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Cfo's Gender And Information Disclosure Essay

1808 words - 8 pages

CFO 背景特征、代理成本对年报营收计划披露的影响 ——来自沪深两市 949 家上市公司的实证证据

摘要:自愿性信息披露对增强对投资者的保护、提高上市公司治理水平具有重要意义。 营 收计划是自愿性信息披露的重点内容之一, CFO 职责密切相关。 与 本文以沪深两市制造业上 市公司数据为样本,针对 CFO 的个人特征(如年龄、性别、受教育程度等)及其代理成本对 营收计划披露的影响进行了实证研究,旨在为探索影响公司自愿性披露的因素提供新的思 路,对公司治理提供一定的指导意义。
关键词:CFO 背景特征 营收计划 自愿披露

一、引言
自愿性信息披露是指除强制性披露的信息之外,上市公司基于公司形象、投资者关系、 回避诉讼风险等动机主动披露的信息(姜凡 2012) 。根据证监会 2003 年发布的《公开发行 证券的公司信息披露内容与格式准则第 2 号<年度报告的内容与格式>》 ,公司董事会报告 中可以披露新年度的经营计划公司,可以编制新年度的盈利预测。由此可见,营收计划的披 露本质上依然属于自愿性披露的范围, 其可控的弹性极大: 披露内容的多少以及盈利预测范 围的大小的决定权很大程度上依然集中在公司自身上。 因此, 营收计划的披露本质上是自愿 性信息披露的一种(万鹏 曲晓辉 2012) 。近来有许多学者都在积极探讨影响公司自愿性披 露的因素, 通过发现其决定因素进而为提升公司价值提供指导。 然而在熊彼特之后的经济学 研究中,管理者的作用被严重地忽略了,他们之间的异质性被放在了非常次要的位置。之前 ...view middle of the document...

cninfo.com.cn)公布的公司资讯中采集。数据处理使用了 SPSS 21.0 软件。 (二)模型设计 为了检验本文的假设,构建如下模型:
n

Disc = β 0 + β1 Agei + β 2Genderi + β 3 Edui + β 4 Expi + ∑ γ i Controli + ε i
i

模型中,Disc 代表公司是否在年度报告中披露下一年营收计划。根据 2003 年在《公开 发行证券的公司信息披露内容与格式准则第 2 号<年度报告的内容与格式>》 中证监会提出 对公司董事会报告中所应予以披露项目的要求, 公司董事会报告可以披露新年度的经营计划 公司可以披露,披露内容包括(但不限于)收入、费用成本计划,及新年度的经营目标, 如 销售额的提升、市场份额的扩大、成本升降、研发计划等,为达到上述经营目标拟采取的策 略和行动。 公司可以编制新年度的盈利预测, 凡公司在年度报告中披露新一年度盈利预测的, 该盈利预测必须经过具有从事证券相关业务资格的注册会计师审核并发表意见。由此可见, 营收计划的披露本质上依然属于自愿性披露的范围, 其可控的弹性极大。 披露内容的多少以 及盈利预测范围的大小的决定权很大程度上依然集中在公司自身上。本文与万鹏和曲晓辉 (2012)的定义一致,把营收计划的披露视为自愿性信息披露的一种。尽管营收计划的披露 是在董事会报告中予以列示,但这并不妨碍我们探究 CFO 对其披露与否的影响。因此,我们 将营收计划的披露作为被解释变量, 并且对报告中以点预测、 区间预测等定量方式披露下一 年度盈利预测的样本取值为 1,其他方式披露的或者没有披露的样本取值为 0。

模型中 别; 量。

Agei 表示公司 i 年末在任 CFO 的年龄; Genderi 表示公司 i 年末在任 CFO 的性

Edui 表示公司 i 年末在任 CFO 的学历水平,本文以这三项作为 CFO 个人特征的替代变 Expi 为管理费用率,是经营费用占销售额的比例。在罗炜和朱春艳( 2010)的研究中,

