CFO任期与会计稳健性关系的实证研究

An Empirical Study on the Relationship between CFO Tenure and Accounting Conservatism

摘要: 本文以2010~2021年沪深A股上市公司为样本，利用改进后的BASU模型：C-SCORE稳健性指数计量法，实证检验了我国主要资本市场CFO任期和会计稳健性之间的关系。研究结果表明，CFO任期与会计稳健性之间呈倒U型关系，即CFO任职初期，任期和会计稳健性之间正相关。但这种关系存在一个拐点，到达拐点之后，CFO任期越长，会计稳健性逐渐下降。本文结果显示拐点为任期3年左右，这与现有研究关于CFO最佳任期的结果相同。区分性别和学历背景，进一步分析发现，在男性和本科及其以上的组中，CFO任期和会计稳健性之间的倒U型关系更显著。文章丰富了高管背景与会计稳健性领域内的研究，并对企业未来招聘及公司治理等方面提出可能的建议。

Abstract: Based on the sample of Shanghai and Shenzhen A-share listed companies from 2010 to 2021, this paper empirically tests the relationship between CFO tenure and accounting conservatism in major capital markets in China by using the improved BASU model: C-SCORE robustness index measurement method. The results show that there is an inverted U-shaped relationship between CFO tenure and accounting conservatism, that is, there is a positive correlation between CFO tenure and accounting conservatism at the beginning of CFO tenure. However, there is an inflection point in this relationship. After reaching the inflection point, the longer the CFO tenure, the accounting conservatism gradually declines. The results of this paper show that the inflection point is about 3 years, which is the same as the results of existing studies on the optimal tenure of CFO. Separating out gender and educational background, further analysis found that the inverse U-shaped relationship between CFO tenure and accounting conservatism was more significant among men and groups with bachelor’s degrees and above. This paper enriches the research on executive background and accounting conservatism, and makes some suggestions on future recruitment and corporate governance.