Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing

Angyou Zhou

doi:doi:10.11648/j.si.20231103.18

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Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing

Angyou Zhou

Published in Science Innovation (Volume 11, Issue 3)

Received: 1 May 2023 Accepted: 22 May 2023 Published: 29 May 2023

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Abstract

In the current market, IPO underpricing is widespread, which will bring a series of serious consequences to the company and the whole market. In the enterprise, the chief financial officer (CFO), as the financial core of the senior management, bears incomparable responsibilities for the enterprise finance. The role of the chief financial officer can be further reflected in the IPO process of the company. Generally speaking, the CFOs in different stages of listing are different, so their impact on IPO underpricing is also different. Based on this background, this paper takes the micro perspective of CFO's personal characteristics as the starting point to explore its impact on IPO underpricing rate. Firstly, this paper summarizes and introduces the relevant domestic and foreign research on the influencing factors of IPO Underpricing and the background characteristics of CFO. On the basis of understanding the research conclusions made by existing scholars, this paper considers the current market situation, studies relevant theories, considers the expected purpose, and puts forward a series of hypotheses combined with the existing results. Secondly, select effective indicators and models for empirical analysis to test the impact of the background characteristics of the CFO on the IPO underpricing range, and analyze whether the gender characteristics, educational characteristics and financial professional background characteristics of the CFO have a significant impact on the IPO underpricing range. Finally, according to the research results, this paper puts forward relevant suggestions to reduce IPO Underpricing and summarizes it.

Published in	Science Innovation (Volume 11, Issue 3)
DOI	10.11648/j.si.20231103.18
Page(s)	141-145
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

IPO Under-Pricing, CFO Personal Characteristics, Potential Investors

References

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[2]	杨星. 高管团队背景特征、薪酬激励与内部控制有效性 [J]. 商业会计, 2013 (12): 82-84.
[3]	卢馨, 李慧敏, 陈烁辉. 高管背景特征与财务舞弊行为的研究——基于中国上市公司的经验数据 [J]. 审计与经济研究, 2015 (6): 58-68.
[4]	池国华, 杨金, 邹威. 高管背景特征对内部控制质量的影响研究——来自中国A股上市公司的经验证据 [J]. 会计研究, 2014 (11): 67-74, 97.
[5]	张兆国, 刘永丽, 谈多娇. 管理者背景特征与会计稳健性——来自中国上市公司的经验证据 [J]. 会计研究, 2011 (7): 11-18.
[6]	JAGADISON K, AIER, JOSEPH C, etal. The Financial Expertise of CFOs and Accounting Restatements [J], Accounting Horizon, 2005, 19 (3): 123-135.
[7]	刘杰, 周兆斌. CFO学术背景、产权性质与内部控制质量 [J]. 会计之友, 2020 (12): 61-67.
[8]	张宏亮, 王靖宇, 王淑霞. CFO异质性与盈余管理 [J]. 财务研究, 2018 (4): 79-89.
[9]	Michael Ettredge, Chan Li, Qian Wang, et al. Executive board member financial expertise and IPO performance [J], Accounting Horizon, 2021, 35 (1): 47-64.
[10]	沈怡雯, 况旺. 浅析IPO定价方式及其影响因素 [J]. 对外经贸, 2019 (7): 93-96.
[11]	高洁, 罗婷, 尹会军. 营运资金管理、高层团队特征与IPO抑价 [J]. 财会通讯, 2017 (33): 92-96.
[12]	杨芳, 罗珊珊, 任伟. 高管背景与企业盈余管理关系研究 [J]. 商业会计, 2021 (02): 81-86.
[13]	朱琪珊, 张虹, 李雷. CFO背景特征与企业绩效关系的实证研究 [J]. 商业会计, 2021 (04): 58-62.
[14]	魏然. CFO特征与公司绩效的相关性研究 [J]. 中国市场, 2020 (05): 81-83.
[15]	邱吉福, 徐佳微, 王立凤. 女性高管、内部控制与财务舞弊 [J]. 集美大学学报 (哲学社会科学版), 2022 (05): 63-73.

