發(fā)布時間：2018-03-27 20:14

  本文選題：女性CFO　切入點：會計穩(wěn)健性　出處：《湖北工業(yè)大學》2017年碩士論文

【摘要】：近年來,女性在時代發(fā)展進程中的作用也越來越重要,無論是家庭地位還是社會地位都有明顯的提升,越來越多的女性在公司的經營管理中擔任著至關重要的崗位。與男性高管相比,女性高管具有的兩大特點是風險厭惡與倫理敏感,高管性別的異質性會影響公司的生產經營和財務行為。另一方面,會計穩(wěn)健性是一種財務報告機制,因此上市公司的會計穩(wěn)健性的水平會對企業(yè)財務計劃以及經營決策有著重大影響。而CFO主要負責公司的財務決策和會計信息質量,在財務領域擁有更多的話語權,因此,CFO的特性對會計穩(wěn)健性的影響是不可忽視的。而且,公司為了緩解代理問題,通常會對高管采取激勵措施,例如薪酬激勵措施、股權激勵措施等,為了使公司的管理層人員與股權所有者的利益一致,以增加企業(yè)的績效。那么,公司對女性CFO采取的激勵措施則可能會影響到其對公司做出的財務決策。除了公司的內部經營管理情況,公司外部市場的波動也可能對女性CFO和會計穩(wěn)健性之間的關系產生影響。本文在對女性CFO和會計穩(wěn)健性理論分析的基礎上,以Khan和Watts在2009年建立了公司年度層面CSCORE指數(shù)來反映會計穩(wěn)健性,利用2004~2014年280家A股民營上市公司的樣本數(shù)據(jù)進行實證研究,研究了女性財務總監(jiān)、女性總裁和女性財務總監(jiān)的激勵對會計穩(wěn)健性的作用機理,此外,還考慮了外部市場波動情況對此相關關系的影響。研究發(fā)現(xiàn),女性CFO顯著提升了公司會計穩(wěn)健性,而女性CEO卻顯著降低了公司會計穩(wěn)健性;女性CFO的薪酬激勵、股權激勵和控制權激勵都降低了公司會計穩(wěn)健性。進一步研究發(fā)現(xiàn),在產品市場競爭作用下,女性CFO提升了公司會計穩(wěn)健性,強化了女性CFO對會計穩(wěn)健性的積極影響。在研究結論的基礎上,結合我國國情,從公司治理層面和市場環(huán)境層面提出了相關的政策建議,即創(chuàng)建更合理的內控機制、加強對外部審計的把控、加快企業(yè)的市場化運作等。本文結合公司內外因素的分析,深入研究了CFO異質性與會計穩(wěn)健性的相關關系,為女性高管對公司經營管理的影響作用提供了可靠依據(jù)。
[Abstract]:In recent years, the role of women in the development of the times has become increasingly important, both in the family status and social status has improved significantly. More and more women are holding critical positions in the management of the company. Compared with male executives, women have two characteristics: risk aversion and ethical sensitivity. The gender heterogeneity of executives can affect the production, management and financial behavior of a company. On the other hand, accounting conservatism is a financial reporting mechanism. Therefore, the level of accounting conservatism of listed companies will have a significant impact on the financial planning and business decisions of enterprises. While CFO is mainly responsible for the financial decisions and the quality of accounting information, and has more voice in the financial field. Therefore, the impact of CFO characteristics on accounting conservatism can not be ignored. In order to alleviate the agency problem, companies usually take incentives to executives, such as salary incentives, equity incentives, etc. In order to align the interests of the management of the company with that of the owner of the equity, in order to increase the performance of the enterprise. Corporate incentives for women CFO may have an impact on the financial decisions they make to the company, except for the company's internal management. The volatility of the company's external market may also have an impact on the relationship between female CFO and accounting conservatism. Khan and Watts set up the annual CSCORE index in 2009 to reflect accounting conservatism. Using the sample data of 280 A-share private listed companies from 2004 to 2014, the paper studied the female financial director. In addition, the effect of external market volatility on accounting conservatism is also considered. The study found that female CFO significantly improved corporate accounting conservatism. However, female CEO has significantly reduced corporate accounting conservatism, while female CFO's salary incentive, equity incentive and control incentive have all reduced corporate accounting conservatism. Female CFO promotes corporate accounting conservatism and strengthens the positive influence of female CFO on accounting conservatism. On the basis of the conclusion of the research, combined with the situation of our country, this paper puts forward some relevant policy suggestions from the corporate governance level and the market environment level. That is, to establish a more reasonable internal control mechanism, to strengthen the control of external audit, to speed up the market-oriented operation of enterprises, etc. This paper, based on the analysis of internal and external factors of the company, deeply studies the relationship between CFO heterogeneity and accounting conservatism. It provides a reliable basis for the influence of female executives on the operation and management of the company.
【學位授予單位】：湖北工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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