本文利用我国上市公司2004-2013年的样本,实证检验了CFO兼任董事对公司投资效率的影响。研究发现,CFO兼任董事能够提高其所在公司的投资效率,抑制非效率投资行为;公司所面对的外部信息环境越差,CFO兼任董事对投资效率的促进作用越强。进一步地,在考虑CFO进入董事会的时间持续性后,本文发现CFO进入董事会后的第2-3年对投资效率的促进作用将达到最大,5年以后抑制作用开始逐渐显现;最后,通过分位数回归发现,现阶段投资效率越低的公司,CFO兼任董事对投资效率的促进作用更大。
In this paper,we examine the influence of CFO serving as a director on investment efficiency based on the sample of Chinese listed firms during the period 2004-2013. The study finds that CFO's directorship can improve investment efficiency and restrain inefficient investment behavior; the more adverse the external information environment is,the stronger influence CFO's directorship will have on the improvement of investment efficiency. Further study shows that a CFO's directorship has the maximum driving effect on investment efficiency by the 2(nd)or 3(rd)year of his or her directorship but has an inhibiting effect by the 5thyear. Finally,through quantile regression,it is found that the less efficient the current investment is,the stronger influence on investment efficiency will come from CFO serving as a director.