CFO薪酬溢价和公司财务违规

CFO Compensation Premium and Corporate Financial Violations

CFO是企业财务工作的重要执行者,CFO薪酬状况影响企业财务表现。通过采用A股上市公司2008 ~ 2016年的数据作为研究样本,文章考察了 CFO薪酬溢价与公司财务违规可能性之间的关系及董事长权力对两者关系的影响。结果发现,CFO薪酬溢价越大,公司出现财务违规的可能性越小;董事长权力较大时,CFO薪酬溢价也较大,公司财务违规的可能性上升。进一步研究表明,相比于国有企业,非国有企业中CFO薪酬溢价与公司财务违规的负向关系更为显著;且给予CFO相对的高薪有助于减少其违规倾向,而非被稽查概率;而一旦财务违规行为被监管部门发现,相对高薪的CFO所受的处罚也会更重。本文研究结论表明,薪酬激励正向效应在CFO身上得到体现,但企业领导人员过大的权力反而会削弱这种正向效应。

This paper examines the relationship between CFO compensation premium and the possibility of financial violations, as well as the influence of chairman’s power on the relationship. The study finds that the greater the premium of CFO compensation is, the lower the possibility of financial violations is, whereas when the chairman has greater power, the greater the premium of CFO compensation is, the more likely the company’s financial violations are. Further research finds that compared with state-owned enterprises, the premium of CFO compensation in non-state-owned enterprises has a more significant impact on reducing corporate financial violations, and that the relatively high salary of CFO helps to reduce its violations tendency, rather than the probability of being inspected. Once the financial violations are found by regulatory authorities, the CFO with relative higher pay will receive even heavier punishment.