An Analysis On The Correlation Between CEO-CFO Gender And Over-investment

As an important part of financial management,investment plays an im portant role in the process of creating company value.Scientific and reasonable financial decision-making can promote the lon g-term development and value of the company;otherwise,it will hinder the developm.ent of the company and reduce the value of the enterprise.At present,many enterprises have the problem of over investment.In recent years,scholars at home and abroad began to study financial decision-inaking from the perspective of CEO's and CFO's personal characteristics,such as executives' overconfidence and background characteristics.With the deepening of the research,people realize more and more clearly that the gender characteristics of CEO and CFO play a very significant role in the efficiency of enterprise investment.Based on the above situation,relevant theories and a large number of literature,this paper wall explore the correlation between CEO-CFO gender differences and over investmen t.First of all,select 2007-2018 China's A-share listed companies as the initial sample,and finally get 7652 pieces of data after screening,and set the correct variables and measurement indicators.Secondly,combined with theoretical analysis and logical reasoning and other ways,this paper puts forward the research hypothesis of ceo-cfo gender differences on the mech anism of over investment,Thirdly,using descriptive statistics,correlation analysis,multiple regression and other empirical research methods,we get the following conclusions:(1)Female CEOs are negatively correlated with corporate over investment,and female CEOs have the effect of inhibiting over investment;(2)F emale CFOs are negatively correlated with corporate over investment,and female CFOs have the effect of inhibiting over investment;(3)Gender differences of CEO-CFOs are negatively correlated with corporate over investment The gender difference of CEO-CFOs has the effect of restraining over investment;(4)The gender difference of CEO-CFOs in non-state-owned enterprises has a strong effect of restraining over investment compared with state-owned enterprises;(5)The gender difference of CEO-CFOs has a weak effect of restraining over investment compared with enterprises with high institutional environment;(6)The gender difference of CEO-CFOs improves the enterprise value by restraining over investment.Finally,combined with the theoretical basis of this paper and the discussion of the empirical results,the paper puts forward the targeted,feasible and creative countermeasures and suggestions.