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很多上市公司没有意识到完善的CFO制度对于改善公司治理的重要意义。因此,本文旨在对我国上市公司CFO制度特征的业绩相关性进行实证研究,以期能为CFO制度设计提供参考依据。本文实证分析了我国上市公司CFO职位特征、制度特征对公司业绩的影响。回归结果显示,公司会计业绩指标ROE与CFO税前年薪、上市公司规模、第一大股东持股比例显著正相关;由总经理和非会计专业背景的副总兼任CFO会对公司ROE产生显著的负面影响。
Many listed companies are not aware of the importance of a sound CFO system for improving corporate governance. Therefore, the purpose of this paper is to carry out an empirical study of the performance relevance of the CFO system characteristics of listed companies in China, with a view to providing reference for the CFO system design. This paper empirically analyzes the influence of the position characteristics and system characteristics of CFOs of listed companies on the performance of the company. The regression results show that there is a significant positive correlation between ROE and CFO’s pre-tax salary, the size of listed company and the largest shareholder’s shareholding ratio. The vice president and non-accounting background of CFO will have a significant Negative impact.