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題名 CFO特質與盈餘品質：來自中國A股市場的證據
CFO Characteristics and Earnings Quality: Evidence from China A Share Market作者 王奕舟
Wang, Yi-Zhou貢獻者 林宛瑩
Lin, Wan-Ying
王奕舟
Wang, Yi-Zhou關鍵詞 CFO
特質
盈餘品質
實質盈餘管理
應計項目盈餘管理
CFO
Characteristics
Earnings quality
Real activities manipulation
Accrual manipulation日期 2021 上傳時間 4-Aug-2021 14:33:38 (UTC+8) 摘要 本研究測試了中國首席財務官（CFO）特質和所在公司盈餘品質的關係。根據先前國外有關CFO特質和盈餘品質關係的研究，本研究假設CFO的性別、年齡、教育水平、是否擁有CPA執照、是否有外部工作經驗與薪酬水平和所在公司的盈餘品質之間存在顯著關係。本研究以2009年至2018年間上海證券交易所和深圳證券交易所A股上市公司為樣本。運用Kothari et al.（2005）模型和Cohen et al.（2008）模型分別計算應計項目盈餘管理水平和實質盈餘管理水平，作為衡量企業盈餘品質的變數。實證結果顯示，在納入與企業盈餘品質相關的控制因素後，中國上市公司更高年齡、更好教育水平、更多外部工作經驗和更低的薪酬水平會顯著增加所在公司的盈餘品質。
The research examines the association between the characteristics of chief financial officer (CFO) and the quality of corporate earnings in China. Based on findings in prior foreign research that shows significant relation between CFO characteristics, such as the gender of CFO, the age of CFO, the education of CFO, the professional certification of CFO, the external experience of CFO and the salary of CFO, and earnings quality, the research expects the same significant relation in China. The research uses listed companies in Shenzhen Stock Exchange (SZES) and Shanghai Stock Exchange (SSE) A share market between 2009-2018 as test samples. The research adopts two models, Kothari et al. (2005) Model and Cohen et al. (2008) Model, to derive the accruals manipulation and the real activities manipulation as proxy variables for earnings quality. The research results show that China listed companies with elder CFO, more educated CFO, more external experience CFO or lower salary CFO are associated with higher earnings quality of companies.參考文獻 Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of financial economics, 94(2), 291-309.Aharony, J., LIN, C. J., & Loeb, M. P. (1993). Initial public offerings, accounting choices, and earnings management. Contemporary accounting research, 10(1), 61-81.Aier, J. K., Comprix, J., Gunlock, M. T., & Lee, D. (2005). The financial expertise of CFOs and accounting restatements. Accounting Horizons, 19(3), 123-135.Bajtelsmit, V. L., & VanDerhei, J. L. (1995). Risk aversion and pension investment choices.Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit quality on earnings management. Contemporary accounting research, 15(1), 1-24.Baker, T. A., Lopez, T. J., Reitenga, A. L., & Ruch, G. W. (2019). The influence of CEO and CFO power on accruals and real earnings management. Review of Quantitative Finance and Accounting, 52(1), 325-345.Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings1. Journal of accounting and economics, 24(1), 3-37.Barton, J., & Simko, P. J. (2002). The balance sheet as an earnings management constraint. The accounting review, 77(s-1), 1-27.Barua, A., Davidson, L. F., Rama, D. V., & Thiruvadi, S. (2010). CFO gender and accruals quality. Accounting Horizons, 24(1), 25-39.Byrnes, J. P., Miller, D. C., & Schafer, W. D. (1999). Gender differences in risk taking: a meta-analysis. Psychological bulletin, 125(3), 367.Caglio, A., Dossi, A., & Van der Stede, W. A. (2018). CFO role and CFO compensation: An empirical analysis of their implications. Journal of accounting and public policy, 37(4), 265-281.Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual‐based earnings management in the pre‐and post‐Sarbanes‐Oxley periods. The accounting review, 83(3), 757-787.DeAngelo, L. E. (1986). Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. Accounting review, 400-420.Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225.DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of accounting and economics, 17(1-2), 145-176.Dowdell, T. D., & Krishnan, J. (2004). CAP forum on Enron: Former audit firm personnel as CFOs: Effect on earnings management. Canadian Accounting Perspectives, 3(1), 117-142.Feng, M., Ge, W., Luo, S., & Shevlin, T. (2011). Why do CFOs become involved in material accounting manipulations? Journal of accounting and economics, 51(1-2), 21-36.Fitzsimmons, T. W., Callan, V. J., & Paulsen, N. (2014). Gender disparity in the C-suite: Do male and female CEOs differ in how they reached the top?. The Leadership Quarterly, 25(2), 245-266.Francis, B., Hasan, I., & Wu, Q. (2013). The impact of CFO gender on bank loan contracting. Journal of Accounting, Auditing & Finance, 28(1), 53-78.Geiger, M. A., & North, D. S. (2006). Does hiring a new CFO change things? An investigation of changes in discretionary accruals. The Accounting Review, 81(4), 781-809.Gorman, E. H. (2005). Gender stereotypes, same-gender preferences, and organizational variation in the hiring of women: Evidence from law firms. American Sociological Review, 70(4), 702-728.Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2), 193-206.Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of accounting and economics, 7(1-3), 85-107.Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting horizons, 13(4), 365-383.Herrmann, P., & Datta, D. K. (2002). CEO successor characteristics and the choice of foreign market entry mode: An empirical study. Journal of International Business Studies, 33(3), 551-569.Hinz, R. P., McCarthy, D. D., & Turner, J. A. (1996). Are women conservative investors? Gender differences in participant-directed pension investments.Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of financial Economics, 108(3), 822-839.Ho, S. S., Li, A. Y., Tam, K., & Zhang, F. (2015). CEO gender, ethical leadership, and accounting conservatism. Journal of Business Ethics, 127(2), 351-370.Isidro, H., & Sobral, M. (2015). The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance. Journal of Business Ethics, 132(1), 1-19.Jiang, J. X., Petroni, K. R., & Wang, I. Y. (2010). CFOs and CEOs: Who have the most influence on earnings management？ Journal of Financial Economics, 96(3), 513-526.Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 29(2), 193-228.Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: an international comparison. Journal of financial economics, 69(3), 505-527.Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China? Journal of corporate finance, 28, 169-184.Murphy, K. J., & Zimmerman, J. L. (1993). Financial performance surrounding CEO turnover. Journal of Accounting and Economics, 16(1-3), 273-315.Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370.Schipper, K. (1989). Earnings management. Accounting horizons, 3(4), 91.Watts, R. L., & Zimmerman, J. L. (1978). Towards a positive theory of the determination of accounting standards. Accounting review, 112-134. 描述 碩士
國立政治大學
會計學系
108353117資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353117 資料類型 thesis dc.contributor.advisor 林宛瑩 zh_TW dc.contributor.advisor Lin, Wan-Ying en_US dc.contributor.author (Authors) 王奕舟 zh_TW dc.contributor.author (Authors) Wang, Yi-Zhou en_US dc.creator (作者) 王奕舟 zh_TW dc.creator (作者) Wang, Yi-Zhou en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-Aug-2021 14:33:38 (UTC+8) - dc.date.available 4-Aug-2021 14:33:38 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2021 14:33:38 (UTC+8) - dc.identifier (Other Identifiers) G0108353117 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136312 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 108353117 zh_TW dc.description.abstract (摘要) 本研究測試了中國首席財務官（CFO）特質和所在公司盈餘品質的關係。根據先前國外有關CFO特質和盈餘品質關係的研究，本研究假設CFO的性別、年齡、教育水平、是否擁有CPA執照、是否有外部工作經驗與薪酬水平和所在公司的盈餘品質之間存在顯著關係。本研究以2009年至2018年間上海證券交易所和深圳證券交易所A股上市公司為樣本。運用Kothari et al.（2005）模型和Cohen et al.（2008）模型分別計算應計項目盈餘管理水平和實質盈餘管理水平，作為衡量企業盈餘品質的變數。實證結果顯示，在納入與企業盈餘品質相關的控制因素後，中國上市公司更高年齡、更好教育水平、更多外部工作經驗和更低的薪酬水平會顯著增加所在公司的盈餘品質。 zh_TW dc.description.abstract (摘要) The research examines the association between the characteristics of chief financial officer (CFO) and the quality of corporate earnings in China. Based on findings in prior foreign research that shows significant relation between CFO characteristics, such as the gender of CFO, the age of CFO, the education of CFO, the professional certification of CFO, the external experience of CFO and the salary of CFO, and earnings quality, the research expects the same significant relation in China. The research uses listed companies in Shenzhen Stock Exchange (SZES) and Shanghai Stock Exchange (SSE) A share market between 2009-2018 as test samples. The research adopts two models, Kothari et al. (2005) Model and Cohen et al. (2008) Model, to derive the accruals manipulation and the real activities manipulation as proxy variables for earnings quality. The research results show that China listed companies with elder CFO, more educated CFO, more external experience CFO or lower salary CFO are associated with higher earnings quality of companies. en_US dc.description.tableofcontents 目錄第壹章 緒論 1第一節 研究的動機與目的 1第二節 研究議題 4第三節 論文架構 5第貳章 文獻探討 6第一高 階管理層（C-SUITE）影響的相關研究 6第二節 性別差異影響的相關研究 10第三節 盈餘管理理論 14第四節 文獻探討彙整 17第叁章 研究方法 18第一節 研究假說 18第二節 變數定義與實證模型 20第肆章 實證結果與分析 29第一節 敘述性統計分析 29第二節 實證模型共線性問題分析 33第三節 實證模型之實證結果分析 38第伍章 結論與建議 41第一節 研究結論 41第二節 研究限制與建議 43參考文獻 44 zh_TW dc.format.extent 1755686 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353117 en_US dc.subject (關鍵詞) CFO zh_TW dc.subject (關鍵詞) 特質 zh_TW dc.subject (關鍵詞) 盈餘品質 zh_TW dc.subject (關鍵詞) 實質盈餘管理 zh_TW dc.subject (關鍵詞) 應計項目盈餘管理 zh_TW dc.subject (關鍵詞) CFO en_US dc.subject (關鍵詞) Characteristics en_US dc.subject (關鍵詞) Earnings quality en_US dc.subject (關鍵詞) Real activities manipulation en_US dc.subject (關鍵詞) Accrual manipulation en_US dc.title (題名) CFO特質與盈餘品質：來自中國A股市場的證據 zh_TW dc.title (題名) CFO Characteristics and Earnings Quality: Evidence from China A Share Market en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of financial economics, 94(2), 291-309.Aharony, J., LIN, C. J., & Loeb, M. P. (1993). Initial public offerings, accounting choices, and earnings management. Contemporary accounting research, 10(1), 61-81.Aier, J. K., Comprix, J., Gunlock, M. T., & Lee, D. (2005). The financial expertise of CFOs and accounting restatements. Accounting Horizons, 19(3), 123-135.Bajtelsmit, V. L., & VanDerhei, J. L. (1995). Risk aversion and pension investment choices.Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit quality on earnings management. Contemporary accounting research, 15(1), 1-24.Baker, T. A., Lopez, T. J., Reitenga, A. L., & Ruch, G. W. (2019). The influence of CEO and CFO power on accruals and real earnings management. Review of Quantitative Finance and Accounting, 52(1), 325-345.Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings1. Journal of accounting and economics, 24(1), 3-37.Barton, J., & Simko, P. J. (2002). The balance sheet as an earnings management constraint. The accounting review, 77(s-1), 1-27.Barua, A., Davidson, L. F., Rama, D. V., & Thiruvadi, S. (2010). CFO gender and accruals quality. Accounting Horizons, 24(1), 25-39.Byrnes, J. P., Miller, D. C., & Schafer, W. D. (1999). Gender differences in risk taking: a meta-analysis. Psychological bulletin, 125(3), 367.Caglio, A., Dossi, A., & Van der Stede, W. A. (2018). CFO role and CFO compensation: An empirical analysis of their implications. Journal of accounting and public policy, 37(4), 265-281.Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual‐based earnings management in the pre‐and post‐Sarbanes‐Oxley periods. The accounting review, 83(3), 757-787.DeAngelo, L. E. (1986). Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. Accounting review, 400-420.Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225.DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of accounting and economics, 17(1-2), 145-176.Dowdell, T. D., & Krishnan, J. (2004). CAP forum on Enron: Former audit firm personnel as CFOs: Effect on earnings management. Canadian Accounting Perspectives, 3(1), 117-142.Feng, M., Ge, W., Luo, S., & Shevlin, T. (2011). Why do CFOs become involved in material accounting manipulations? Journal of accounting and economics, 51(1-2), 21-36.Fitzsimmons, T. W., Callan, V. J., & Paulsen, N. (2014). Gender disparity in the C-suite: Do male and female CEOs differ in how they reached the top?. The Leadership Quarterly, 25(2), 245-266.Francis, B., Hasan, I., & Wu, Q. (2013). The impact of CFO gender on bank loan contracting. Journal of Accounting, Auditing & Finance, 28(1), 53-78.Geiger, M. A., & North, D. S. (2006). Does hiring a new CFO change things? An investigation of changes in discretionary accruals. The Accounting Review, 81(4), 781-809.Gorman, E. H. (2005). Gender stereotypes, same-gender preferences, and organizational variation in the hiring of women: Evidence from law firms. American Sociological Review, 70(4), 702-728.Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2), 193-206.Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of accounting and economics, 7(1-3), 85-107.Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting horizons, 13(4), 365-383.Herrmann, P., & Datta, D. K. (2002). CEO successor characteristics and the choice of foreign market entry mode: An empirical study. Journal of International Business Studies, 33(3), 551-569.Hinz, R. P., McCarthy, D. D., & Turner, J. A. (1996). Are women conservative investors? Gender differences in participant-directed pension investments.Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of financial Economics, 108(3), 822-839.Ho, S. S., Li, A. Y., Tam, K., & Zhang, F. (2015). CEO gender, ethical leadership, and accounting conservatism. Journal of Business Ethics, 127(2), 351-370.Isidro, H., & Sobral, M. (2015). The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance. Journal of Business Ethics, 132(1), 1-19.Jiang, J. X., Petroni, K. R., & Wang, I. Y. (2010). CFOs and CEOs: Who have the most influence on earnings management？ Journal of Financial Economics, 96(3), 513-526.Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 29(2), 193-228.Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: an international comparison. Journal of financial economics, 69(3), 505-527.Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China? Journal of corporate finance, 28, 169-184.Murphy, K. J., & Zimmerman, J. L. (1993). Financial performance surrounding CEO turnover. Journal of Accounting and Economics, 16(1-3), 273-315.Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370.Schipper, K. (1989). Earnings management. Accounting horizons, 3(4), 91.Watts, R. L., & Zimmerman, J. L. (1978). Towards a positive theory of the determination of accounting standards. Accounting review, 112-134. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100857 en_US
