管理防御视角下的CFO背景特征与会计政策选择——来自资产减值计提的经验证据

CFO Background Characteristics and Accounting Policy Choice under Managerial Entrenchment Perspective——Empirical Evidence from Asset Write-downs

本文选取2008-2012年沪深两市A股上市公司为研究样本,以资产减值准备的计提为例,从管理防御视角探究CFO背景特征对公司会计政策选择的影响。研究发现,在控制经济因素和盈余管理因素后,CFO背景特征会显著影响公司资产减值准备的计提行为:与男性CFO和高学历CFO相比,女性CFO和低学历CFO的管理防御程度更高,计提资产减值准备的比例更低;CFO的年龄越大、任期越长,管理防御程度越高,计提资产减值准备的比例越低。进一步区分资产类型和产权性质后发现,CFO背景特征对流动资产减值计提和长期资产减值计提的影响存在一定差异,不同产权性质下CFO背景特征对资产减值计提的影响存在显著差异。

Taking A- share listed companies in Shenzhen and Shanghai stock markets from 2008 to 2012 as study sample,this paper investigate the effect of CFO background characteristics on firm's accounting policy choice in asset write- down setting. The results show that after controlling for economic and earnings management factors,CFO background characteristics significantly impact firm's behavior on asset write- downs. Specifically,female CFOs and low educational background CFOs have higher level of managerial entrenchment,thereby making less provisions for impairment losses on assets relative to male CFOs and high educational background CFOs; the older is the CFO and the longer the CFO stays in the firm,the higher level of managerial entrenchment the CFO has,then the less provisions the CFO makes for impairment losses on assets. After dividing general sample into different groups based on asset type and ownership structure,we find that CFO background characteristics not only have different effects on current asset write- downs and long- lived asset write- downs,but also have different effects on asset write- downs in state- owned enterprises and non- state- owned enterprises.