CFO变更与企业财务报告质量  

CFO Turnover and Corporate Financial Reporting Quality

作　　者：余玉苗[1] 章志卓 YU Yumiao;ZHANG Zhizhuo(School of Economics and Management,Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《南京审计大学学报》2024年第3期34-49,共16页Journal of Nanjing Audit University

基　　金：国家自然科学基金项目(72072133)。

摘　　要：在现代风险导向审计模式下,审计师会关注CFO变更这一信号以识别和评估财务报表重大错报风险,但鲜有文献探究财务报告质量是否因此而下降。以2010—2020年沪深两市A股上市公司为对象,研究CFO变更对企业财务报告质量的影响。研究表明,CFO变更提高了企业应计盈余管理的程度,增加了企业报告小额盈余、进行财务重述以及被出具非标审计意见的可能性,进而导致财务报告质量显著下降;当CFO未兼任内部董事、发生外部继任或非正常变更、任职于非央企时,上述负向作用更加明显。进一步研究表明,CFO变更通过提高企业的代理成本与信息不对称程度从而降低财务报告质量,并最终使企业面临更大的融资约束。Under the modern risk-oriented audit mode,auditors pay attention to signals such as CFO turnover to identify and assess the risk of material misstatement in financial statements.However,there is scarce literature exploring whether this leads to a decrease in financial reporting quality.Taking A-share listed companies in the Shanghai and Shenzhen stock markets from 2010 to 2020 as the research object,this paper studies the impact of CFO turnover on the quality of corporate financial reporting.The result shows that CFO turnover increases the extent of accrual earnings management,the likelihood of reporting small profits,conducting financial restatements,and being issued non-standard audit opinions,which in turn leads to a significant decline in financial reporting quality.Moreover,when the CFO does not concurrently serve as an internal director,or the turnover is caused by external succession or abnormal reasons,or working in non-central enterprises,the negative effect is more pronounced.Further research indicates that CFO turnover reduces the quality of financial reporting by increasing the agency costs and information asymmetry of the company,ultimately subjecting the company to greater financial constraints.

关 键 词：CFO变更 财务报告质量 异常应计 小额盈余 财务重述 审计意见 融资约束 

分 类 号：F273[经济管理—企业管理]