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基于高层梯队理论,本文选取中国沪深A股2008—2013年上市公司为样本研究了CFO专业背景对企业交易性金融资产投资行为的影响及其经济后果。研究表明,CFO专业背景对交易性金融资产投资行为具有显著影响,这种影响在决策相对自由的私有产权企业中表现更为明显,进一步研究发现这种偏好主要是基于对风险偏好的不同,财务会计专业教育背景CFO对交易性房地产投资行为没有规避性,反而更加偏好。CFO专业教育背景特质所形成的投资风格会给企业带来不同的经济后果。本文研究有利于企业资本市场投资风险的控制与政府部门的监管,同时研究有助于企业战略的实施与人力资本的匹配。
Based on the theory of high-level echelon, this paper chooses the listed companies of China’s Shanghai and Shenzhen A-Shares from 2008 to 2013 as a sample to study the impact of CFO professional background on the trading behavior of corporate financial assets and its economic consequences. The research shows that the professional background of CFO has a significant impact on the trading behavior of tradable financial assets, which is more obvious in the relatively free private-owned enterprises. Further research finds that this preference is mainly based on the different risk appetite, financial Accounting professional education background CFO for the transactional real estate investment behavior is not avoided, but more preferences. CFO professional education background characteristics of the investment style formed by the enterprise will bring different economic consequences. This study is conducive to the control of the investment risk in the corporate capital market and the regulation of government departments, and at the same time it helps to match the implementation of corporate strategy with human capital.