CFO兼任董事能促进公司提高投资效率吗?——来自中国上市公司的经验证据

›› 2017, Vol. 29 ›› Issue (3): 62-73.

CFO兼任董事能促进公司提高投资效率吗?——来自中国上市公司的经验证据

袁建国¹, 范文林¹, 程晨², 肖华芳³

1. 华中科技大学管理学院, 武汉 430074;
2. 郑州大学商学院, 郑州 450001;
3. 华中农业大学经济管理学院, 武汉 430070

收稿日期:2016-01-18 出版日期:2017-03-28 发布日期:2017-03-30
作者简介:袁建国,华中科技大学管理学院教授,博士生导师,博士;范文林,华中科技大学管理学院博士研究生;程晨,郑州大学商学院讲师,博士;肖华芳,华中农业大学经济管理学院讲师,博士。
基金资助:
国家社会科学基金项目（15BGL071）；国家自然科学基金青年项目（71602062）；中央高校基本科研业务费专项资金项目（2016AD002）。

Does CFO Serving as a Director Improve Investment Efficiency? ——Evidence from Chinese listed Firms

Yuan Jianguo¹, Fan Wenlin¹, Cheng Chen², Xiao Huafang³

1. School of Management, Huazhong University of Science and Technology, Wuhan 430074;
2. School of Business, Zhengzhou University, Zhengzhou 450001;
3. College of Economics and Management, Huazhong Agricultural University, Wuhan 430070

Received:2016-01-18 Online:2017-03-28 Published:2017-03-30

摘要/Abstract

摘要： 本文利用我国上市公司2004-2013年的样本，实证检验了CFO兼任董事对公司投资效率的影响。研究发现，CFO兼任董事能够提高其所在公司的投资效率，抑制非效率投资行为；公司所面对的外部信息环境越差，CFO兼任董事对投资效率的促进作用越强。进一步地，在考虑CFO进入董事会的时间持续性后，本文发现CFO进入董事会后的第2-3年对投资效率的促进作用将达到最大，5年以后抑制作用开始逐渐显现；最后，通过分位数回归发现，现阶段投资效率越低的公司，CFO兼任董事对投资效率的促进作用更大。

关键词: CFO, 公司治理, 内部董事, 投资效率

Abstract: In this paper, we examine the influence of CFO serving as a director on investment efficiency based on the sample of Chinese listed firms during the period 2004-2013. The study finds that CFO's directorship can improve investment efficiency and restrain inefficient investment behavior; the more adverse the external information environment is, the stronger influence CFO's directorship will have on the improvement of investment efficiency. Further study shows that a CFO's directorship has the maximum driving effect on investment efficiency by the 2^nd or 3^rd year of his or her directorship but has an inhibiting effect by the 5^th year. Finally, through quantile regression, it is found that the less efficient the current investment is, the stronger influence on investment efficiency will come from CFO serving as a director.

Key words: CFO, corporate governance, internal director, investment efficiency

袁建国, 范文林, 程晨, 肖华芳. CFO兼任董事能促进公司提高投资效率吗?——来自中国上市公司的经验证据[J]. , 2017, 29(3): 62-73.

Yuan Jianguo, Fan Wenlin, Cheng Chen, Xiao Huafang. Does CFO Serving as a Director Improve Investment Efficiency? ——Evidence from Chinese listed Firms[J]. , 2017, 29(3): 62-73.

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