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3717文章以2007-2019年A股上市公司为研究样本，研究CEO与CFO间社会关系（校友关系或者老乡关系）对企业投资效率的影响。研究发现，CEO与CFO存在社会关系的企业投资效率更高，并且当CEO没有财务背景时，CEO与CFO间社会关系对企业投资效率的促进作用更强。研究结果表明，CEO与CFO间社会关系有助于CEO与CFO更好地沟通，进而做出更有效的投资决策。文章进一步检验了行业竞争程度的调节作用，研究发现，当行业竞争程度更加激烈时，CEO与CFO间社会关系对企业投资效率的促进作用更强。文章为社会关系如何影响高管团队的信息沟通提供了经验证据，有助于理解高管团队社会关系网络对企业投资行为的影响。
CEO与CFO间社会关系与企业投资效率
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引用本文
何开刚, 刘莹阁, 王勇. CEO与CFO间社会关系与企业投资效率[J]. 上海财经大学学报, 2021, 23(5): 37-49.
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