女性CFO真的更少进行盈余管理吗?  

Does female CFO mean less earnings management?

作　　者：刘笑霞[1] 李明辉[2] LIU Xiao-xia;LI Ming-hui(School of Business,Hohai University,Nanjing 211100,China;Business School,Nanjing University,Nanjing 210093,China)

机构地区：[1]河海大学商学院,江苏南京211100 [2]南京大学商学院,江苏南京210093

出　　处：《管理工程学报》2018年第4期219-231,共13页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71602047;71272099)

摘　　要：利用沪深两市A股非金融类上市公司2009-2013年数据,考察了CFO性别对真实与应计盈余管理的影响。结果发现,就应计盈余管理而言,女性CFO公司与男性CFO公司没有显著差异;就真实盈余管理而言,女性CFO公司反而显著更高,具体而言,女性CFO公司更可能通过过量生产、降低裁决性费用来提高盈余。因此,女性CFO非但不会减少盈余管理,反而可能更多地进行盈余管理。不过,她们不会选择易于发现、法律与监管风险更高的应计盈余管理,而是倾向于选择不明显违反会计准则、难以与正常生产经营活动相区分的真实盈余管理。这表明,女性CFO具有比男性同行更强的管理防御动机,她们会通过盈余管理来传递其能力的信号、避免失去职位及相应的职务租,但在盈余管理方式的选择上,会注意规避法律与监管风险。Many social psychology researches have demonstrated that women are more risk-averse than men,and that women have better moral reasoning and hate opportunistic behavior more than men.Gender differences in attitudes toward risks and moral development may lead to different decision behavior between female management and their male counterparts.It is widely accepted that female CFOs are more cautious and less aggressive than male CFOs on average.Several literatures have found that firms with female CFOs have less earnings management.However,real-activity based earnings management,another important means to meet earnings benchmarks,has been ignored in these researches.Compared to accrual-based earnings management,real earnings management has lower risk to draw auditor or regulator’s scrutiny.Risk-averse female CFOs may turn to real earnings management to meet earnings benchmarks without the increase of risk.It’s not clear whether female CFOs would engage in less real earnings manipulations.On the other hand,it still has not come to an agreement that female CFOs would decrease accrual earnings management.In summary,it’s still arguable about the effect of gender difference of CFO on earnings management.It’s the research question of this paper.Specifically,we will investigate the effect of CFO gender on both accrual-based earnings management and real activities-based earnings management to find whether female CFO is more conservative.Using the data of Chinese A share listed companies from 2009-2013,this paper investigates the association between CFO gender and real-based/accrual-based earnings management.The results show that:1)as to accrual-based earnings management,there’s no significant difference between female CFOs and male CFOs;2)as to real activities-based earnings management,however,there’s a significant positive association between female CFOs and comprehensive level of real earnings management activities,expenditure manipulation and product manipulation separately.In total,female CFOs do not mean le

关 键 词：CFO 真实盈余管理 应计盈余管理 性别差异 

分 类 号：F234.4[经济管理—会计学]