Research On The Influence Of CFO Power Characteristics Of Listed Companies On The Quality Of Information Disclosures

The information disclosed by listed companies to the outside world is the main source for investors in the capital market to understand the actual operation of enterprises.The quality of information disclosed by enterprises to the outside world is related to the decision-making of information users(such as creditors,investors,regulators,etc.).The higher the quality of information disclosed,the more reasonable the decision-making of information users,and the self-interest of information users Benefit can be protected to the greatest extent,and it also plays a positive role in promoting the orderly and stable operation of the capital market.In the process of information disclosure by listed companies,CFO plays an important role.As the highest person in charge of the financial department,CFO uses the power brought by this position to affect the information quality of enterprise disclosure,and should be directly responsible for the information quality of enterprise disclosure.Based on this study,the power characteristics of each dimension of CFO and the impact of power on the information quality of corporate disclosure are very important for maintaining the orderly operation of the securities market and enhancing investors' confidence in the enterprise.On the basis of referring to a large number of domestic and foreign scholars' relevant research literature on the characteristics of CFO and the quality of enterprise information disclosure,this paper has a more systematic and in-depth understanding of the relationship between the characteristics of CFO power and the information quality of enterprise external disclosure,and has a systematic and preliminary Analysis on the current status of CFO power and the information quality of enterprise external disclosure Principal-agent theory,management power theory,information asymmetry theory and property right theory are the theoretical basis to study the relationship between the power characteristics of CFO of listed companies and the quality of information disclosed by enterprises,and then put forward the research hypothesis related to these two variables.In order to further make the research conclusions of this paper more targeted in the actual governance process of enterprises,we should consider The property right attribute is included in the analysis theory system of this paper,and the binary logistic regression model is used to regress 1904 research samples of listed companies on the A-share main board of Shenzhen Stock Exchange.The regression results show that the holding of CFO shares in state-owned listed companies is more obvious than that of non-state-owned listed companies in improving the information quality of enterprises' external disclosure In the non-state-owned listed companies,compared with the state-owned listed companies,the longer the CFO holds the post in the non-state-owned listedcompanies,the lower the information quality of the external disclosure.Finally,based on this empirical research conclusion,the corresponding policies are put forward It is suggested to improve the quality of information disclosed by listed companies.