重大影响。而CFO主要负责公司的财务决策和会计信息质量,在财务领域拥有更多的话语权,因此,CFO的特性对会计稳健性的影响是不可忽视的。而且,公司为了缓解代理问题,通常会对高管采取激励措施,例如薪酬激励措施、股权激励措施等,为了使公司的管理层人员与股权所有者的利益一致,以增加企业的绩效。那么,公司对女性CFO采取的激励措施则可能会影响到其对公司做出的财务决策。除了公司的内部经营管理情况,公司外部市场的波动也可能对女性CFO和会计稳健性之间的关系产生影响。本文在对女性CFO和会计稳健性理论分析的基础上,以Khan和Watts在2009年建立了公司年度层面CSCORE指数来反映会计稳健性,利用2004~2014年280家A股民营上市公司的样本数据进行实证研究,研究了女性财务总监、女性总裁和女性财务总监的激励对会计稳健性的作用机理,此外,还考虑了外部市场波动情况对此相关关系的影响。研究发现,女性CFO显著提升了公司会计稳健性,而女性CEO却显著降低了公司会计稳健性;女性CFO的薪酬激励、股权激励和控制权激励都降低了公司会计稳健性。进一步研究发现,在产品市场竞争作用下,女性CFO提升了公司会计稳健性,强化了女性CFO对会计稳健性的积极影响。在研究结论的基础上,结合我国国情,从公司治理层面和市场环境层面提出了相关的政策建议,即创建更合理的内控机制、加强对外部审计的把控、加快企业的市场化运作等。本文结合公司内外因素的分析,深入研究了CFO异质性与会计稳健性的相关关系,为女性高管对公司经营管理的影响作用提供了可靠依据。
[Abstract]:In recent years, the role of women in the development of the times has become increasingly important, both in the family status and social status has improved significantly. More and more women are holding critical positions in the management of the company. Compared with male executives, women have two characteristics: risk aversion and ethical sensitivity. The gender heterogeneity of executives can affect the production, management and financial behavior of a company. On the other hand, accounting conservatism is a financial reporting mechanism. Therefore, the level of accounting conservatism of listed companies will have a significant impact on the financial planning and business decisions of enterprises. While CFO is mainly responsible for the financial decisions and the quality of accounting information, and has more voice in the financial field. Therefore, the impact of CFO characteristics on accounting conservatism can not be ignored. In order to alleviate the agency problem, companies usually take incentives to executives, such as salary incentives, equity incentives, etc. In order to align the interests of the management of the company with that of the owner of the equity, in order to increase the performance of the enterprise. Corporate incentives for women CFO may have an impact on the financial decisions they make to the company, except for the company's internal management. The volatility of the company's external market may also have an impact on the relationship between female CFO and accounting conservatism. Khan and Watts set up the annual CSCORE index in 2009 to reflect accounting conservatism. Using the sample data of 280 A-share private listed companies from 2004 to 2014, the paper studied the female financial director. In addition, the effect of external market volatility on accounting conservatism is also considered. The study found that female CFO significantly improved corporate accounting conservatism. However, female CEO has significantly reduced corporate accounting conservatism, while female CFO's salary incentive, equity incentive and control incentive have all reduced corporate accounting conservatism. Female CFO promotes corporate accounting conservatism and strengthens the positive influence of female CFO on accounting conservatism. On the basis of the conclusion of the research, combined with the situation of our country, this paper puts forward some relevant policy suggestions from the corporate governance level and the market environment level. That is, to establish a more reasonable internal control mechanism, to strengthen the control of external audit, to speed up the market-oriented operation of enterprises, etc. This paper, based on the analysis of internal and external factors of the company, deeply studies the relationship between CFO heterogeneity and accounting conservatism. It provides a reliable basis for the influence of female executives on the operation and management of the company.
【学位授予单位】：湖北工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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