CFO特征与公司价值相关性研究--基于中国上市公司经验数据

摘要

This paper based on “upper echelons theory” and empirical y tests the relationship be-tween CFO three categories characteristics and corporate value using Chinese–A-share listed companies in year 2012 to 2014 as research samples. Study found that:The CFO’s qualifications ,titles,social position,pay levels and share holding are significant impact on the company’s value. On the other hand , there is no significant relationship between the CFO’s gender, age, term, whether to enter the board and company’s value. This paper argues that, through the perfect CFO selection mechanism, establish effective compensation and equity incentive mechanism, strengthening the construction of the CFO system, Building a favorable social network relation-ship through CFO’s social position, thus promote the CFO to play its strategic support functions, so as to promote the improvement of company’s value.%论文主要依据“高层梯队理论”,以2010-2014年A股上市公司为研究样本,实证检验了CFO的个人能力、激励和制度三大类特征对公司价值的影响。研究表明,CFO的学历、职称、社会兼职、薪酬水平以及是否持股与公司价值显著正相关；而CFO的性别、年龄、任期及是否进入董事会则与公司价值没有显著相关性。本文认为,通过健全CFO选拔机制、建立有效的薪酬和股权激励机制、完善CFO制度,通过CFO兼职构建良好的社会网络关系,可以有效地推动CFO发挥其战略支持作用,从而提升公司价值。