战略差异、CFO财务执行力与企业信用评级  

Strategic Differentiation,CFO Financial Executive Ability and Enterprise Credit Rating

作　　者：翟淑萍[1,2,3] 毕晓方 王玥[2] Zhai Shuping;Bi Xiaofang;Wang Yue

机构地区：[1]天津财经大学商学院会计系,天津300222 [2]天津财经大学大公信用管理学院,天津300222 [3]天津财经大学无形资产评价协同创新中心,天津300222

出　　处：《复印报刊资料（财务与会计导刊）（理论版）》2019年第1期78-92,共15页FINANCE & ACCOUNTING GUIDE

基　　金：国家自然科学基金青年项目(71502119)。

摘　　要：基于企业经营风险和信息不对称的传导机理理论,分析了企业战略差异对信用评级的影响以及CFO财务执行力的调节作用,并以2006~2015年沪深两市发行公司债、企业债的A股上市公司为样本进行了实证检验,进一步探讨了经济周期、行业竞争程度和审计质量对企业战略差异、CF0财务执行力与企业信用评级三者关系的影响。妍究发现:企业战略差异越大,企业信用评级就越低;CF0财务执行力的提高能够弱化企业战略差异对信用评级的负面影响。只有在经济处于收缩时期、企业处于竞争激烈的环境以及审计质量较低时,以上结论才成立。Based on the conduction mechanism of enterprise business risks and information asymmetry,this paper empirically analyzed the influence of strategic differentiation on credit rating and the moderating role of CFO financial executive ability,whenweset the A-share listed companies being issuing corporate bonds and enterprise bonds in Shanghai and Shenzhen during 2006-2015 as the sample.Further research focused on the impact of economic cycles,industry competition degree and audit quality on the relationship among corporate strategic differentiation,CFO financial executive ability and enterprise credit rating.The results reveal two conclusions.Firstly,the bigger strategic differentiation is,the lower corporate credit rating is.Secondly,the improvement of CFO financial executive ability can alleviate the negative influence of strategic differentiation on credit rating.Meanwhile,above conclusions are established only when meeting three conditions,that is,economic contraction,a intense competitive climate and lower audit quality.

关 键 词：战略差异 CF0财务执行力 信用评级 经营风险 信息不对称 

分 类 号：F27[经济管理—企业管理]