管理费用率被用来作为公司代理成本的衡量指标, 鉴于当下 CFO 薪酬数据公开较少, 而以其 他方式衡量 CFO 代理成本的资料(如股权激励等)更加难以采集。另一方面,如以 CFO 薪酬 数据作为 CFO 代理成本的衡量指标, 将急剧缩小样本数量, 可能对最终的实证结果影响重大。 本文认为,CFO 作为管理层中的重要成员,其代理成本与管理费用率存在一定联系,因此在 综合比较之后,本文依然采用管理费用率作为 CFO 代理成本的指标。 模型中我们还加入了公司经营特征和治理结构两方面的控制变量。公司经营特征方面, 一般来说, 公司盈利能力越强、 规模越大越有可能进行自愿性披露, 而公司财务杠杆越高时, 越不倾向披露。沈红梅(2003)以沪市 110 家上市公司为研究对象,结果证明边际利润率、 公司规模、大股东及其关联股东对公司自愿性披露有影响。王惠芳和原改省(2006)就 524 家深市上市公司的数据实证检验发现, “新年度经营计划的” 公司 自愿披露与盈利能力相关。 陈艳等(2009)对 2008 年我国沪市 854 家 A 股上市公司自愿披露内部控制鉴证报告的影响 因素进行实证研究, 发现公司规模、 行业门类等因素对公司自愿披露内部控制鉴证报告具有 显著影响。因此,本文选取了公司盈利能力(ROA 指数) 、公司规模(总资产的自然对数) 以及公司的财务杠杆 (资产负债率) 作为公司经营特征方面的控制变量。 公司治理结构方面, 既有研究发现公司治理结构与自愿性信息披露存在相关性。吴卫星等(2004)研究股权结构 与市场交易中信息不对称程度之间的关系的结果表明, 国有法人股比例的增加加重了市场交 易中的信息不对称, 机构持股比例的上升也增加了交易中的信息不对称程度。 程新生 (2006) 也提出股权结构过度集中的状况会打破所有者、 经营者形成的整个利益共同体的平衡。 因此, 本文选取了前十大股东持股比例之和以及机构投资者持股比例作为公司治理结构方面的控 制变量。 模型中涉及到的变量计算说明如下表所示: 表1 变量定义表 变量名称 Disc Age Gender Edu Exp Size Roa Lev Inst TP_ 10 定义及计算公式 衡量公司在报告期年度报告中是否披露了下一年度营收计划的变量, 如果披露 则该年度取值为 1,否则为 0 报告期公司在任 CFO 的年龄,30-39(含)为 1,40-49(含)为 2,50-59(含) 为 3,60-69(含)为 4 报告期公司在任 CFO 的性别,男性赋值为 0,女性赋值为 1 报告期公司在任 CFO 的教育程度,大专及以下为 1,本科为 2,研究生及以上 (含 EMBA)为 3 报告期公司管理费用占销售额的比率 公司规模,公司报告期上年度末总资产的自然对数 报告期公司的总资产收益率 报告期公司的资产负债率 报告期期末机构投资者持股比例 公司前十大股东持股比例之和,衡量报告期期末股权集中度的指标

五、 实证分析
(一)描述性统计分析 表2 平均值 Disc Age Gender Edu Exp TP_10 Inst ROA Lev Size .78 2.02 .31 2.02 10.7457 60.8933 34.0775 5.6001 34.8642 12.3669 标准差 .417 .722 .461 .728 33.7905 15.9687 24.7814 5.7877 18.9279 1.0925 变量描述性统计 最小值 0 1 0 1 .5968 10.9100 .0029 -15.369 2 1.3970 8.3939 最大值 1 4 0.00 3 1163.28 33 97.1200 173.914 3 74.1054 73.1815 17.2725 25%分位 1.00 2.00 0.00 1.00 5.7805 49.7800 12.0388 2.1887 18.4541 11.6104 中位 1.00 2.00 1.00 2.00 8.4758 63.6100 32.7017 4.9734 33.3769 12.2215 75%分位 1.00 2.00 1 3.00 11.5226 73.6300 52.2239 8.2013 49.8204 12.9196

表 2 为所有变量的描述性统计。观察可知,Disc 的均值为 0.78,这也就意味着在 2012 年,所有制造业的上市公司平均四家有三家在董事会报告中对营收计划进行了披露。Age 变 量的统计结果显示处于 40-49 岁(含)之间的 CFO 比例大于 75%,而其他各个年龄段的 CFO 占比总和不到 25%。 CFO 性别的均值为 0.31, 说明 CFO 男女性别的比例大约为 7:3。 尽管 CFO 受教育程度的均值为 2,但上下四分位数分别为 3 和 1 的结果说明 CFO 的教育程度分布较为 分散,平均水平为本科,大专及其以下和研究生及其以上(含 EMBA)的比例相近。管理费 用率表明 Exp...

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