The Growth Process Of Three Fortune Women CFO (Photos)

Before 1990, Ma Xuezheng was regarded as "a bright career". He was not only the director of two offices of the Chinese Academy of Sciences, but also promoted to deputy director.

In addition to being responsible for managing technology projects jointly developed by China and Europe, Ma Xuezheng is also responsible for the administration and liaison work of the world bank's research loan projects in China.

Ma Xuezheng, who has been studying English and American literature, has always called "his background is not good." I really am not a person with financial education background.

If you don't do well, change, don't blame others, and you must depend on the team.

Even if you ask me now, my colleagues in the Chinese Academy of Sciences, they would say that I was the best team of the year, leader, the best director of the Chinese Academy of Sciences.

In the experience of the Academy of Sciences, Liu Chuanzhi and Zhou Guangzhao, President of the Academy of Sciences, gave her great inspiration.

"I have been with Liu for so many years. He guided his own behavior rules. There is nothing that can not be done in the world -- bad environment, bad environment, good environment and good environment.

The formation of this idea has been put into practice in the later period of the Academy of Sciences and in the later stage of Lenovo.

I have always believed this. "

At that time, Ma Xuezheng was responsible for the cooperation project of the International Cooperation Bureau of the Chinese Academy of Sciences.

She once plated to Comrade Xiaoping, who was contacted by famous scholars, Nobel prize winners, ambassadors and Minister of science and technology. Li Zhengdao is also a good friend of her.

More than 10 years ago, recalled the first meeting with Liu Chuanzhi ten years ago, Ma Xuezheng used the word "shaking" two words.

"At that time Lenovo's work environment in Hongkong was very difficult, and it was a small company located in a dilapidated industrial area. But Liu Zong was ambitious and ambitious.

Why am I shocked? Lenovo was a small company in the Chinese Academy of Sciences. Liu combined his followers to talk about the grand plan, the strategy and the talk. It was like a general who commanded a thousand horses and commanded more than a thousand miles away.

Many years later, Ma Xue Zheng admitted that she could go to sea from the administrative position of the director of the Chinese Academy of Sciences, to a large extent, attracted by Liu Chuanzhi's personal charm.

With Ma Xuezheng's joining and Yang Yuanqing who later came out, Lenovo's "three carriages" under the leadership of Liu Chuanzhi were formed.

Liu Chuanzhi often mocked himself as "working for Ma Xuezheng". Yang Yuanqing also secretly joked that Ma Xue Zheng was a "power woman". Ma Xuezheng stressed more about the strength of the team and her ability to communicate as a CFO.

"I think my strongest point is to communicate with others.

Before I went to school, I wanted to do some communication work in the future, but I didn't want to do CFO.

In fact, in a team, what CFO does is communication, even if it's not your strength, or it's not what you want to do, you have to do so.

It is Ma Xuezheng's deep impression in many people's eyes that he is quick to speak, dry and concise, and his unique intelligence and grace.

In 1990, Ma Xuezheng officially joined Lenovo and served as assistant general manager of Lenovo Hongkong company. Later, he became Vice General Manager of Lenovo Hongkong.

Ma Xuezheng's accession quickly opened the capital access to Lenovo and led to Lenovo's appeal to the capital market.

"Yang Yuanqing trusted her and depended on her in many things.

Lenovo has become the legend of today.

A Hongkong analyst once commented on Ma Xuezheng's importance to Lenovo.

Among them, Lenovo has pformed from an obscure state-owned enterprise to the most famous private high-tech enterprise in China, and Ma Xuezheng has achieved great success.

In 1994, Lenovo was listed on the Hongkong stock exchange. In 1997, Ma Xuezheng hosted Lenovo merger in Hongkong and Beijing, bringing a new association to the international capital market.

Ma Xuezheng has also been named executive director and senior vice president of Lenovo Group. Liu Chuanzhi has appreciated it and gradually entered the core of Lenovo power.

After a series of dazzling capital operations, Lenovo handed out a very beautiful report card in 2001: Lenovo's 100 million yuan registered capital stock expanded to about 3000000000 Yuan, its market value was 29 billion yuan, and its cash flow was HK $2 billion 80 million.

In Hongkong Lenovo and Beijing Lenovo did not merge before, Hongkong Lenovo capital debt ratio was 158%, after the merger improved to 25%; the group basically did not have liabilities.

Over the past 10 years, the harsh demands of the capital market have greatly enhanced Lenovo's corporate governance.

