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从代理理论出发,以CFO变更为研究对象,选取2001年~2014年中国A股上市公司CFO更替数据作为样本,严格控制其他事件因素的影响,实证研究CFO变更是否对公司的财务行为有显著影响。研究发现CFO发生变更的上市公司,其财务行为指标的变化程度显著大于CFO没有发生变更的上市公司。同时,基于CFO与CEO的联动效应,进一步研究发现当CEO发生变更时,CFO变更对上市公司财务行为的影响更为明显。
From the agency theory, CFO change was taken as the research object. The CFO turnover data of Chinese A-share listed companies from 2001 to 2014 were selected as samples to strictly control the influence of other event factors. Empirically study whether the CFO change has a significant impact on the financial behavior of the company . The study found that listed companies that have changed their CFOs have a significantly different degree of change in their financial behavior indicators than listed companies that have not changed CFOs. At the same time, based on the linkage effect between CFO and CEO, further research found that the impact of CFO change on the financial behavior of listed companies becomes more obvious when the CEO changes.