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Angyou Zhou. (2023). Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing. Science Innovation, 11(3), 141-145. https://doi.org/10.11648/j.si.20231103.18

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ACS Style

Angyou Zhou. Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing. Sci. Innov. 2023, 11(3), 141-145. doi: 10.11648/j.si.20231103.18

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AMA Style

Angyou Zhou. Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing. Sci Innov. 2023;11(3):141-145. doi: 10.11648/j.si.20231103.18

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@article{10.11648/j.si.20231103.18,
  author = {Angyou Zhou},
  title = {Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing},
  journal = {Science Innovation},
  volume = {11},
  number = {3},
  pages = {141-145},
  doi = {10.11648/j.si.20231103.18},
  url = {https://doi.org/10.11648/j.si.20231103.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.si.20231103.18},
  abstract = {In the current market, IPO underpricing is widespread, which will bring a series of serious consequences to the company and the whole market. In the enterprise, the chief financial officer (CFO), as the financial core of the senior management, bears incomparable responsibilities for the enterprise finance. The role of the chief financial officer can be further reflected in the IPO process of the company. Generally speaking, the CFOs in different stages of listing are different, so their impact on IPO underpricing is also different. Based on this background, this paper takes the micro perspective of CFO's personal characteristics as the starting point to explore its impact on IPO underpricing rate. Firstly, this paper summarizes and introduces the relevant domestic and foreign research on the influencing factors of IPO Underpricing and the background characteristics of CFO. On the basis of understanding the research conclusions made by existing scholars, this paper considers the current market situation, studies relevant theories, considers the expected purpose, and puts forward a series of hypotheses combined with the existing results. Secondly, select effective indicators and models for empirical analysis to test the impact of the background characteristics of the CFO on the IPO underpricing range, and analyze whether the gender characteristics, educational characteristics and financial professional background characteristics of the CFO have a significant impact on the IPO underpricing range. Finally, according to the research results, this paper puts forward relevant suggestions to reduce IPO Underpricing and summarizes it.},
 year = {2023}
}

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TY  - JOUR
T1  - Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing
AU  - Angyou Zhou
Y1  - 2023/05/29
PY  - 2023
N1  - https://doi.org/10.11648/j.si.20231103.18
DO  - 10.11648/j.si.20231103.18
T2  - Science Innovation
JF  - Science Innovation
JO  - Science Innovation
SP  - 141
EP  - 145
PB  - Science Publishing Group
SN  - 2328-787X
UR  - https://doi.org/10.11648/j.si.20231103.18
AB  - In the current market, IPO underpricing is widespread, which will bring a series of serious consequences to the company and the whole market. In the enterprise, the chief financial officer (CFO), as the financial core of the senior management, bears incomparable responsibilities for the enterprise finance. The role of the chief financial officer can be further reflected in the IPO process of the company. Generally speaking, the CFOs in different stages of listing are different, so their impact on IPO underpricing is also different. Based on this background, this paper takes the micro perspective of CFO's personal characteristics as the starting point to explore its impact on IPO underpricing rate. Firstly, this paper summarizes and introduces the relevant domestic and foreign research on the influencing factors of IPO Underpricing and the background characteristics of CFO. On the basis of understanding the research conclusions made by existing scholars, this paper considers the current market situation, studies relevant theories, considers the expected purpose, and puts forward a series of hypotheses combined with the existing results. Secondly, select effective indicators and models for empirical analysis to test the impact of the background characteristics of the CFO on the IPO underpricing range, and analyze whether the gender characteristics, educational characteristics and financial professional background characteristics of the CFO have a significant impact on the IPO underpricing range. Finally, according to the research results, this paper puts forward relevant suggestions to reduce IPO Underpricing and summarizes it.
VL  - 11
IS  - 3
ER  -

