中国上市公司CFO制度影响因素的实证分析

本文以我国A股上市公司披露的财务高管人员信息为基础，对上市公司CFO制度特征及其影响因素进行了实证分析。结果表明，我国上市公司CFO制度建设还处于比较初级的阶段，并且仅有的CFO制度特征与公司业绩的关系并不显著。在促进财务高管人员在公司治理中的地位和作用提高的过程中，主要不是基于提高业绩和改善公司治理机制，而是由财务高管人员在公司中的个人地位和资历决定的。从公司治理和企业制度建设角度看．迫切需要建立和完善CFO制度及其功能和机制。

An Empirical Research on Features and Influential Factors of CFO System in Chinese Listed Companies

Based on the information of financial executives disclosed in the annual report of domestic public listed companies, this paper makes an empirical analysis on the features and influential factors of the CFO system in public listed companies. We find that there is no clear relationship between the features of the CFO system and the performance of companies. The result demonstrates that the CFO system construction of Chinese listed companies is still undeveloped. The positions and functions of financial executives mainly depend on the factors representing the personal status and longevity of financial executives but not on the enterprise purposes of improving company performance and corporate governance. From the perspective of corporate governance and enterprise system construction, it is crucial now to establish and enhance the functions and mechanism of CFO system in Chinese listed companies.