CFO自恋与财务重述——基于中国上市公司的经验证据

CFO Narcissism and Financial Restatement--Empirical Evidence from Chinese Listed Companies

本文以2012〜2017年我国A股上市公司为研究样本,实证检验了CFO自恋与财务重述之间的关系。研究结果发现,CFO自恋与企业财务重述显著负相关,即CFO自恋程度越高的企业,越不容易发生财务重述。在此基础上,进一步研究发现,政府干预越少,越有利于发挥CFO自恋对财务重述的抑制作用;而且相比于国有企业,CFO自恋对财务重述的抑制作用在非国有企业中更加显著。此外,拓展性研究发现,CFO自恋可以显著提升企业创新能力和企业价值。

This paper takes China's A-share listed companies from 2012 to 2017 as data samples,and empirically tests the relationship between CFO narcissism and financial restatement.The results of the study find that CFO narcissism is significantly negatively correlated with the likelihood of a financial restatement,that is,companies with a higher level of CFO narcissism are less likely to announce a financial restatement.On this basis,further research finds that the less government intervention,the better to play the inhibition effect of CFO narcissism on financial restatement;Moreover,compared with state-owned enterprises,CFO narcissism's inhibitory effect on financial restatement is more obvious in non-state-owned enterprises.In addition,extensive research finds that CFO narcissism can significantly enhance the company's innovation ability and corporate value.