CFO内部董事有助于董事会履行监督职能吗?

董事会具有咨询和监督双重职能。现有文献一般认为内部董事主要履行咨询职能,独立董事主要履行监督职能,而本文则基于2006~2013年我国A股非金融上市公司的数据,从CFO兼任董事的角度研究了内部董事对监督职能的贡献。研究发现,CFO内部董事能够帮助董事会更好地履行监督职能,并且这种治理机制能制约CEO权力、解决国有企业的代理问题、弥补一些外部治理机制的缺陷。本文丰富了董事会治理以及CFO制度领域的研究,并为公司治理实践中董事会如何构成以及如何提高董事会监督职能提供了新思路。     

内部审计水平与财务报告质量研究

内部审计是企业治理的重要手段,在企业财务报告编制中参与了大量的工作.内部审计的水平与企业财务报告的质量具有重要的关联关系.科学有效的内部审计,能够在很大程度上提升财务报告的质量,减少财务信息舞弊.本文围绕内部审计水平与财务报告质量,分析了两者的关系和作用机制.     

财务报告的内部控制

对于财务报告内部控制系统的构建,CFO责任首当其冲。他们必须明确法律法规对财务报告内控的要求、财务报告内控与会计准则的关系以及完善财务报告内控应抓住的要点。国内外依然难以杜绝的财务丑闻表明,准则的高质量不保证财务报表的高质量。近年的下述现象证明了这点:有些公司在公布经注册会计师审计并出具无保留意见审计报告后不久,即发布重大会计差错更正公告,对已公布的年报进行重新     

产权性质、CFO背景特征与内部控制质量

基于高层梯队理论和社会网络理论,以2008-2015年我国A股上市公司为样本,实证考察CFO背景特征对公司内部控制质量的影响。研究发现：CFO的年龄越大、任期越长,内部控制质量越低;CFO的学历越高,内部控制质量越高;女性CFO较男性CFO在内部控制建设方面存在相对劣势;CFO外部兼职有助于提升内部控制质量。进一步研究发现：在国有企业和非国有企业中,CFO背景特征对内部控制质量的影响存在显著的差异。     

CFO与独董职能PK

有人的地方就有江湖。换言之,有人的地方就有治理,公司也概莫能外。在公司治理中,有两个角色很特殊：独立董事和CFO。     

论公司内部控制缺陷与财务报告信息质量

内部控制缺陷和财务报告信息质量是我们当今面临的问题之一。文章对内部控制缺陷和财务报告质量信息质量进行探讨,并分析了完善的内部控制对财务报告信息质量的影响和完善的内部控制的策略。     

董事高管责任保险与企业内部控制质量——基于A股上市公司的经验证据

本文以2002—2018年我国A股上市公司为样本,考察了董事高管责任保险(简称"董责险")对企业内部控制质量的影响及其作用机制.研究发现,董责险的购买会显著提高企业内部控制质量,控制内生性问题后,该结论依然稳健.作用机制分析表明,董责险通过改善企业的内部环境、风险评估、控制活动、信息与沟通以及内部监督五要素,显著提高了企业内部控制质量.外部监督异质性分析表明,媒体关注度和机构投资者持股会强化董责险对企业内部控制质量的正向作用.本文从企业内部控制的视角研究发现董责险在新兴资本市场上积极治理效果的经验证据,对完善我国董责险的相关法规及企业内部控制制度具有一定的参考价值.     

金融背景董事对企业内部控制质量的影响

董事会作为建立健全和有效实施企业内部控制的责任人,其成员的金融背景在企业"去实向虚"的"金融化"趋势下直接影响着内部控制水平.具有金融背景的董事能显著提升企业的内部控制质量,有助于建立更高效的财务审查和决策程序,防范企业的"去实向虚"趋势,化解"金融化"过程中的潜在风险,从而确保内部控制的有效实施.与具有银行背景的董事...     

加强财务报告内部控制之我见

财务报告作为财务工作的最终成果,对于报表使用者具有重要意义,企业对于财务报告应高度重视,切实加强财务报告从编制、分析、报送等环节的内部控制。     

CFO Narcissism and Financial Reporting Quality

We investigate the effect of CFO narcissism, as measured by signature size, on financial reporting quality. Experimentally, we validate that narcissism predicts misreporting behavior, and that signature size predicts misreporting through its association with narcissism. Empirically, we examine notarized CFO signatures and find CFO narcissism is associated with more earnings management, less timely loss recognition, weaker internal control quality, and a higher probability of restatements. The results are consistent for within‐firm comparisons focusing on CFO changes and are robust to controlling for CFO overconfidence and CEO narcissism. The results highlight the importance of CFO characteristics in the domain of financial reporting decisions.     

