CFO Gender,Stock Price Information Content Accouniting Information Quality

The efficient market hypothesis points out that the stock price is able to convey all information of a company,but subsequent research conclusions of scholars indicate that,in addition to the company's information,the information conveyed by stock price also contains other two levels:market and industry.Investors,however,are always concerned about the company-level information,so what are the factors that affect the amount of company's information conveyed by stock price?According to the existing studies,scholars mainly discuss the influence factors from macroscopic and microcosmic perspectives,among which the most micro-level researches are focused on the company level and internal companyl-evel,while the accounting information works as a concentrated embodiment of the company's overall information,the impact of which on the increase or decre-ase of the information content of stock price cannot be ignored,and the accade-mic community has already reached a consensus on the need for high-quality ac-counting information in the stock market since only such information can help t-he stock price to better play its role of optimizing resource allocation.As for the relationship between the quality of accounting information and the information content of stock price,scholars seldom discuss it from the perspective of CFO,the head of the company's financial system.In fact,the impact of CFO on the quality of accounting information-the final product of the company's financial system,is beyond all doubt.According to the "upper echelons theory",the characteristic of CFO's background will definitely impose an impact on his job field,and as a result,the influence of gender which is one of the features of a CFO's background on the relation between accounting information quality and the information content of stock price shall arouse attention from the academic community.This paper,from the perspective of CFO's gender,firstly sorts out and summarizes the information content of stock price,the relationship between the stock price information content and the accounting information quality along with the existing literature on female CFOs,then selected the non-financial A-share listed companies in China's Shanghai and Shenzhen stock markets from 2010 to 2015 as the research sample to conduct analysis on the relations among the three aspects,namely CFO gender,accounting information quality,as well as the information content of stock price,and the results showed that:(1)the better the quality of accounting information disclosed by the company,the higher the stock price information content;(2)when the CFO is female,the relationship between the quality of accounting information and the information content of stock price will be further enhanced.