CFO是否对会计信息有独立影响力?——基于CFO与CEO更换视角的研究  

Does CFO Has the Independent Influence on Accounting Information： Research Based on the Turnover of CFO or CEO

作　　者：都卫锋[1] 

机构地区：[1]上海财经大学

出　　处：《中国会计评论》2012年第4期473-494,共22页China Accounting Review

摘　　要：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。Through the turnover of CFO or CEO, this paper researches CFO＇s independ- ent influence on accounting information. For ＂clean finance house＂ motives, New CFO would manipulate earning downward to ensure the firm＇s performance during his／her tenure , but the empirical results is poor. Considering the CFO independence would increase his／her influ- ence on the financial statements, this paper further study the influence of ＂airborne＂ external CFO and hold equity CFO, found that alone CFO turnover significantly reduced accounting income. That is, the stronger independence of the CFO, the most influence on the accounting information quality . The paper also found when CEO and CFO turnover at the same time, ＂big-bath＂ phenomenon is more serious. According to the theory of property rights, the principal-agent theory, and the upper echelons theory, this paper analyzes the top manager--CFO＇s important role in accounting in- formation quality, and points out that the CFO system is an important factor to solve the a- gency problems. However, the reality situation of CFO in china is： too much emphasis on the CFO of strategic role （such as the financial budget, financial control, strategic decision, and financial advice, etc）, but ignore the job： disclosure of accurate accounting information. Mo- reover, the CFO system is not perfect, there is a wrong idea： CFO as fully as CEO subordi nates, and ignores the CFO financial regulatory functions. Because of the unperfect CFO sys- tem, the listed companies in China faces serious insider control phenomenon, CFO doesn＇t perform financial supervision, and accounting information quality all depends on the attitude of the CEO. So, This paper, in view of China＇s CFO system analysis, aims to answer two questions： whether Chinese listed company＇s CFO affect the quality of accounting informa- tion.

关 键 词：CFO更换 CEO更换 大洗澡 可操纵性应计 盈余管理 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]