上市公司CFO制度特征业绩相关性实证研究

摘要

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.%CFO (Chief Financial Officer) is one of the most important roles in modern enterprise management. CFO system is a fundamental for corporate governance mechanism, but many Chinese companies have not yet realized how important it is to build an effective CFO system to separate management and supervision. This pa-per theoretically and empirically discusses the relationship between CFO and corporate governance, and tries to provide support for CFO system designers. In addition, the paper analyzes the correlation between positional features, CFO system attributes and the performance of China public companies. It is found that ROE is posi-tively correlates with CFO's pretax income, company size and shareholding proportion of the biggest owner, and ROEs of companies whose CFO are managers and vice managers with non-accounting background are signifi-cantly lower than other companies.