CFO Financial Execution Ability,Environmental Uncertainty And Investment Efficiency

Investment is one of the essential prerequisites for the survival and sustainable development of modern enterprises and also the necessary means to reduce the risk of enterprise operation.Enterprise investment decision is not simple programming process,it is a strategic decision,the effectiveness of the decision making will directly affect the enterprise investment behavior,determine the overall investment of high and low efficiency.And CFO,as one of the top management of enterprise,should be in the process of enterprise investment decision give full play to their own professional function,avoid waste of enterprise resource,guide the enterprise resources reasonable,inhibit the excessive investment and inadequate investment behavior of enterprises,improve the investment efficiency of enterprises.However there is a widespread CFO in current enterprise ability and the phenomenon of the lack of power,lead to CFO function display effect is not very desirable,thereby affecting the stipulation and implementation of enterprise's overall investment decision.So this article is based on the perspective of CFO ability and power,build the CFO financial executive force index,and explores the CFO financial executive force impact on the efficiency of the enterprise investment,in order to promote the efficiency of corporate investment and establishing and perfecting the CFO system to provide corresponding basis.At the same time,the investment behavior of enterprises is not only influenced by internal factors,but also influenced by external factors,mainly the uncertainty of external environment.Fluctuations in the external environment of enterprise should not be ignored,the influence of environmental uncertainty recently popular scholars attention,so this article will environmental uncertainty into the scope of study,to explore the environment uncertainty on the CFO financial executive force and the influence of investment efficiency relationship between them.Based on the principal-agent theory and bounded rationality theory and advanced management theory,the CFO financial executive force and the relationship between the investment efficiency,environmental uncertainty and the relationship between the investment efficiency and environmental uncertainty of CFO financial executive force and the influence of the relationship between investment efficiency are analyzed in theory,and proposes the corresponding research hypothesis.The empirical part,this article selects 2012-2016 a-share listed companies as samples,according to the corresponding principles and screening out,use Stata14.0 and Excel2011 statistical analysis software,the methods of principal component analysis,multivariate regression analysis,empirically the CFO financial executive force,environmental uncertainty about the company's investment efficiency effects,and environmental uncertainty of CFO financial executive force and the influence of the relationship between the investment efficiency.The research results show that CFO financial execution is positively correlated with enterprise investment efficiency,that is,CFO financial execution ability can promote the improvement of enterprise investment efficiency.Environmental uncertainty is negatively correlated with enterprise investment efficiency.When the environmental uncertainty of the enterprise is at a high level,the investment efficiency will be reduced.Environmental uncertainty weakens the positive impact of CFO financial execution on investment efficiency.At the same time,according to research conclusions: on the one hand,the enterprise shall formulate reasonable governance mechanism,establish and improve the system of CFO effectively,the CFO unique role to play in enterprise investment decision making,avoid the phenomenon of excessive investment and inadequate investment,improve the investment efficiency of enterprises.on the other hand,the external environment of the volatility will affect the company's internal governance and operating conditions,the environmental uncertainty at a higher level,the enterprises should improve the corporate governance mechanisms to effectively restrain the risks of environmental uncertainty,improve the investment efficiency of the enterprise.