Trust and Financial Reporting Quality

Using unique survey data from Great Place to Work® Institute, we investigate the association of intraorganizational trust (i.e., employees’ trust in management) with three aspects of financial reporting: accruals quality, misstatements, and internal control quality. We find that trust is associated with better accrual quality, lower likelihood of financial statement misstatements, and lower likelihood of internal control material weakness disclosures. However, these effects are not uniform across all companies. Consistent with trust improving financial reporting quality through improved information production and information sharing, we find that trust is significantly associated with financial reporting quality in relatively decentralized firms, but not in firms that are relatively centralized. Our results are robust to several analyses that attempt to control for potential alternative explanations.     

CFO与财务团队

作为企业CEO的战略合作伙伴和企业战略规划的制定者之一,无论在大的战略决策还是具体经营运作事项的决策过程中,CFO都会面临资源稀缺、信息不对称与未来市场的不确定性带来的极大挑战,给我们的决策增加了难度。面对这三个难以逾越的先天障碍,CFO固然可以依据组织所赋予的权力和基于专业理论与专业实践基础做出职业判断,但财务会计工作是依靠群体协同、群体智慧、群体效应而在企业运行过程中发挥影响与作用的,所以CFO的履职过程更需要依靠一个具有专业水准、敬业精神、执行力强的财务团队来支撑。而每一个企业的CFO均应将财务团队建设列为我们的首项要务。结合笔者30余年的从业经历,本期从财务团队对于CFO履职的重要性和怎样打造优秀的财务团队两个方面,谈一点个人看法。     

CFO财计

当穿越危机(2009年第二届中国CFO年会的主题)的余音未了,CFO新的考验又开始了。"当前,全球经济形势复杂多变,中国经济的发展也面临一系列的矛盾和问题。"2011年9月8日,财政部党组成员、部长助理王保安在第四届中国CFO年会致辞中指出。中国CFO年会是由新理财杂志社主办的中国CFO群体年度盛会,以对经济脉搏的准确把握和对CFO工作的指导性著称,     

Effects of Increasing Enforcement on Financial Reporting Quality and Audit Quality

A widely held assumption in policy making and empirical research is that increasing the strength of public enforcement improves financial reporting quality and audit quality. This paper provides a more nuanced view. In a model with a manager who can manage earnings, a strategic auditor, and an enforcement institution, we show that enforcement and auditing are complements in a weak enforcement regime but can be substitutes in a strong regime. Although stronger enforcement always mitigates earnings management, the effects of different instruments of strengthening enforcement are ambiguous. We show that they can improve or impair financial reporting quality and audit quality, depending on production risk, accounting system characteristics, and the scope of auditing relative to enforcement.     

Financial Reporting Quality and Investors' Divergence of Opinion*

The main purpose of this study is to analyze the association of financial reporting quality and investors' divergence of opinion. We focus on UK firms listed on the London Stock Exchange. Divergence of opinion is measured by two proxies based on unexpected trading volume and by dispersion in analysts' forecasts made one and two years ahead. Previous literature shows that the amount of firms' disclosure is negatively associated with the dispersion in analysts' forecasts. The results obtained in our study show that the quality of the disclosure is negatively associated with divergence of opinion, whether it is proxied by measures of unexpected trading volume or dispersion in analysts' forecasts. Financial reporting quality affects divergence of opinion not only in the months that immediately follow the disclosure of the reports but in the whole year that follows.     

Integrated Reporting,Quality of Management,and Financial Performance

Interest in integrated reporting continues to grow as its proponents cite a number of significant benefits to both companies and investors. But given the still‐early stages of development of this new management practice and the relative paucity of data, establishing empirical confirmation of these claims is difficult. Using RobecomSAM's proprietary database of over 2,000 companies surveyed during its annual Corporate Sustainability Assessment (CSA), the authors discuss the extent and recent growth of integrated reporting, and its likely effects on important indicators of both ESG quality of management and financial performance. The authors begin by reporting that although only 12% of the companies in the survey dataset practiced some form of integrated reporting in 2012, that number represented a 50% increase from 2011. The authors also report a strong relationship between integrated reporting and ESG quality of management, which some studies suggest has become a useful indicator of the overall effectiveness of management in creating value over the long term. This relationship is particularly strong in certain sectors, notably healthcare. At the same time, the authors find a relationship between integrated reporting and financial performance for two sectors—healthcare and information technology—though not for the population as a whole. The authors suggest that this apparent lack of effect may be attributable to a time lag between integrated reporting's contribution to better ESG quality of management, and the eventual reflection of such management in financial performance.     

Reforms in the Korean Financial Reporting Systems and Earnings Quality

This study examines the effect of reforms in the Korean financial reporting systems on earnings quality through an investigation of two sample periods: (1) prior to, and (2) after the 1997 financial crisis in Korea. The results indicate that financial sector reforms have reduced the opacity of Korean firms’ earnings reports.