摘要
十九届中央财经委员会第一次会议强调，“要守住不发生系统性金融风险的
底线”。鉴于企业财务风险是系统性金融风险的重要诱因之一，我国企业只有主
动实施有效的财务风险防控手段，规避企业及其利益相关者重大财务损失，从源
头上遏制财务风险的传染和扩散，才能有效防范系统性金融风险的爆发。尤其是
在企业经营和发展的过程中，财务风险是需要重点识别的关键风险。作为企业的
核心高管之一，CFO既是财务决策的主要制定者，也是实际执行者，其专业能
力、风险偏好以及社会资源等都会对企业的财务运营产生重要影响。因此，有必
要探究如何充分发挥 CFO的职能来降低企业的破产可能性。
据此，本研究基于中国特有的“关系型”社会背景，从社会网络视角出发，
以 2012-2020年沪深 A股上市公司的数据为观测对象，分析并验证了 CFO如何
通过构筑不同类型的社会网络积累社会资本，进而对企业财务风险产生影响。研
究结果表明：首先，CFO社会资本能够显著降低企业财务风险，即 CFO社会资
本丰富程度越高，企业的财务风险水平就越低；其次，非国有企业的 CFO社会
资本表现出显著的财务风险抑制效应，而国有企业的 CFO社会资本与财务风险
无显著关联；最后，薪酬激励与薪酬公平性感知都会显著削弱 CFO社会资本对
财务风险的抑制效应，但该调节作用仅在非国有企业样本中得到验证。
关键词：CFO社会资本，企业财务风险，薪酬激励，薪酬公平性感知，产权性质

Abstract
The First Meeting of the 19th Central Financial and Economic Affairs
Commission emphasized that it is necessary to hold the bottom line of preventing
systemic financial risks. Given that corporate financial risks are one of the crucial
incentives for systemic financial risks, preventing corporate financial risks is the top
priority of preventing systemic financial risks. To avoid financial risks and financial
losses of companies and stakeholders, Chinese companies need proactively implement
effective prevention and curb the contagion and spread of financial risks from the risk
source. Especially during the process of business operation and development,
identifying the financial risks is very imperative. In addition, as one of the most
crucial leaders in the enterprise, the CFO is not only the policymaker but also the
actual executor of financial decisions. The constituent of the ability of the CFO, such
as his professional ability, risk appetite, and social resources, are significant influence
factors on the financial operation. Therefore, it is necessary to explore how to give
full play to the ability of CFOs to reduce the possibility of corporate bankruptcy.
Accordingly, this paper is based on the relational social background in China and
takes the data of Shanghai and Shenzhen A-share listed companies from 2012 to 2020
as the observation object. It analyzes and verifies how CFOs build different types of
social networks accumulate social capital, which makes a difference to corporate
financial risks from a perspective of social networking. The result of this paper shows
that firstly CFO social capital can significantly reduce corporate financial risks. That
means the higher the CFO social capital richness, the lower the corporate financial
risk level. Secondly, the CFO social capital of non-state-owned enterprises exhibits
the suppressed impact on financial risks. However, the CFO social capital of
state-owned enterprises is not significantly related to the financial risks. Finally,
compensation incentives and compensation fairness perspective expressively weaken
the inhibiting effect of CFO's social capital on financial risks, but only the sample of
non-state-owned enterprises verifies this moderating effect.
Key words: CFO Social Capital, Corporate Financial Risk, Compensation Incentive,
Perception of Compensation Equity, Property Rights
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