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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。
Chinese enterprises attract foreigners to join the management team because foreign executives do not have complicated interpersonal relationships in the country and they can avoid the interference of many people and implement the regulations in a down-to-earth manner so as to better supervise their operations. In this paper, all A-share listed companies from 2003 to 2007 are selected as the research samples. Empirical results show that the introduction of foreign executives can reduce the freezing of corporate equity, reduce the proportion of large shareholders, and improve the audit quality. Foreign executives have exerted the supervisory role that people expect, and foreign monks can read the Chinese scriptures well. The conclusions of this study help to understand the role of foreign executives in the governance structure of Chinese enterprises.