摘要
财务型CEO是近来企业选择CEO的新趋势,但目前鲜有研究这一类型高管在哪种形式下继任才能得到好的继任效果。聚焦2015—2018年A股国有上市公司CFO继任CEO的变更事件,使用FSQCA的模糊集定性比较分析法研究CFO对CEO的继任形式和继任效果。研究发现,有三种CFO的继任形式将产生良好的继任效果,即监督扩张式、合作继承式、替换预防式。有两种继任形式将产生糟糕的继任效果,即替换风险式、替换代理式。研究表明,CFO的财务职业经历要成为绩效优势,依赖于前任CEO留任交接安排与财务特征组合而成的继任形式,它们作为不同的路径为财务型CEO取得良好的继任效果提供了便利。
CEO with financial professional is a new trend for enterprises to choose CEO recently,yet few researches have been made under which form this type of executives wins support in succession to form the performance advantage.Focusing on the succession event of CFO succeeding CEO in A-share state-owned listed companies from 2015 to 2018,this paper conducts a fuzzy-set qualitative comparative case analysis to study the succession form and effect of CFO on CEO.It is found that there are three types of CFO succession that will produce good succession effect:supervisory expansion,cooperative inheritance,and substitution prevention.This study proposes that whether financial professional can become a performance advantage depends on the succession form formula composed of the succession arrangement of the former CEO and the financial characteristics,which,as different paths,provide convenience for financially professional CEO to achieve good succession effect.
作者
刘婧
张双鹏
赵毅
LIU Jing;ZHANG Shuangpeng;ZHAO Yi(School of Accounting,Shandong Technology and Business University,Yantai 264005,China;Shanghai National Accounting Institute,Shanghai 201702,China;School of Accounting,Shanxi University of Finance and Economics,Taiyaun 030006,China)
出处
《南京审计大学学报》
CSSCI
北大核心
2021年第3期60-69,共10页
Journal of Nanjing Audit University
基金
山东省社会科学规划重点项目(17BZLJ09)
山东工商学院财富管理特色项目(2019ZBKY057)。
关键词
CFO
CEO继任
财务特征
模糊集定性比较分析
财务绩效
市场反应
Chief Financial Officer
CEO succession
financial characteristics
Fuzzy-set Qualitative Comparative Analysis
financial performance
market effect