"Lenovo has an audit committee, which is made up of independent directors, audited every quarter for the latest fiscal season, and then released. Lenovo also has a Remuneration Committee, which is made up of independent directors. The main responsibility is to review our internal compensation for senior employees, including the reward system.

This is in line with the requirements of the market, and is also a monitoring of independent directors to Lenovo executives.

At first, the two independent directors of the Remuneration Committee looked at our wages. They were not afraid of our high decision, but we felt that we were low and interesting.

Ma Xuezheng said.

From Lenovo's listing in Hongkong, Shenzhou digital division, and PCCW to joint venture with AOL, Ma Xue Zheng has gradually set up international financial standards for Lenovo, paid attention to investment and return on assets, and introduced us accounting and auditing standards.

Ma Xuezheng particularly praised the two words "pparent". "Lenovo's consistent principle of action is very pparent, and good news and bad news are all told you.

Hongkong Lenovo and Beijing Lenovo merge, Hongkong Lenovo losses, shareholders were surprised, a Chinese company can make 3 consecutive profit warning.

Be very pparent to tell your shareholders whether you are good or bad, and let him believe you.

If you don't believe him for the first time, he will be confident in your confidence and trust in the company after a year. This is not just a matter of buying stocks. "

The introduction of enterprise financial norms and general financial rules of enterprises in 1992 marked the formal breakup of China's enterprise financial system and planned accounting system, and the process of linking China's financial system with the international market has been irreversible.

The financial system of investors has also attracted much attention. Until now, many domestic enterprises have not yet formed a set of financial system for investors who are bound by managers.

Market economy requires the system of capital increment and capital preservation. How to exercise financial power and how to exercise accounting power is not entirely clear.

Connection

In 1981, Ma Xue Zheng "to find his strongest item" took the lead in England, almost back and forth, and Han Ying returned to school.

As a contemporaries, with the same mission of the times, Ma Xuezheng and Han Ying's career has been strikingly similar.

"When CNOOC was lucky enough to work with the best western financial staff, I realized that our gap was so great that my curiosity and curiosity were greatly stimulated."

In 1982, Xiamen University set up the western accounting profession for the first time in China. Han Ying did not hesitate to enroll in school for 3 years.

With the practical experience of western accounting in the past few years, the school curriculum hardly bears any burden on Han Ying, but only confirms the knowledge she learned in CNOOC from foreign experts.

Her professional courses are often among the best in the class, and many problems in practice can not be found in thin textbooks, so they plunge into the library.

"Xiamen University has a very good library. As soon as I entered, I felt that some perceptual knowledge when I was in contact with foreigners quickly penetrated into the rational level."

Han Ying found out all the latest books on western accounting standards in the library.

The librarian handed her the stack of books to the library once a day.

Based on Han Ying's practical experience, how do western financial personnel do accounting, financial analysis, forecasting and planning? What kind of knowledge does she need?

In the library, she extracts all the things she thinks may be useful, including relevant financial knowledge, accounting standards and other forms and forms.

Later, all these data became the manuscript of a book.

"When I think about leaving Xiamen University, there is no library, so I feel time is pressing."

Han Ying's school system is 3 years, and all the questions she expects to answer must be found here. For this reason, she has given up all recreational activities, and has hardly spent any time in the library after school.

When she graduated in 1985, she compiled and completed a 140 million word book, entitled "English Chinese Chinese English Dictionary", which is a reference book for western accounting.

The next thing is totally beyond expectations.

In 1986, Han Ying handed the manuscript to the Tsinghua University press, but he did not expect it to be a proofreading work for 6 years.

"Usually such a thick dictionary is written by a compiling group. Each person is responsible for one chapter or dozens of pages, but I have only one person. Every school for half a year, no one can read the lowercase letter of the English letter correctly."

When the 6 manuscripts were written down, Han Ying's content in the book had been reversed, which laid a solid foundation for her future business operations.

In 1992, Deng Xiaoping's South inspection speech laid the status of the market economy in China. In November of the same year, the Ministry of Finance officially promulgated the enterprise accounting standards and the general rules of enterprise finance. The Chinese accounting system formally broke up with the planned accounting mode with the Soviet style accounting as the template, and began to integrate with the western accounting system in an all-round way.

The English Chinese English dictionary was published by Tsinghua University press in 1993 and soon became a best seller.

This is China's first international accounting dictionary with a thousand pages in the West. It not only opens up the accounting books in the west, but it is even harder to imagine that the dictionary began to write in the first 10 years before publication.

