我国上市公司智力资本自愿信息披露及其影响因素、经济后果研究课题组. 女性CFO与智力资本信息披露——基于我国金融类A股上市公司的实证研究[J]. 电子科技大学学报社科版, 2021, 23(3): 89-103. DOI: 10.14071/j.1008-8105(2020)-4010
引用本文: 我国上市公司智力资本自愿信息披露及其影响因素、经济后果研究课题组. 女性CFO与智力资本信息披露——基于我国金融类A股上市公司的实证研究[J]. 电子科技大学学报社科版, 2021, 23(3): 89-103. DOI: 10.14071/j.1008-8105(2020)-4010
Research Group of Voluntary Information Disclosure of Intellectual Capital of China’s Listed Companies and Its Influence Factors and Economic Consequences. Female CFO and Intellectual Capital Information Disclosure——An Empirical Study Based on China's Financial A-share Listed Companies[J]. Journal of University of Electronic Science and Technology of China(SOCIAL SCIENCES EDITION), 2021, 23(3): 89-103. DOI: 10.14071/j.1008-8105(2020)-4010
Citation: Research Group of Voluntary Information Disclosure of Intellectual Capital of China’s Listed Companies and Its Influence Factors and Economic Consequences. Female CFO and Intellectual Capital Information Disclosure——An Empirical Study Based on China's Financial A-share Listed Companies[J]. Journal of University of Electronic Science and Technology of China(SOCIAL SCIENCES EDITION), 2021, 23(3): 89-103. DOI: 10.14071/j.1008-8105(2020)-4010

女性CFO与智力资本信息披露基于我国金融类A股上市公司的实证研究

Female CFO and Intellectual Capital Information DisclosureAn Empirical Study Based on China's Financial A-share Listed Companies

  • 摘要:
    目的/意义 以女性CFO为代表的“她力量”在企业行为决策过程中发挥越来越积极的作用。随着资本市场对金融类上市公司增强智力资本信息透明度的呼声日益高涨,有着风险厌恶与高道德标准性格特质的女性CFO如何影响金融类公司的智力资本信息披露决策无疑是一项迫切需要解答的现实问题。
    设计/方法 以2011~2016年我国金融类A股上市公司为研究对象,利用手工采集智力资本信息披露数据,首次构建测度了我国金融类上市公司的智力资本信息披露指数(ICDI),并利用该指数实证考察了女性CFO与智力资本信息披露行为间的关系以及产权性质、产品市场竞争强度对这一关系的调节效应。
    结论/发现 研究结果表明:(1)近年来我国金融类上市公司日益重视智力资本信息,披露水平呈现明显的上升趋势;(2)女性CFO显著提高了智力资本信息披露水平,即相比男性CFO,更加厌恶风险且道德观念更强的女性CFO能够对外披露更多的智力资本信息;(3)产权性质与产品市场竞争在女性CFO与智力资本信息披露关系中发挥显著的正向调节效应,即相比在非国有控股企业、竞争水平较低的环境中,在国有控股企业与激烈市场竞争环境中的女性CFO能够更有效地增加智力资本信息披露。进一步研究还显示,金融类公司的智力资本信息披露能够显著提升企业市场价值,降低企业内外部信息不对称性。多维度的研究结论为现阶段引导、规范我国金融企业智力资本信息披露、营造对女性更包容的高管培育环境提供了有益启示。

     

    Abstract: Purpose/Significance “Female power”, represented by female CFOs, plays an increasingly active role in the process of corporate decision-making. With the increasing call of capital market for financial listed companies to enhance the transparency of intellectual capital information, how do female CFOs with risk aversion and high moral standards affect financial companies’ decision-making on the disclosure of intellectual capital information is undoubtedly a real problem that needs to be solved urgently. Design/Methodology Using China’s financial A-share listed companies from 2011 to 2016 as the research subject, this paper establishes the intellectual capital disclosure index (ICDI) by utilizing the disclosure of data of manual-collected intellectual capital information, and empirically investigates the relationship between female CFOs and intellectual capital information disclosure behaviors and the moderating effect of nature of property rights and product market competition on such relation. Findings/Conclusions The results show that (1) in recent years, China’s financial listed companies pay more and more attention to intellectual capital information, and the level of disclosure indicates an obvious upward trend. (2) Female CFOs significantly improve the level of intellectual capital information disclosure. That is to say, compared with male CFOs, female CFOs are more risk-averse and have higher moral standards, disclosing more intellectual capital information. (3) The nature of property rights and product market competition play a significant positive moderating effect in the relationship between female CFOs and intellectual capital information disclosure. That is, female CFOs in state-controlled companies and fierce market competition environment can more effectively increase intellectual capital disclosure than those in non-state-controlled companies and less competitive environment. Further research also shows that intellectual capital information disclosure of financial companies can significantly enhance corporate market value and reduce information asymmetry. The multi-dimensional conclusions can provide useful enlightenment for guiding and standardizing intellectual capital information disclosure of China’s financial companies, thereby creating a more female-friendly inclusive environment for the cultivation of senior executives.

     

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