本研究探討財務主管的性別對公司經營績效是否造成影響，過去文獻指出女性財務主管相較於男性財務主管更厭惡風險，因此女性財務主管會降低公司成本、提升營運資金的管理效率，預期聘用女性財務主管的公司經營績效較佳。 本文以2013至2019年台灣上市櫃公司為樣本資料，實證結果發現男性與女性財務主管的公司經營績營無明顯差異，推測可能因為女性財務主管較為風險趨避，採用較保守的會計方法，而導致延遲確認收益和加速確認損失，降低會計績效。

另外，本研究亦探討財務主管的性別對於債務資金成本是否造成影響，依據之前的文獻研究指出公司所發佈的財務報告通常是債權人做為授信條件的主要依據，而女性財務主管較為保守，因此較不會從事盈餘管理，財報品質較佳，提供債權人較佳的會計品質資訊，而取得較低的債務資金成本。實證結果發現可能因為男性與女性財務主管的經營績效無顯著不同，因此取得之債務資金成本並無顯著差異。

關鍵字：財務主管性別、公司經營績效、債務資金成本

This study explores the impact of the gender of CFO on firm performance and cost of debt. According to previous studies, the female CFOs are more risk-averse than male CFOs. Female CFOs reduce the firm's cost, increase the efficiency of working capital, and therefore have better operating performance. The empirical results show that there are no significant differences in performance between firms with female CFOs and firms with male CFOs. It might be because female CFOs are more risk-averse and adopt more conservative accounting methods, which leads to delayed recognition of gains and accelerated recognition of losses, reducing accounting performance. In addition, female CFOs are more conservative and less engaged in earnings management, the quality of financial reports is better, and they can provide creditors with better accounting-quality information.
This study expects that firms with female CFOs have lower cost of debt than firms with male CFOs. However, there is no significant difference in the cost of debt between firms with female CFOs and firms with male CFOs. The possible explanation is that the operating performance of male and female CFOs is not significantly different.

Keywords: CFO gender, firm performance, cost of debt

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網路資料
中華民國內政部戶政司全球資訊網
https://www.ris.gov.tw/app/portal/346

行政院性等平等會
https://gec.ey.gov.tw/Page/8996A23EDB9871BE

台灣證券交易所
https://cgc.twse.com.tw/boardDiversity/chPage?paginate=searchList&type=&year=&search=&offset=80&max=20