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本文在CFO与CEO更换事件窗口下,针对CFO对财务报表的独立影响力展开研究。出于清理财务问题的动机,CFO单独更换时,存在人为调减应计利润的现象,即“大洗澡”现象,但实证结果在统计上微弱显著;考虑到CFO的独立性会增加其对财务报表的影响力,本文进一步研究发现,作为“空降兵”的外聘CFO、持有股权的CFO以及在年报管理层排名靠前的CFO,单独变更时存在显著降低盈余的现象,即较强独立性的CFO对会计信息质量的独立影响力也显著增加;同时,本文发现CEO与CFO同时更换时,“大洗澡”现象更加严重。
This article under the CFO and CEO replacement event window, to study the independent influence of CFO on financial statements. For the purpose of cleaning up financial issues, when the CFO was replaced alone, there was a phenomenon of artificially reducing accrued profits, that is, the “big bathing” phenomenon, but the empirical results were statistically weak and significant; considering that the independence of the CFO would increase its With regard to the influence of the financial statements, this paper further found that as the external CFO, the CFO holding equity, and the CFO in the top management of the annual report, there was a significant reduction in surplus when they were changed. That is, the independent independence of the CFO on the quality of accounting information has also significantly increased the impact; at the same time, this article found that CEO and CFO at the same time, the “big bath” phenomenon is more serious.