An Empirical Study of the Correlation between CFO System and the Performance of Listed Companies
研究了CFO制度特征与中国上市公司绩效的关系，发现CFO税前收入、公司规模和第一大股东持股比例与净资产收益率正相关，而由非会计背景的经理或副经理担任CFO的公司绩效显著较低。
CFO (Chief Financial Officer) is one of the most important roles in modern enterprise management. CFO system is a fundamental for corporate governance mechanism, but many Chinese companies have not yet realized how important it is to build an effective CFO system to separate management and supervision. This pa- per theoretically and empirically discusses the relationship between CFO and corporate governance, and tries to provide support for CFO system designers. In addition, the paper analyzes the correlation between positional features, CFO system attributes and the performance of China public companies. It is found that ROE is posi- tively correlates with CFO's pretax income, company size and shareholding proportion of the biggest owner, and ROEs of companies whose CFO are managers and vice managers with non-accounting background are signifi- cantly lower than other companies.