CFO高管排位与企业投资效率

Does the Rank of CFO Affect Corporate Investment Efficiency?

本文以我国独特的高管排位数据衡量CFO(财务总监)在高管团队中的地位﹐实证检验CFO的高管排位对企业投资效率的影响。研究发现、CFO排位越靠前企业的投资效率越高﹐投资支出和投资机会之间的敏感度越高。具体而言,CFO排位越高企业的过度投资越少,这是企业总体投资效率提升的一种表现。进一步的研究发现﹐上述作用只在CFO具备财务经验或CEO缺乏财务专长时显著﹐表明CFO对企业投资效率的影响通过其提供的专业财务管理建议得以实现。针对潜在的遗漏变量问题.本文采用工具变量﹑样本匹配等方法进行了充分的敏感性分析﹐结论依然成立。本文的研究结果丰富了CFO影响企业投资行为领域的文献﹐同时也对实践中企业任用CFO和发挥CFO专长有一定的启示。

This paper uses the unique data of CFO rank in China to test its influence on corporate investment efficiency.The results show that the higher rank of CFO is associated with better investment efficiency,namely the corporate investment expenditures are more sensitive to investment opportunities.Specifically,firms with higher rank CFO are less likely to over-invest and these results are more pronounced when CFO has financial experience or CEO lacks financial expertise.To mitigate the influence of omitted variable,this paper exploits Ⅳ and matching methods to make sure that results are robust.The findings of this study contribute to the literature of CFO’s influence on investment,and also have some practical implication to appoint CFO and exert their expertise.