Pacific-Basin Finance Journal·Volume 40, Part A·December 2016·Pages 17–35

在薪酬与盈余管理上的性别差异：来自澳大利亚首席财务官的实证

作者：Lien Duong (Curtin Business School, Curtin University), John Evans (Curtin Business School, Curtin University)

摘要：在澳大利亚，我们调查了首席财务官（CFO）的性别差异对CFO薪酬与盈余管理的影响。从2006年至2010年间，在交易所上市的公司样本中，我们发现了CFO薪酬存在显著的性别差异，但是当使用倾向评分法来匹配女性CFO时，这种薪酬上的性别差异就会消失。女性CFO倾向于选择较多现金和较少非现金组成的风险较低的薪酬待遇，和她们的男性同事相比，她们的工资更多而奖金更少。此外，与男性CFO相比，女性CFO更加保守，并且提供更高的报告质量。与她们的男性同事相比，大体上，她们在权责发生制和收付实现制的盈余管理上都参与得更少。在盈余管理的行为和薪酬结构的选择上，男女CFO之间的差异都应该能够通过个人风险偏好的性别差异来解释。

关键词：首席财务官，管理层薪资水平，男女收入差距，盈余管理，风险规避，澳大利亚

Gender differences in compensation and earnings management: Evidence from Australian CFOs

Lien Duong (Curtin Business School, Curtin University), John Evans (Curtin Business School, Curtin University)

ABSTRACT

We investigate the impact of CFO gender on CFO compensation and earnings management in Australia. In a sample of exchange-listed firms from 2006 to 2010, we find a significant gender pay gap in CFO compensation but much of this pay gap dissipates when female CFOs are matched using a propensity scoring method. Female CFOs tend to choose less risky remuneration packages with more cash and less non-cash component, with more salary and less bonus than their male peers. In addition, female CFOs are more conservative and deliver higher reporting quality compared to male CFOs. They engage substantially less in both accruals-based and real-based earnings management than their male counterparts. The difference in behavior of earnings management and in the selected compensation structures between male and female CFOs can be possibly explained by the gender-based difference in personal risk preference.

Keywords: Chief Financial Officers, Executive compensation, Gender pay gap, Earnings management, Risk aversion, Australia

原文链接：

http://www.sciencedirect.com/science/article/pii/S0927538X16300968

翻译：何杉