全球经济资源紧缺，各个国家越来越注重提高经济资源利用的有效性。随着 我国高质量发展理念的提出，优化社会资源配置成为全社会关注的焦点，从而推 动了企业不断地提高内、外部资源利用效率。企业投资活动俨然是资源配置优化 过程中重要的一环，提高投资活动的有效性，不仅能够促进企业价值增值，也有 利于改善整个社会的经济资源配置效率。信息不对称问题、代理矛盾层出不穷， 致使过度投资导致经济资源流向产能过剩的企业，而投资不足导致企业与良好的 投资机会失之交臂。优化企业资源配置、推动企业高质量发展、提高企业投资效 率是企业健康发展的必然选择。 财务总监转变自身角色，参与企业发展战略与信息决策，利用专业、权力独 特性在一定程度上改善企业投资效率的有效性。本文从高层梯队理论出发，综合 考虑财务总监的所有者权力、组织权力、声誉权力和专家权力，利用主成分分析 法计算出财务总监综合权力优势，研究了财务总监权力优势对企业非效率投资的 影响，既推动了财务总监治理机制的完善，也优化了企业的投资效率。外部环境 带来的机遇与挑战不容忽视，外部环境的不同对财务总监权力优势和企业投资效 率的关系产生一定的影响，本文进一步研究了在市场化进程和产品市场竞争不同 的情况下，财务总监权力优势对企业投资效率的影响。 本文以委托代理和信息不对称理论作为理论基础，理论分析了财务总监权力 优势对企业非效率投资的影响路径，以及外部环境和产权性质对二者关系的影响。 本文选取了2013-2017年全部A股上市公司作为本文的初选研究样本。首先，在 对财务总监权力优势影响企业非投资效率的理论分析基础之上，对二者的关系进 行了实证研究，并按照产权性质分组对财务总监权力优势与企业非效率投资的关 系做了进一步的研究；其次，研究了市场化进程对财务总监权力优势、企业非效 率投资二者关系的影响，进一步研究产权性质差异对市场化进程与财务总监权力 优势关系的影响；最后，分析产品市场竞争对财务总监权力优势与企业非效率投 资二者关系的影响，也探究了产权性质对产品市场竞争与财务总监权力优势关系 的影响。 本文的主要研究结果如下：（1）财务总监权力优势对企业非效率投资存在 显著抑制作用；（2）财务总监权力优势对企业非效率投资的抑制作用在非国有 企业数据组中更显著；（3）市场化水平较低的地区，财务总监权力优势对企业 II 非效率投资的抑制作用较为明显。（4）市场化进程对上述两者关系的影响在国 有企业数据组中最为显著；（5）产品市场竞争提高了财务总监权力优势对企业 非效率投资的抑制作用；（6）产品市场竞争对上述两者关系的影响在国有企业 数据组中更为显著。本文的研究结果表明企业要不断完善财务总监治理机制。适 当提升财务总监权力优势，不仅有利于完善公司治理机制，更有利于改善企业的 非效率投资问题，推动企业高质量发展。外部环境对财务总监权力优势与企业非 效率投资有较大的影响，应着重审视市场化进程、产品市场竞争等外部环境的影 响，从而优化企业内部权力机构配置，改善企业的投资效率。 关键词：财务总监权力优势；非效率投资；产权性质；市场化进程；产品市 场竞争 III Abstract Theglobaleconomyisshortofresources,andcountriesarepayingmoreandmore attentiontoimprovingtheeffectivenessofeconomicresourcesutilization.Withthe conceptofhigh-qualitydevelopmentputforwardinChina,optimizingtheallocationof socialresourceshasbecomethefocusofattentionofthewholesociety,thuspromoting enterprisestocontinuouslyimprovetheefficiencyofinternalandexternalresources utilization.Enterpriseinvestmentactivitiesareanimportantpartoftheprocessof resourceallocationoptimization.Improvingtheeffectivenessofinvestmentactivities cannotonlypromotethevalueaddedofenterprises,butalsoimprovetheefficiencyof economicresourceallocationofthewholesociety.Asymmetricinformationandagency conflictsemergeinanendlessstream,resultinginexcessiveinvestment,whichleadsto theoverflowingofeconomicresourcestoenterprises.Insufficientinvestmentleadsto thelossofgoodinvestmentopportunities.Optimizingtheallocationofenterprise resources,promotinghigh-qualitydevelopmentofenterprisesandimprovingthe efficiencyofenterpriseinvestmentareinevitablechoicesforthehealthydevelopmentof enterprises. Tosomeextent,thefinancialdirectorcanimprovetheefficiencyofenterprise investmentbychanginghisrole,participatinginenterprisedevelopmentstrategyand informationdecision-making,andutilizingtheuniquenessofspecialtyandpower. Startingfromthetheoryofhigh-levelechelon,thispapercomprehensivelyconsidersthe ownershippower,organizationalpower,reputationpowerandexpertpowerofCFO, calculatesthecomprehensivepoweradvantageofCFObyusingprincipalcomponent analysismethod,studiestheinfluenceofpoweradvantageofCFOoninefficient investmentofenterprises,andpromotesthegovernancemechanismofCFO.The improvementalsooptimizestheinvestmentefficiencyofenterprises.Opportunitiesand challengesbroughtbytheexternalenvironmentcannotbeignored.Thedifferent externalenvironmenthasacertainimpactontherelationshipbetweenthepower advantageofCFOandtheefficiencyofenterpriseinvestment.Thispaperfurtherstudies theinfluenceofthepoweradvantageofCFOontheefficiencyofenterpriseinvestment underthedifferentmarketprocessandproductmarketcompetition. IV