“操纵抑制”还是“操纵促进”:CFO专业背景的影响  

Inhibiting Manipulation or Facilitating Manipulation:The Influence of CFO’s Professional Background

作　　者：程富 吴粒[1] Cheng Fu;Wu Li(School of Business Administration,Northeastern University)

机构地区：[1]东北大学工商管理学院

出　　处：《南开管理评论》2022年第1期202-213,I0038,I0039,共14页Nankai Business Review

基　　金：国家自然科学基金项目(71802044);中央高校基本科研业务费项目(N2006002、N160603001)资助。

摘　　要：以往研究在探讨CFO特征对财务报告实践的影响时,主要关注性别、年龄、学历等人口背景,而忽视了法律、金融、海外等专业背景。本文以2008-2017年沪深A股上市公司为样本,从CFO的法律背景、金融背景和海外背景三个维度,探讨并实证检验CFO专业背景对应计质量的影响。研究发现:CFO法律背景有助于提高应计质量,而CFO金融背景或海外背景会降低应计质量;相对于仅具备法律背景,CFO兼具法律与金融背景更有助于提高应计质量;相对于仅具备金融背景或海外背景,CFO兼具金融与海外背景降低应计质量的作用更强。进一步看,利用中介效应与调节效应分析,对作用机理的检验表明:CFO专业背景通过影响公司盈余操纵或CFO过度自信来影响应计质量,且其影响随着CFO酌量权或公司对CFO专业技能需求的不同而存在差异。本文研究结果表明,CFO专业背景在决定公司应计质量方面具有重要作用,研究结论为完善上市公司CFO的选聘、监督与激励制度提供了参考建议。Previous studies which discussed the influence of CFOs’individual characteristics on firms’financial reporting practices,focused on the demographic backgrounds of CFOs such as gender,age and educational backgrounds,while ignoring the professional backgrounds of CFOs such as legal,financial and overseas backgrounds.According to the upper echelon theory,in addition to demographic backgrounds such as age and educational backgrounds,senior executives’professional backgrounds,including learning experiences and working experiences of relevant majors,such as legal studying or working experiences,working experiences in financial institutions,overseas studying or working experiences,will also have an impact on senior executives’decision-making behaviors.In recent years,with the complexity,financialization and internationalization of enterprise operation and development,more and more listed companies employ senior executives with legal background,financial institution working experiences or overseas background.CFO is the main decision-maker of corporate accounting policies and supervisor of financial reporting process,and plays a leading role in the decision of accrual estimation.Therefore,compared with other senior executives,CFO has a more direct and important impact on the quality of corporate accruals.Taking Chinese A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2017 as research samples and measuring the quality of accruals by the absolute value of the accrual estimation errors estimated by the cross-sectional modified DD model,this paper discusses and empirically examines the influence of CFOs’professional background on firms’quality of accruals from dimensions of CFO’s legal,financial and overseas backgrounds.The results show that CFOs’legal background helps to improve the quality of accruals,while their financial or overseas background reduces the quality of accruals.After controlling for the effects of endogeneity problems by lagging explanatory variable

关 键 词：CFO专业背景 应计质量 法律背景 金融背景 海外背景 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]