A Empirical Study Of The Correlation Between CFO Background Characteristics And Enterprise Operating Performance

Given the nature of the enterprise for the purpose of profit,how to improve the operating performance of companies has always been a high research topic in both business and research community.Based on Upper Echelons,studies about relation between the background characteristics of enterprise senior team and business activity has lifted a boom both at home and abroad that believe managers' personal characteristics have a large extent influence on the choice of the management behavior,and in the management of the enterprise management activities driven by their personal characteristics,then affect the performance of the organization.The author believes that the roles of CFO have changed from the traditional financial supervision function infiltrate to business strategy support while the current corporate governance environment is complex,with they tend to undertake more and more responsibilities.However,their knowledge and ability is limited,when making decisions and choices they often under the drive of background characteristics which is based on their cognitive abilities and values to judge decisions,so from this perspective,to study CFO the impact background characteristics on business performance has a theoretical basis and practical significance.This article studies the influence of CFO background characteristics on the enterprise operating performance and if working capital management plays a bridge role in the relationship.Select dates related manufacturing companies of the A shares' from 2011 to 2015 of the stock market as the initial sample.This article selects the CFO gender,education level,professional level as the explained variable,chooses working capital turnover as a intervening variable,and Return On Equity(ROE)is chosen to be explained variable,then tests the relationship between the CFO background characteristics and the enterprise operating performance through a built regression testing model of mediation effect.The empirical results show that there is significant correlation between the CFO background characteristics and enterprise operating performance,such as,the CFO education level and professional level of enterprise business performance have a significant positive correlation on the enterprise operating performance,while the management of working capital plays a partial intermediary role.Finally through the analysis of the empirical research conclusions,there are some reasonable Suggestions: Pay attention to the CFO background characteristics in recruitment;Strengthen the supervision and management of working capital;Improve the CFO position in CFO management system;Fully publish information related CFO,etc.At last based on some limitations and deficiencies in the study of this article,the author gives a research prospect for the future to make the research of this thesis is continuously perfect.