CEO通过CFO控制或影响了资产减值政策选择吗?——基于CEO与CFO个人特征的中介效应与调节效应实证检验

Does CEO Control or Influence the Policy Choice of Asset Impairment through CFO:An Empirical Study Based on the Mediating Effects and the Moderating Effects of Personal Characteristics of CEO and CFO

已有文献分别检验了CEO与CFO个人特征对资产减值政策选择的单一影响,文章以高层梯队理论作为基础,采用制造业上市公司非平衡面板数据,设置反映CEO与CFO异质性的个人特征变量,利用中介效应与调节效应对CEO通过CFO在资产减值政策选择中的控制或影响作用进行检验,探讨CEO与CFO个人特征对资产减值政策选择的结构化、交错性影响。采用聚类稳健性标准误及考虑内生性问题后,以CFO个人特征为中介变量的检验表明,CFO个人特征不具有中介效应,因而排除了CEO通过CFO对资产减值政策选择实施控制的可能;以CEO个人特征作为调节变量的调节效应检验表明,CEO个人特征会正向或负向地调节CFO个人特征对资产减值计提比例的边际影响,从而说明CEO在资产减值政策选择中存在对CFO施加影响的可能。对调节效应区分产权性质进一步研究发现,国有上市公司CEO个人特征的调节效应较弱,而民营上市公司CEO个人特征的调节效应较强。文章为管理者个人特征影响会计政策选择问题提供了新的研究视角,补充了资产减值政策选择影响因素相关研究结论,检验结果也为管理者异质性提供了进一步的经验证据。

The existing literature examined the single effect of the personal characteristics of CEO and CFO on the choice of the asset impairment policy. Based on the upper echelons theory, the article uses the unbalanced panel data of listed companies in manufacturing industry to set per- sonal characteristics variables which reflect CEO and CFO heterogeneity, and examines the role of CEO in controlling or influencing the policy choice of asset impairment through CFO by using the mediating effect and moderating effect. Further investigations are made on the impact of personal characteristics of CEO and CFO on the structural and interlacing effects of the policy choice of as- set impairment. By taking Standard error of clustering robustness and endogeneity into considera- tion, the test with the personal characteristics of CFO as the mediating variable shows that the per- sonal characteristics of CFO has no mediating effect, thus eliminating the possibility that CEO con- trol the policy choice of asset impairment through CFO. The test with the personal characteristics of CEO as the moderating variable shows that the personal characteristics of CEO will moderate the marginal impact of the personal characteristics of CFO on the accruing proportion of asset impair- ment positively or negatively, which shows that CEO may exert influence on the policy choice of asset impairment through CFO. Further study on the moderating effect with different nature of property rights shows that the moderating effect of personal characteristics of CEO in state - owned listed companies is weaker, while the moderating effect of personal characteristics of CEO in pri- vate listed companies is stronger. This article provides a new perspective to study the impact of the managers＇ personal characteristics on the choice of accounting policy, enriched the conclusion of studies on the influencing factor of policy choice of asset impairment, and the test results provide further empirical evidence for managers＇ heterogeneity assumption.