CFO变更对财务行为影响的实证研究——基于2001年～2014年中国A股上市公司的经验证据

Empirical Study of the CFO Turnover's Impact on Financial Behavior——based on the Data Analysis in 2001-2013

从代理理论出发,以CFO变更为研究对象,选取2001年~2014年中国A股上市公司CFO更替数据作为样本,严格控制其他事件因素的影响,实证研究CFO变更是否对公司的财务行为有显著影响。研究发现CFO发生变更的上市公司,其财务行为指标的变化程度显著大于CFO没有发生变更的上市公司。同时,基于CFO与CEO的联动效应,进一步研究发现当CEO发生变更时,CFO变更对上市公司财务行为的影响更为明显。

This article conducts an empirical study on whether the CFO has a significant impact on the corporation＇s financial behavior by taking the CFO turnover as the researching point, eliminating the influence of other factors, based on the samples of CFO turnover in 2001-2013. The result shows that： in the companies that CFO turnover have taken place, the variation degree of the indexes of financial behavior and financial efficiency is significantly different from it in the companies that the CFO turnover did not happen. Meanwhile, based on the connected effect between CFO and CEO, the further inves~ tigafion reveals that in the case that CEO changed, the turnover of CFO has a greater influence on the financial behavior of listed company.