Basedontheprincipal-agenttheoryandinformationasymmetrytheory,thispaper theoreticallyanalysestheinfluencepathofthepoweradvantageofCFOonthe inefficientinvestmentofenterprises,aswellastheinfluenceofexternalenvironment andpropertyrightnatureontherelationshipbetweenthem.ThispaperchoosesallA- sharelistedcompaniesfrom2013to2017astheprimaryresearchsample.Firstly,based onthetheoreticalanalysisoftheinfluenceofthepowersuperiorityofCFOonthenon- investmentefficiencyofenterprises,thispapermakesanempiricalstudyonthe relationshipbetweenthepowersuperiorityofCFOandtheinefficientinvestmentof enterprises,andfurtherstudiestherelationshipbetweenthepowersuperiorityofCFO andtheinefficientinvestmentofenterprisesaccordingtothenatureofpropertyrights. Theinfluenceofsupervisorypowersuperiorityandinefficientinvestmentonthe relationshipbetweensupervisorypowersuperiorityandcorporatepowersuperiorityis furtherstudied.Finally,thepaperanalysestheinfluenceofproductmarketcompetition ontherelationshipbetweenpoweradvantageofCFOandinefficientinvestmentof enterprises,andexplorestheinfluenceofpropertyrightnatureontherelationship betweenpoweradvantageofCFOandproductmarketcompetition. Themainresearchresultsofthispaperareasfollows:(1)thepoweradvantageof CFOhasasignificantinhibitionontheinefficientinvestmentofenterprises;(2)the poweradvantageofCFOhasamoresignificantinhibitionontheinefficientinvestment ofenterprisesinthedatagroupofnon-state-ownedenterprises;(3)thepoweradvantage ofCFOhasasignificantinhibitionontheinefficientinvestmentofenterprisesinthe areaswithalowerlevelofmarketization.Therestrainingeffectofinefficient investmentisobvious.(4)Themarket-orientedprocesshasthemostsignificantimpact ontheabove-mentionedrelationshipinthedatagroupofstate-ownedenterprises;(5) productmarketcompetitionhasenhancedtherestraintofthepoweradvantageofCFO ontheinefficientinvestmentofenterprises;(6)theimpactofproductmarket competitionontheabove-mentionedrelationshipismoresignificantinthedatagroupof state-ownedenterprises.Theresultsofthisstudyshowthatifenterpriseswantto constantlyimprovethegovernancemechanismofCFOandproperlyenhancethepower advantagesofCFO,itwillnotonlyimprovethecorporategovernancemechanism,but alsoimprovetheinefficientinvestmentproblemsofenterprisesandpromotethehigh- V qualitydevelopmentofenterprises.Externalenvironmenthasgreatinfluenceonthe powersuperiorityofCFOandtheinefficientinvestmentofenterprises.Weshouldfocus onexaminingtheinfluenceofexternalenvironmentsuchasmarket-orientedprocess andproductmarketcompetition,soastooptimizetheallocationofinternalauthority andimprovetheinvestmentefficiencyofenterprises. Keywords:FinancialController'sPowerAdvantage;Non-efficientInvestment; PropertyRightNature;Market-OrientedProcess;ProductMarketCompetition VII 目录 摘要..................................................................................................................................I 1绪论................................................................................................................................1 1.1研究背景.................................................................................................................1 1.2研究意义.................................................................................................................3 1.3研究内容及研究方法..............................................................................