| Since the late1990s, with the rapid transformation of industrial economy to knowledge economy and the widespread use of the computer technique, the whole enterprise management mode is constantly changing, focusing on improving the efficiency of resource allocation. In addition, the maximum value is also popular in the management of the whole enterprise. So if the enterprises want to achieve their own values and make its continuous growth, solely relying on the strengthening of the environmental adaptability and flexibility is not enough, while continuously improving the governance mechanism is a pressing matter. The last century sixty’s, along with the development of modern enterprise system, CFO system emerge as the times require. For the deepening of the reform, the CFO became the partner of strategic management of CEO. They support each other, make progress together, and play a role in leading the company changes who play a decisive role on the road. Their mission includes holding the responsibilities the shareholders entrusted, participating the whole process of the company’s operation, making the company’s development strategy and making significant matters. During the series of change progress, their levels of ability and quality have been improved, at the same time, along with the transformation of the role, of mission has also undergone tremendous changes. However, the knowledge of CFO in China is far from enough, and is still in the fuzzy state. The requirements of the position, function and quality is not very clear, not mention to the specification, and also for the related system is still not perfect. So in general, it is still a challenge. The reform of the current system of the market economy is gradually thorough, the modern corporation system is going to be perfect, and the relevant financial functions of the company is also gradually to permeate in all aspects of business, but many listing corporation are still not aware of the important role the CFO plays in improving the value of the company’s level. So developing the CFO system in accordance with China’s economic development is urgent. Based on the basis of the theory of the principal-agent theory, corporate governance theory, incentive theory, the maximum value of the company, the empirical research on the value relevance of CFO features of China’s listing Corporation. Select the CFO gender, age, education, whether the ownership, whether as a director as explanatory variables, the use of descriptive statistics, systems analysis, multiple linear regression analysis method, through the SPSS software to verify the relationship between personal characteristics, listing Corporation CFO China job characteristics and corporate value, in order to provide reference for improvement of CFO system. The main research contents and achievements include:The first chapter mainly introduces the research background, research significance, research ideas and research methods and innovations and shortages of this paper;The second chapter conducted a literature review on the CFO and the value of the company. And on the research at home and abroad at present about the CFO system are summarized and pointed out the research direction of the next possible;The third chapter introduces the meaning of CFO, basic quality of CFO, characteristics of CFO, status and problems of CFO, and the company value definition, lay a foundation for analysis theory;The third chapter introduces the theory of CFO and the value of the company, including principal-agent theory, corporate governance theory, human capital theory, corporate value maximization theory lay a foundation for empirical analysis;Fourth chapter has carried on the empirical analysis of CFO features and the value of the company. In order to ensure the integrity of the data and analysis, according to China’s2010-2012listing Corporation data as the sample, removed from ST company, a total profit of less than0and can’t get data or missing data,1438samples were obtained. Select the variables in determining the relevant assumptions, TobinQ, as a measure of the value of the company explained variable, CFO characteristics of the explanatory variables include gender, age, degree of CFO, whether the ownership, whether as a director, term of office. Definition of variables, get the final results through use of SPSS20.0software for data analysis;The fifth chapter on China CFO system. Through the SPSS software verification correlation, and then proposed to increase the value of the company’s advice. |
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