The Research On The Influence Of CFO Turnover On The Investment Efficiency

With the rapid economic development and enterprise increasingly fierce competition for today’s society, the talent is self-evident in enterprise development plays an important role, the first prerequisite is to develop the scientific concept of development, the core is people-oriented. For the first capital of the training and the use of a key enterprise core competitiveness, corporate executives as leaders, is the heart and soul of the company, their corporate strategy and direction of play decisions about the company’s direction and destiny. In this critical period of economic restructuring, investment companies determine the development of enterprises, and in the modern enterprise, CFO has been moving away from the previous "Mr. steward" of simple financial functions, more time and energy to the enterprise’s strategic decision-making, there is great right in deciding the investment decisions for the survival and development of enterprises play a vital role. Therefore, CFO change gradually is seen as one of the company’s major decisions on the future development of business strategies and operating performance has a negligible impact.Core activity is to invest in corporate finance, corporate financial management but also its fundamental investment, science investment decisions, investment decisions can be fed efficiently bring more discounted cash flow value, the highest on the basis of existing funds income. Therefore, decision-making and investment efficiency investment enterprise is a fundamental decision to increase corporate value. But in the reality of corporate activity, and did not use the best of all possible investment decisions, investment inefficiencies prevalent in China’s enterprises in the investment process. In today’s society, corporate investment efficiency problems are more widespread attention. Previous studies scholars affect the company’s ownership structure, the level of cash flow, debt levels, and corporate governance and environmental efficiency of investment has done a lot, but especially the impact of the current research on executive changes CFO changes to the investment efficiency is still little, CFO thesis is whether the changes will affect the efficiency of investment, and further time-based point of view on the CFO change with the change before the date approaching change on investment efficiency, and investigated whether there will be changes next year CFO inadequate investment or investment over the situation and study the different levels of different sources CFO successor impact on the efficiency of investment. This study will fill the CFO impact of changes to the investment field blank, help managers continually improve our market, and constantly improve the management and decision-making ability of senior management to continuously improve the efficiency of practical significance of corporate governance. Based on the above analysis, the influence of changes to the investment thesis CFO efficiency is of great significanceContents of this paper are as follows:The first part is an introduction, the paper describes the framework of the background and significance, research ideas and methods, and articles; second part of the literature review, research status at home and abroad about the changes and the efficiency of investment executives systematically combing factors executives from major changes, aspects of executive and senior management changes and earnings changes and corporate performance, etc., and the relevant research results at home and abroad were evaluated, and the thesis put forward views; Part III To change the basic theory of executives of listed companies and investment efficiency, first define the concept of executive and senior management changes described factors; followed by defining the concept of investment efficiency and its influencing factors; finally elaborated executive changes and investment efficiency The theoretical basis of the relationship, that agency theory and corporate governance theory; fourth part is the CFO change and investment efficiency hypothesis put forward. Made in accordance with the second part of the underlying assumptions and the third part; fifth part is an empirical analysis of CFO changes affect the efficiency of investment. According to the underlying assumptions fourth part, select the sample, building related key variables and empirical regression model, descriptive statistical analysis and correlation analysis of the variables, using multiple linear regression analysis to verify the efficiency of investment CFO change influence; Part VI of research findings and policy recommendations. Of Part V summarizes the conclusions and recommendations made in accordance with the relevant policies and conclusions the presented research papers is limited outlook.