我国上市公司CFO特征与公司业绩的相关性研究
发布时间：2018-10-17 17:46
【摘要】：CFO(Chief Financial Officer，首席财务官)制度起源于美国，伴随着公司治理和管理体制的发展而创新出来的产物。CFO这一职位的设置最初是为了解决委托代理问题，对CEO（首席执行官）进行有效地监督和控制，以降低代理成本。然而随着全球经济一体化的推动及信息科技的快速发展，首席财务官的战略支持职能受到越来越多的重视和关注。在以美、英、日、德为代表的发达国家，CFO的职能已经实现其战略型角色的转变。目前CFO不仅是法人管家，肩负着会计系统的正常运转，而且也是CEO的战略伙伴，，参与公司的战略规划和实施，为公司的价值创造增砖添瓦。 CFO制度是现代公司治理结构中必不可少的一部分。目前，我国与CFO相关的研究主要体现在CFO的职责范围与角色定位、当代CFO应具备的主要能力以及CFO变更产生的影响等方面，而对于CFO特征与公司业绩两者之间的关系则鲜少有人进行研究。 本文采用规范和实证相结合的方法，并借鉴高阶管理理论、激励理论等理论的核心思想以及国外有关高管特征的研究结论对我国上市公司CFO的年龄、性别、学历、职称、任期、兼职、薪酬水平、持股以及CFO在高管中的排位和是否进入董事会十个变量与公司业绩之间的相关性进行实证研究。研究发现：CFO的学历、任期、薪酬和持股均对公司的业绩有显著性的影响。而CFO的年龄、性别、排位和是否进入董事会等特征则没有发现对公司的业绩有显著地相关性。根据研究结果和我国上市公司总会计师制度和财务总监制度的发展现状，本文对我国上市公司CFO制度建设和CFO选拔机制提供建议和参考。 本文认为，通过健全CFO制度的建设，提高CFO的地位，完善CFO的选拔机制、建立有效的以业绩为基础的薪酬和股权激励机制，能有效促进CFO发挥其战略支持作用，从而有助于提高公司的业绩。
[Abstract]:The CFO (Chief Financial Officer, CFO) system originated in the United States and was created with the development of corporate governance and management system. The position of CFO was originally created to solve the principal-agent problem. Monitor and control CEO (CEO) effectively to reduce agency costs. However, with the promotion of global economic integration and the rapid development of information technology, the CFO's strategic support function has received more and more attention. In developed countries represented by the United States, Britain, Japan and Germany, the functions of CFO have been transformed into strategic roles. At present, CFO is not only a corporate housekeeper, shouldering the normal operation of accounting system, but also a strategic partner of CEO to participate in the strategic planning and implementation of the company. CFO system is an indispensable part of modern corporate governance structure. At present, the research related to CFO in our country is mainly reflected in the scope of responsibility and role orientation of CFO, the main ability that contemporary CFO should possess and the influence of CFO change, etc. However, there are few studies on the relationship between CFO characteristics and corporate performance. This paper adopts the method of combining norms and empirical evidence, and draws lessons from the core ideas of higher-order management theory, incentive theory and foreign research conclusions on the age, sex, academic background, title, tenure of CFO of listed companies in China. The correlation between part-time, salary level, shareholding, ranking of CFO among senior executives and whether or not to join the board of directors and the relationship between the ten variables and the performance of the company were studied empirically. The study found that CFO's education, tenure, compensation and shareholding have significant effects on the company's performance. However, the age, gender, ranking and board membership of CFO were not significantly correlated with the company's performance. According to the research results and the development of the chief accountant system and the chief financial director system of the listed companies in China, this paper provides suggestions and references for the construction of the CFO system and the selection mechanism of the CFO system for the listed companies in China. This paper holds that, by improving the construction of CFO system, improving the status of CFO, perfecting the selection mechanism of CFO, and establishing an effective performance-based compensation and equity incentive mechanism, it can effectively promote CFO to play its strategic supporting role. This helps to improve the company's performance.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F233;F275
本文编号：2277463
[Abstract]:The CFO (Chief Financial Officer, CFO) system originated in the United States and was created with the development of corporate governance and management system. The position of CFO was originally created to solve the principal-agent problem. Monitor and control CEO (CEO) effectively to reduce agency costs. However, with the promotion of global economic integration and the rapid development of information technology, the CFO's strategic support function has received more and more attention. In developed countries represented by the United States, Britain, Japan and Germany, the functions of CFO have been transformed into strategic roles. At present, CFO is not only a corporate housekeeper, shouldering the normal operation of accounting system, but also a strategic partner of CEO to participate in the strategic planning and implementation of the company. CFO system is an indispensable part of modern corporate governance structure. At present, the research related to CFO in our country is mainly reflected in the scope of responsibility and role orientation of CFO, the main ability that contemporary CFO should possess and the influence of CFO change, etc. However, there are few studies on the relationship between CFO characteristics and corporate performance. This paper adopts the method of combining norms and empirical evidence, and draws lessons from the core ideas of higher-order management theory, incentive theory and foreign research conclusions on the age, sex, academic background, title, tenure of CFO of listed companies in China. The correlation between part-time, salary level, shareholding, ranking of CFO among senior executives and whether or not to join the board of directors and the relationship between the ten variables and the performance of the company were studied empirically. The study found that CFO's education, tenure, compensation and shareholding have significant effects on the company's performance. However, the age, gender, ranking and board membership of CFO were not significantly correlated with the company's performance. According to the research results and the development of the chief accountant system and the chief financial director system of the listed companies in China, this paper provides suggestions and references for the construction of the CFO system and the selection mechanism of the CFO system for the listed companies in China. This paper holds that, by improving the construction of CFO system, improving the status of CFO, perfecting the selection mechanism of CFO, and establishing an effective performance-based compensation and equity incentive mechanism, it can effectively promote CFO to play its strategic supporting role. This helps to improve the company's performance.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F233;F275
【引证文献】
相关硕士学位论文 前2条
1 彭时;我国上市公司CFO特征对内部控制质量影响的实证研究[D];哈尔滨工业大学;2015年
2 李贺;CFO财务技能评价体系研究[D];大连海事大学;2015年
本文编号：2277463
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