Not long ago, Han Ying accidentally learned that the book that had condensed her years of effort had been printed eighth times, and when the first page was written on the letter paper, it was already yellowed, and she kept it carefully.

"Accounting will be gradually reduced to a marginalized discipline in the information age."

This is the prophecy made by Yang Jiwan in 1970s by Zhou Zongli as "financial manager".

In the middle of 1990s, a huge information revolution sweeping Chinese enterprises, with the Enlightenment of ERP as the climax, provided tools and conditions for financial management. The establishment of management software and information platform not only enhanced the efficiency of financial personnel, but also enabled them to devote more energy to strategic planning and decision-making.

At the same time, a large number of group enterprises were born.

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10 years of "treasure hunt"

After graduation from Xiamen University, Han Ying's vision is widened. What she most wants to do is to apply the western accounting knowledge to business practice.

After CNOOC took the first bus opened in China, in 1988, Han Ying caught up with the Sino foreign joint venture early bus - joining China's first joint venture company, HP China.

As a multinational well-known enterprise, HP has a very mature management and advanced culture.

Buried in such a "treasure mine", Han Ying began 10 years of "treasure hunt".

"HP's 10 years, my biggest gain is to make a set of advanced financial management system from almost idle state finally got a thorough and complete application.

In this process, the mature western market culture is also gradually permeated into each employee's words and deeds.

Speaking of this career, Han Ying is full of gratitude.

What HP is most attracted to Han Ying is its culture, the "way of HP".

"I like the essence of HP's culture, trust and respect so far."

Of course, more importantly, there is the essence of HP's 50 years' management process.

After fifth years in HP, Han Ying is facing a new choice. A larger multinational company wants to dig her in the past, the position is chief financial officer of China, and she was just a financial manager of HP.

"Once I wanted to leave," Cheng Tianzong, President of China's HP, said to me, "Han Ying, if you come to HP for 5 years, you will go away. You have entered Baoshan and seen many treasures, but when you go out, you are still empty handed.

It takes you at least 10 years to go out, and you can take at least eighteen Wu Yi of self-defense, and bring something you can spend all your life on.

Han Ying stopped trying to improve the idea of job hopping, and did solid work in HP for 10 years.

"I am very experienced. I really need to wait so long before you can turn HP's excellent management process into something of its own."

When Han Yinggang came to China's HP finance department, although some core financial systems were almost identical with HP's parent company, most of the financial personnel came from home, so we could only do some auxiliary work.

More fatal is that there are many special policies and practices in China, and the financial system needs data from production, manufacturing, procurement, orders and so on, which can not be satisfied at all.

10 years later, when Han Ying left, every Chinese financial officer had been able to skillfully use the system and mastered the most advanced western financial system through it.

"There is too much work to do in this process, but the most important thing is to cultivate people.

Not only financial personnel, we even trained more than 200 engineers, because many non-financial personnel also need to use the revenue management system, so that the system can really be used.

Facts have proved that Han Ying's "treasure hunt" in HP's 10 years paved the way for her CFO career.

Even after joining AsiaInfo, Han Ying was very proud of the unique information system that she matched for the company's business.

To grasp and apply the financial information system, Han Yingwei's sophisticated financial operation capability has captured accurate financial tools and methods, and laid a solid foundation for her career peak.

In 1998, Han Ying resigned from the position of chief financial officer of HP, China, and moved to Yaxin company, ushered in another major turning point in her career.

After 10 years of immersion in HP culture, Han Ying is well versed in the business ethics, accounting standards and management models. Han Ying is deeply aware of what the Western investors are concerned about, which allows her to go abroad and share with everyone in the world.

Not only that, the communication ability learned by HP in China has also had an important impact on Han Ying's work in Yaxin in the future.

"As a joint venture company, the chief financial officer of HP China plays an important role in protecting the interests of the Chinese side and letting the foreign parties be interested in investing in China. At the same time, we must win the trust of both sides before we can push the work forward smoothly.

Whether we can find a win-win combination becomes an important topic for the chief financial officer.

"The situation of Yaxin is more complicated: shareholders have relatively short term venture capital, and have relatively long-term founder investment. Small shareholders need short-term interests, and large shareholders should have relatively long-term interests."

In the face of endless new problems in his career, Han Ying's experience and ability accumulated in HP China have been fully demonstrated.

Before and after 2000, a number of Chinese enterprises entered the overseas capital market and promoted the internationalization of accounting standards.

After China's accession to the WTO, the domestic capital market has begun to integrate into the global capital market, and more domestic enterprises will be listed in the overseas market. Overseas investors are also pouring into the domestic capital market to carry out investment activities.

