FO董事身份对上市公司非效率投资的影响研究——来自中国房地产上市公司的经验数据

Based on the perspective of the board, This paper uses Fixed-effects regression to investigate the effect of CFO directorship to non-efficiency investment of listed companies, and divides inefficient investment into underinvestment and overinvestment. The study found, after CFO entered the board, they can effectively inhibit excessive investment in listed companies, and ease the problem of insufficient investment, but easing the underinvestment of listed companies is more significantly strong to overinvestment. These results indicate that, CFO on the board can improve their financial execution, play an effective role in governance, ease inefficient investment of listed companies, and thus improve the efficiency of company resources.