| 摘要: |
| 本文以代理成本这一中介传导路径,将代理成本纳入CFO财务执行力与企业业绩极端化的研究中,用财务数据描述代理成本和环境动态性,选取2012—2017年沪深两市A股上市公司数据作为研究样本进行实证检验。研究结果表明,CFO财务执行力与企业业绩极端化呈负相关关系,即CFO财务执行力越强,企业代理成本越低,产生企业业绩极端化的可能性越小,越能抑制企业业绩极端化的发生;代理成本在CFO财务执行力对企业业绩极端化的影响中起到部分中介作用;进一步研究发现,环境动态性负向调节了CFO财务执行力对代理成本及企业业绩极端化的影响。 |
| 关键词: CFO财务执行力 代理成本 企业业绩极端化 环境动态性 |
| DOI： |
| 分类号: |
| 基金项目: |
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| CFO Financial Executive Ability,Agency Costsand Enterprise Extreme Performance |
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GAO Zhi-lin
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School of Economics and Management,Anhui Normal University,Wuhu 241002,Anhui,China
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| Abstract: |
| This paper selects the intermediary agency cost conduction paths,and agency cost is included into the research on CFO financial executive ability and enterprise extreme performance.Financial data was used to depict agency cost and describe environmental dynamics.The data of A-share listed companies from 2012 to 2017 in Shanghai and Shenzhen Stock Exchanges was selected as samples for empirical test.The results show that there is a negative correlation between CFO financial executive ability and enterprise extreme performance.In other words,the greater CFO financial executive ability,the lower the agency cost,the less likely it is to produce enterprise extreme performance,the more able it is to restrain the occurrence of enterprise extreme performance.Agency cost plays a part of intermediary role in the impact of CFO financial executive ability on enterprise extreme performance.Further research finds that environmental dynamics negatively regulates the impact of CFO financial executive ability on agency costs and enterprise extreme performance. |
| Key words: CFO financial executive ability agency cost enterprise extreme performance environmental dynamism |
