摘要
在监管政策的指引下,CFO与董秘兼任已成为资本市场的新趋势,这一公司治理中的职务安排变化能否带来积极影响逐渐引起理论界关注。以2007-2017年深交所A股上市公司为样本,从形式和实质两个角度考察了CFO与董秘兼任能否提高财报的质量。研究发现,CFO与董秘兼任在提高形式质量的同时,也部分提高了实质质量。进一步区分CFO与董秘兼任类型后发现,CFO兼任董秘只提高了实质质量;董秘兼任CFO既没有提高形式质量,也没有改善实质质量;只有在一人同时担任CFO和董秘两个职务的情形下,形式质量和实质质量才均得到了提高。
Under the guidance of regulatory polices,CFO and board secretary held by one person has become a new trend in the capital market.Whether this change about job arrangement in corporate governance can bring positive influences has gradually attracted the attention of the theoretical community.Based on the sample of A-share listed company in Shenzhen Stock Exchange during 2007〜2017,this paper examines whether CFO and board secretary held by one person can improve both formal and substantive quality of financial reports.We find that CFO and board secretary held by one person can not only improve the formal quality,but also partially improve the substantive quality.After distinguishing the type of CFO and board secretary held by one person,we find that CFO serving as board secretary can only improve substantive quality;board secretary serving as CFO can neither enhance formal quality nor substantive quality;only one person simultaneously serving as CFO and board secretary can improve both the formal and substantive quality of financial reports.The findings of this paper not only enrich the research Hterature about the theory of upper echelon and the positive consequences of CFO and board secretary held by one person,but also have some enlightenment and reference for how to carry out job arrangement and personnel selection of CFO and board secretary as well as the improvement of financial report quality.
作者
路军伟
王甜甜
卜小霞
LU Jun-wei;WANG Tian-tian;BU Xiao-xia(School of Management,Shandong University,Jinan 250100,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2019年第12期81-96,共16页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家自然科学基金项目（71572095）
山东大学青年学者未来计划项目（2016WLJH14）
关键词
CFO
董事会秘书
财务报告
形式质量
实质质量
CFO
board secretary
financial reports
formal quality
substantive quality
