中国上市公司CFO角色定位及对投资效率的影响分析

发布时间：2018-04-14 23:20

本文选题：CFO + 角色定位　；参考：《陕西科技大学》2017年硕士论文

【摘要】：CFO是Chief Financial Officer的英文缩写,中文称作首席财务官,是伴随着现代公司治理结构的完善而产生的高级管理人员。随着全球经济一体化的推动,现代公司的经营环境发生了巨大的变化,经营决策过程中面临的不确定性也在扩大,传统的依靠规模扩张和经验决策的管理模式已经无法很好的满足公司的发展,必须在经营战略上进行全面把控。CFO作为财务资源管理者,承担着将财务信息从数据转化为公司战略决策依据的职能,对公司的投融资活动尤其是投资效率具有至关重要的作用。本文以CFO为研究对象,将CFO角色定位及对投资效率的影响进行了专题研究。首先阐述了CFO的发展历程,并对其角色定位做了界定,认为CFO角色定位应包含CFO的能力,CFO在公司治理结构中的定位、CFO的职责以及CFO的角色激励这四个方面。接着对西方发达国家的CFO角色定位进行了分析,通过对比分析为我国的CFO发展提供了借鉴。然后以中国上市公司为研究对象,以CFO的薪酬、持股、是否进入董事会,以及是否兼任公司其他重要职位这四个变量来衡量CFO的角色激励,实证分析了CFO角色激励与投资效率的关系,最后根据相关结论提出对策建议。本文认为,CFO在公司治理结构中应处于高管层,是财务资源管理者、财务创新的推动者以及战略分析决策者。公司应当充分认识到CFO的这些重要角色和独特作用,对其在薪酬、股权、权力和职务方面选择合适的方式给予激励,以保障CFO职能优势的发挥。在CFO角色激励与投资效率的实证研究中发现,薪酬激励有利于缓解投资不足,但是不利于抑制过度投资;股权激励有利于抑制过度投资,却不利于缓解投资不足;权力激励即让CFO进入董事会对于投资效率的影响没有显著效果;职务激励有利于缓解投资不足,但对于抑制过渡投资没有显著效果。因此公司要注意激励机制的“双刃”效应,做好相应的监督管理。本文建议,首先要从法律法规上对CFO的角色进行明确规定,从法律层面给予CFO真正履行职能的权力。其次要完善上市公司的治理结构,保证CFO进入董事会参与决策,提高决策的专业性与准确性。最后CFO应当致力于打造自己的核心竞争力,让自己成为行业精英,保证自己的胜任能力。
[Abstract]:CFO is the acronym of Chief Financial Officer, which is called CFO in Chinese. It is a senior manager with the improvement of modern corporate governance structure.With the promotion of global economic integration, great changes have taken place in the business environment of modern companies, and the uncertainty in the process of business decision-making is also expanding.The traditional management model based on scale expansion and experience decision can not satisfy the development of the company well. We must take the control of. CFO as the financial resource manager in the management strategy.Taking the function of transforming financial information from data into the basis of corporate strategic decision, it plays an important role in the investment and financing activities of the company, especially in the investment efficiency.In this paper, CFO is taken as the research object, the role of CFO and its impact on investment efficiency are studied.Firstly, this paper expounds the development course of CFO and defines its role orientation. It holds that the role orientation of CFO should include four aspects: the ability of CFO and the responsibility of CFO in corporate governance structure and the role incentive of CFO.Then it analyzes the role of CFO in western developed countries, and provides reference for the development of CFO in China.Then taking the listed companies in China as the research object, using the four variables of CFO compensation, shareholding, whether to join the board of directors, and whether to hold other important positions of the company to measure the role incentive of CFO.This paper empirically analyzes the relationship between CFO role incentive and investment efficiency, and finally puts forward some countermeasures and suggestions according to the relevant conclusions.This paper holds that CFO should be in the executive level in the corporate governance structure, and be the manager of financial resources, the promoter of financial innovation and the decision-maker of strategic analysis.Companies should fully recognize these important roles and unique roles of CFO and give incentives to them in terms of compensation, equity, power and position, so as to ensure the exertion of the advantages of CFO functions.In the empirical study of CFO role incentive and investment efficiency, it is found that salary incentive is beneficial to alleviate underinvestment, but is not conducive to restraining overinvestment, equity incentive is conducive to restraining overinvestment, but is not conducive to alleviating underinvestment.Power incentive, that is, the entry of CFO into the board of directors, has no significant effect on the investment efficiency, while the position incentive is helpful to alleviate the underinvestment, but it has no significant effect on restraining the transition investment.Therefore, the company should pay attention to the "double-edged" effect of incentive mechanism, and do a good job of supervision and management.This paper suggests that the role of CFO should be clearly defined in terms of laws and regulations, and that CFO should be given the power to perform its functions from the legal level.Secondly, it is necessary to perfect the governance structure of listed companies, to ensure that CFO enters the board of directors to participate in decision-making, and to improve the professionalism and accuracy of decision-making.Finally, CFO should focus on building its core competence, making itself an industry elite and ensuring its competence.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【参考文献】