CAJ | 학술논문

中国企业吸引外籍人士加入到管理团队中,是因为外籍高管在国内没有复杂的人际关系,可以避开很多人情干扰,不折不扣地执行各项规定,从而更好地监督企业的运营.本文以2003-2007年所有A股上市企业为研究样本,实证结果显示,引进外籍高管,可以减少企业股权冻结的事件,降低大股东占款比例,提高企业的审计质量.外籍高管发挥了人们期望的监督作用,外来的和尚可以念好中国的经.本文的研究结论有助于认识外籍高管在中国企业的治理结构中所发挥的作用.
중국기업흡인외적인사가입도관리단대중,시인위외적고관재국내몰유복잡적인제관계,가이피개흔다인정간우,불절불구지집행각항규정,종이경호지감독기업적운영.본문이2003-2007년소유A고상시기업위연구양본,실증결과현시,인진외적고관,가이감소기업고권동결적사건,강저대고동점관비례,제고기업적심계질량.외적고관발휘료인문기망적감독작용,외래적화상가이념호중국적경.본문적연구결론유조우인식외적고관재중국기업적치리결구중소발휘적작용.
Some domestic literatures indicate that the junior managers of Chinese enterprises can not play the supervisory role well.Independent directors can not enhance the quality of corporate earnings,the supervisory board is just an institution controlled by the board of directors,and the Audit Committee may restrain managers'behavior to a certain extent,but not statistically significant.Can't foreign executives play a supervisory role either?China's enterprises are attracting more and more foreign executives to join the management team.Chinese enterprises need foreign executives who have extensive international experience.Because foreign executives do not have complicated interpersonal relationships in China,they can avoid a lot of interference,and implement the rules to better supervise enterprises operation.The performance of foreign executives is different from that of the domestic executives,and foreign executives win more people's trust than domestic executives do.Based on recent literature,three hypotheses about foreign executives will be tested in this paper.This paper adopts all Ashare listed companies from 2003 to 2007 as study sample.Empirical results show that foreign executives can reduce the probability of equity freeze,can lower down embezzlement ratio,and can improve audit quality.Foreign executives play an important supervisory role.Conclusions help to recognize foreign executives'role in the corporate governance in China.Although foreign executives have played a significant supervisory role in China,salary differences and language barriers for foreign executives are major difficulties,and trust and power for foreign executives are daunting challenge.Some companies spend huge money to hire foreign executives and special interpreters,but the bosses are nervous.They intervene with foreign executives'affairs everywhere.Although many foreign executives have impeccable professional capacity,they ale difficult to adapt to China's particular conditions and corporate culture.Foreign executives need to get into Chinese enterprises thoroughly,and play a greater role to improve the governance structure of Chinese enterprises.