会计学院知识库

投资是企业实现利润增长、竞争力提升、市场份额扩大的一个重要方式，但是投资效率却有高有低，甚至是有正有负。投资效率不仅影响着一个企业的生死存亡，更关乎到整个社会经济的运转效率。影响投资效率的原因是错综复杂的，所以很多学者致力于研究其影响因素以便提高企业投资效率。目前，市场对人才的需求往往偏向具有复合型和综合型背景的人才。因此，本文以CFO的多职业背景为研究切入点，探讨其对投资效率的影响。虽然对高管背景特征的研究已经相当多，但关于CFO背景特征与企业投资效率关系的研究相对较少。因此，对于CFO背景特征可能影响企业投资效率的具体情况，仍然没有充分考虑。根据本文的分析，CFO多职业背景可能会对公司的投资效率产生影响。

本文以2010—2019年中国A股上市公司数据为研究样本，实证分析了CFO多职业背景对企业投资效率的影响。除此之外还分别研究了CFO多职业背景在影响投资不足和过度投资方面可能存在的中介作用。最终研究结果如下：（1）CFO多职业背景显著提高了公司的投资效率；（2）CFO多职业背景通过缓解公司的融资约束来降低投资不足的程度；（3）CFO多职业背景通过降低自身过度自信程度来抑制过度投资的行为。本文的研究结果证实了具有多职业背景的CFO在企业投资决策中发挥的独特作用，这对于企业提高投资效率、完善CFO制度、制定合理的人才选拔和人才聘任标准具有一定的参考价值。

Investment is an important way for companies to achieve profit growth， competitiveness and market share expansion， but investment efficiency can vary from high to low， and even from positive to negative.As such， investment efficiency represents a paramount factor in determining the survival and flourishing of not just a singular company， but rather the entire social economy itself. It's a multifaceted issue， to say the least， so innumerable scholars have dedicated themselves to comprehensively examining the plethora of factors that may influence it， all in the hopes of ultimately improving corporate investment efficiency.In the current climate， the demand for personnel tends to lean towards those who possess a complex and multifarious array of talents and skillsets. Thus， this article takes as its focal point the heterogeneous and all-encompassing backgrounds of CFOs， in order to delve deeper into the potential influence they may have on the overall efficiency of investment. There has been copious research conducted on the characteristics of executives， yet relatively little attention has been devoted to the correlation between CFO background characteristics and corporate investment efficiency. As a result， the distinct contexts in which CFO background characteristics might impact investment efficiency are still somewhat lacking in full consideration.

Through empirical analysis utilizing data gleaned from Chinese A-share listed companies spanning the period of 2010-2019， this article examines the impact of CFO multi-career background on corporate investment efficiency. Furthermore， it also investigates the potential mediating role of CFO multi-career background in influencing underinvestment and overinvestment， respectively. Ultimately， the findings of this study reveal several key takeaways: firstly， CFO multi-career backgrounds substantially increase investment efficiency; secondly， CFO multi-career backgrounds mitigate underinvestment by alleviating financing constraints; finally，CFO multi-career backgrounds discourage overinvestment by reducing the CFO's own levels of overconfidence.As such， the conclusions of this study corroborate the unique and influential role that CFOs with multi-career backgrounds can play in shaping and guiding corporate investment decisions. These findings possess significant value for enterprises looking to improve their investment efficiency， better develop their CFO system， and establish more reasonable criteria for the selection and appointment of talent.