CAJ | 학술논문

CFO变更对企业投资效率究竟具有怎样的影响？文章试图利用中国资本市场数据进行经验分析。选取我国沪深A股2007－2013年间8446个公司年度数据作为样本，实证检验了CFO高管变更对企业投资效率的影响，结果表明：（1）CFO变更改善了企业的投资效率；（2）CFO变更改善企业投资效率存在一定的滞后性。上述论证拓展了高管变更研究的传统视角，丰富了对高管变更治理效应的研究。
CFO변경대기업투자효솔구경구유즘양적영향？문장시도이용중국자본시장수거진행경험분석。선취아국호심A고2007－2013년간8446개공사년도수거작위양본，실증검험료CFO고관변경대기업투자효솔적영향，결과표명：（1）CFO변경개선료기업적투자효솔；（2）CFO변경개선기업투자효솔존재일정적체후성。상술론증탁전료고관변경연구적전통시각，봉부료대고관변경치리효응적연구。
How will the change of CFO affect a company's investment efficiency? This paper attempts to conduct an empirical anal-ysis about this by using data of China`s capital market.We use annual data of companies of China`s A-share market from year 2007 to 2013.With these data,we empirically tested the influence of CFO change to the efficiency of investment of the company.The results showed that:(1) The change of CFO may improve the efficiency of investment; (2 )the improve of investment efficiency lags behind the change of CFO. These findings expand the perspective of traditional research about company's executives change, it also enriched the study of existing research of senior executives change effects.