摘要
随着经济全球化进程的加快,作为负责公司财务的CFO地位越来越高,在组织发展中的作用也越来越大,CFO是否进入董事会参与公司决策,直接影响公司的各项投资决策和结果。本文基于董事会视角,采用固定效应方法,以深沪两市房地产上市公司为对象,探讨了CFO董事身份对房地产上市公司非效率投资的影响。通过研究发现:CFO进入董事会,既能有效抑制上市公司过度投资,也能缓解上市公司投资不足问题,且后者作用更显著。
With the acceleration of economic globalization,the role of the CFO in charge of corporate finance is getting higher and higher,and its role in organizational development is also growing.Whether a CFO enters the board of directors to participate in company decision-making will directly affect the company's various investments decisions and results.Based on the perspective of the board of directors,this article uses the fixed-effect method to target real estate listed companies in Shenzhen and Shanghai,and discusses the impact of CFO director status on inefficient investment in real estate listed companies.Through research,it is found that the entry of the CFO into the board of directors can not only effectively suppress the over-investment of listed companies,but also alleviate the under-investment of listed companies,and the latter has a more significant effect.
作者
曾青青
邓丽娟
刘叶云
ZENG Qing-qing;DENG Li-juan;LIU Ye-yun(College of Business,Hunan Normal University,Changsha 410081,China;Foshan Rural Commercial Bank,Foshan 528000,China)
出处
《湖南师范大学自然科学学报》
CAS
北大核心
2020年第3期88-94,共7页
Journal of Natural Science of Hunan Normal University
基金
湖南省自然科学基金资助项目(2017JJ2182)
湖南省社会科学基金资助项目(11YBB266)。
关键词
CFO董事
过度投资
非效率投资
CFO director
over investment
inefficient investment
