The Impact Of CFO's Power Characteristics On Real Earnings Managemen

Earnings information as one of the main contents disclosed in the annual financialreport of listed companies is not only the most intuitive reflection of the business situation,but also an important basis of investment decision-making for the capital market investors and other stakeholders,plays an important role in efficient allocation of resources.The real earnings management behavior will seriously distort the real earnings information,and even harmful to the long-term development of enterprises.As the chief financial officer of the company,CFO plays an important role in the reliability of accounting information.Therefore,it is of great theoretical and practical significance to study the real earnings management of CFO from the Power point of view.Based on comprehensive combing research results of domestic and abroad,based on the information asymmetry theory,principal-agent theory,corporate governance theory,managerial power theory,draw on relevant research results of managerial power theory,independent CFO management group,it is first divided into organizational power,power all power,expert power,reputation power,power balance characteristics of the five dimensions,and selected the influence mechanism on the levels of real earnings management,empirical research on the dimensions of the proxy variable power characteristics further analysis,comprehensive power to measure the index of CFO synthesis of CFO power through the whole principal component,an empirical study of the influence on the real earnings management.This paper selects the 2011-2015 A total of 1515 A-share listed manufacturing companies as samples,through the empirical analysis we draw the following conclusions:(1)CFO as internal directors,can enhance the effect of corporate governance,inhibit the management of real earnings management behavior,and the proportion of shares,financial related professional title and education level and the management should be true the degree of negative correlation;(2)CFO internal ofFaculty excessive part-time positions,will lead to rising levels of real earnings management.(3)the higher the compensation ratio between CFO and CEO,the greater the difference between the two shareholding ratio,the higher the level of real earnings management.(4)CFO power and the management of real earnings management behavior of the existence of a reverse change.Finally,according to the current development and research results of CFO system in China,from the perfect legal supervision,perfect CFO system,the establishment of certification norms and operation suggestions are proposed in detail,in order to promote China's CFO establishing and perfecting the system to contribute their strength,give full play to the CFO financial supervision function,reduce the real level of earnings management of listed companies the protection of the interests of shareholders.