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Author Information

Angyou Zhou

School of Management, University of Shanghai for Science and Technology, Shanghai, China

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Plain Text BibTeX RIS

APA Style

Angyou Zhou. (2023). Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing. Science Innovation, 11(3), 141-145. https://doi.org/10.11648/j.si.20231103.18

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ACS Style

Angyou Zhou. Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing. Sci. Innov. 2023, 11(3), 141-145. doi: 10.11648/j.si.20231103.18

Copy | Download

AMA Style

Angyou Zhou. Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing. Sci Innov. 2023;11(3):141-145. doi: 10.11648/j.si.20231103.18

Copy | Download

@article{10.11648/j.si.20231103.18,
  author = {Angyou Zhou},
  title = {Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing},
  journal = {Science Innovation},
  volume = {11},
  number = {3},
  pages = {141-145},
  doi = {10.11648/j.si.20231103.18},
  url = {https://doi.org/10.11648/j.si.20231103.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.si.20231103.18},
  abstract = {In the current market, IPO underpricing is widespread, which will bring a series of serious consequences to the company and the whole market. In the enterprise, the chief financial officer (CFO), as the financial core of the senior management, bears incomparable responsibilities for the enterprise finance. The role of the chief financial officer can be further reflected in the IPO process of the company. Generally speaking, the CFOs in different stages of listing are different, so their impact on IPO underpricing is also different. Based on this background, this paper takes the micro perspective of CFO's personal characteristics as the starting point to explore its impact on IPO underpricing rate. Firstly, this paper summarizes and introduces the relevant domestic and foreign research on the influencing factors of IPO Underpricing and the background characteristics of CFO. On the basis of understanding the research conclusions made by existing scholars, this paper considers the current market situation, studies relevant theories, considers the expected purpose, and puts forward a series of hypotheses combined with the existing results. Secondly, select effective indicators and models for empirical analysis to test the impact of the background characteristics of the CFO on the IPO underpricing range, and analyze whether the gender characteristics, educational characteristics and financial professional background characteristics of the CFO have a significant impact on the IPO underpricing range. Finally, according to the research results, this paper puts forward relevant suggestions to reduce IPO Underpricing and summarizes it.},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - Research on the Impact of CFO Background Heterogeneity on IPO Under-Pricing
AU  - Angyou Zhou
Y1  - 2023/05/29
PY  - 2023
N1  - https://doi.org/10.11648/j.si.20231103.18
DO  - 10.11648/j.si.20231103.18
T2  - Science Innovation
JF  - Science Innovation
JO  - Science Innovation
SP  - 141
EP  - 145
PB  - Science Publishing Group
SN  - 2328-787X
UR  - https://doi.org/10.11648/j.si.20231103.18
AB  - In the current market, IPO underpricing is widespread, which will bring a series of serious consequences to the company and the whole market. In the enterprise, the chief financial officer (CFO), as the financial core of the senior management, bears incomparable responsibilities for the enterprise finance. The role of the chief financial officer can be further reflected in the IPO process of the company. Generally speaking, the CFOs in different stages of listing are different, so their impact on IPO underpricing is also different. Based on this background, this paper takes the micro perspective of CFO's personal characteristics as the starting point to explore its impact on IPO underpricing rate. Firstly, this paper summarizes and introduces the relevant domestic and foreign research on the influencing factors of IPO Underpricing and the background characteristics of CFO. On the basis of understanding the research conclusions made by existing scholars, this paper considers the current market situation, studies relevant theories, considers the expected purpose, and puts forward a series of hypotheses combined with the existing results. Secondly, select effective indicators and models for empirical analysis to test the impact of the background characteristics of the CFO on the IPO underpricing range, and analyze whether the gender characteristics, educational characteristics and financial professional background characteristics of the CFO have a significant impact on the IPO underpricing range. Finally, according to the research results, this paper puts forward relevant suggestions to reduce IPO Underpricing and summarizes it.
VL  - 11
IS  - 3
ER  -

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