关键词: 外籍高管, 外资参股, 制度环境, 国有企业

Abstract: Abstract：From the perspective of state-owned business employing foreign executives，an empirical study of Chinese state-owned businesses sampled between 2007 and 2018 is done to examine the influence of foreign executives on foreign equity participation， as well as the regulatory effect of institutional environment in it. It is discovered that the employment of foreign executives can effectively promote the probability and degree of foreign equity participation；compared with the state-owned enterprises that do not employ foreign executives，those that do so are not only more likely to have foreign equity participation，but with a higher degree of participation. Institutional environment facilitates the relationship between the employment of foreign executives and foreign equity participation，i.e.，in regions with a more favorable institutional environment，enterprises with foreign executives have a higher probability and degree of foreign equity participation；this conclusion is also tenable when endogenous elements are under control.Further researches find that the influence of foreign executives on foreign equity participation，as well as the regulatory effect of institutional environment，is more conspicuous in local state-owned enterprises andstate-owned commercial enterprises.

Key words: foreign executive, foreign equity participation, institutional environment, state-owned enterprise