摘要
本文基于2012-2016年A股制造业上市公司的面板数据,从管理防御视角探索不同产权性质下CFO背景特征对公司财务弹性的影响。研究结果表明,年长、在位时间长的CFO管理防御意识和动机越高,越倾向于持有较高的财务弹性;高学历的CFO防御程度越低,越倾向于低财务弹性。区分产权性质进一步分析表明国有企业和非国有企业CFO背景特征对财务弹性的影响存在较为显著的差异。具体而言,在国有企业中仅有CFO的在位时间与财务弹性显著正相关,而在非国有企业,CFO年龄、在位时间、学历等特征对财务弹性的影响则更为显著。
Based on the panel data of A-share manufacturing listed companies from 2012 to 2016,this paper explores the impact of CFO background characteristics on the company's financial flexibility under different property rights.The results show that with the growth of age and tenure,the CFO's awareness and motivation of management defense increased,they inclined to hold higher financial flexibility.Highly educated CFO are less defensive and inclined to hold less financial flexibility.Further analysis on the property rights shows that there are significant differences in the influence of CFO background characteristics on financial flexibility between state-owned enterprises and non-state-owned enterprises.Specifically,in state-owned enterprises,only the tenure of CFO is significantly positively correlated with the financial flexibility,while in non-state-owned enterprises,the characteristics of CFO age,tenure and education have a more significant impact on the financial flexibility.
作者
吴晓芬
WU Xiao-fen(Jinshan College, Fujian Agriculture and Forestry University,Fuzhou 350000,China)
出处
《财经理论研究》
2019年第3期105-112,共8页
Journal of Finance and Economics Theory
基金
福建省教育厅中青教师教育科研项目(JAS170836)
关键词
管理防御
CFO背景特征
财务弹性
产权性质
managerial entrenchment
background characteristics of CFO
financial flexibility
nature of property right
