在国外财务总监变更原因及变更后对公司产生的影响的相关理论基础上,对中国财务总监变更的缘由和市场反应进行了初探性研究。研究发现:中国财务总监变更之前公司业绩并没有显著下滑,在变更之后有实质性改善;股票市场总体上对财务总监变更的反应不显著为负;股票市场对财务总监的强制变更反应显著为正,而对不同业绩、不同来源和不同公司规模的财务总监变更反应均不显著。Presently, there are some academic papers about top management turnover in China. However, the research of the Chief Financial Officer turnover is still a blank. Based on the review of foreign literature, this paper aims to explore "the chief financial officer turnover in China from two aspects, i. e. , the factors influencing the chief financial officer turnover and the stock market reaction to that. Key findings reported in the paper are:(a)CFO turnover is preceded by an insignificant increase in the operating return in the pre-period, while followed a significant improvement in the operating return after the turnover; (b)announcements of CFO turnover are associated with an insignificant negative stock price reaction generally; (c) Particularly,announcements of CFO forced-turnover are associated with a significant positive stock price reaction, and other factors, such as firm performance, source of new CFO and firm size have no significant influence to the market reaction of CFO turnovers