The accounting standards for "Chinese characteristics" were challenged, and the CFO class began to appear.

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Go to the international market!

Around 2000, almost all of them were at the same time. Yu Chuyuan, Han Ying and Ma Xuezheng all had a big test in their careers.

The great challenge is not just that they are the first Chinese elite to be named CFO, but the bigger background is that Chinese enterprises are exposed to globalization for the first time as the "post WTO timetable" draws closer.

"The biggest challenge for our industry is probably the implementation of the 404 act of 2004. I reckon that Han Ying and I are all suffering."

Yu Chuyuan's response to the 404 clause is the biggest challenge she faces.

When the reporter took the same question to prove Ma Xue Zheng, she blurted out: "ah, you reporters are too fond of asking this question, not on this matter (referring to Lenovo's acquisition of IBMPC business - I note)."

Han Ying also mentioned more than once to reporters about the huge cost of information collection, namely, labor cost, money cost and coordination cost, which was handled by the 404 bills. But what is more urgent is that as a CFO of an American listed company, it is necessary to tell investors about the future of the company at any time.

"Yaxin's stock has been fired to over $110, and has experienced ups and downs in the market. Today, we have begun to pform to the non telecom market.

The important role of CFO is to constantly analyze the risks of the company's strategy and promote the emergence of new strategies.

Even if the market suddenly changes dramatically, CFO will have plenty of time for the company to adjust its strategic direction.

Now the time limit I set for myself is that I can give the management level 7~8 months ahead of time.

Speaking of the challenge of CFO, Han Ying is as pragmatic as ever.

In Ma Xuezheng, we can also see that CFO is not surprised and calmly deal with the courage and fighting spirit. "I think I am a very complaining person, probably not like many people's habits."

As long as I am in this position, I will actively think of ways to solve the problem.

So they told me jokingly that you wouldn't call CFO, instead of chiefproblem-fixofficer.

My nature is to actively solve problems when confronted with problems.

It's as difficult as I am today, but I still insist on sitting here for an interview.

Perhaps because of environmental differences, compared with Ma Xuezheng's open-minded and Han Ying's straightforward, facing the same problem, Yu Chuyuan smiles brightly, and a "natural optimist" image.

As a partner of Arthur Andersen's China company, Yu Chuyuan witnessed a large number of Chinese companies going to the international capital market and witnessed the great gap between Chinese enterprises and international capital markets.

"The first batch of customers are mainly several large power companies, such as Huaneng Huaneng, Shandong Huaneng, and Datang company, which belongs to the North China Electricity Authority and the Beijing Tianjin Tangshan power grid. Finally, they are listed in Hongkong and London.

Huaneng International has raised $more than 600 million in foreign capital 11 years ago and has been very successful.

I am the head of the Beijing office. I need to take these people from state-owned enterprises to the SFC, the New York stock exchange and the Accounting Standards Association of the United States to communicate with them about the structure, accounting system and listing standards of Chinese companies, so as to see if they meet their requirements.

"I have been working in an American company. The way of thinking in the US is very simple. What you tell him must be explained to him. For example, this thing is equivalent to what is in the United States, so we need to give a similar example that he knows."

Yu Chuyuan's eastern wisdom played an important role. "At the time, preparations for the listing of Chinese electric power enterprises were separated from the power generation and power grid in the United States, bidding for the Internet, but there was a pricing mechanism in the country, such as the repayment of principal and interest, and then approved by the price bureau. The power plant combined with power generation and power grid two functions.

In the United States, this will involve two completely different accounting standards. We must communicate with them that the accounting standard we choose is applicable to the similar accounting standards of the US power grid, such as the international Huaneng company, which belong to public utilities.

On the other hand, we must make things clear about Chinese characteristics.

This kind of work is almost like plating.

After finishing the listing of these companies, Yu Chuyuan also practiced a real Beijing dialect.

In early 1995, Yu became the head of the DLJ investment bank in China.

DLJ is a very specialized investment bank in the United States.

BillDonaldson, founder of the New York exchange and founder of Yale University business school, is the latest chairman of the SEC.

After Yu Chuyuan joined DLJ, there are a large number of Chinese Listed Companies in the US: PetroChina, Sinopec, China Mobile, Beijing Yanhua, Jilin chemical industry, Guangzhou Shenzhen railway.

The difference is that these include Sohu and AsiaInfo, a private enterprise that later became her new employer.

"From time to time, I have witnessed that China has never gone from the state owned enterprise to the private sector in the overseas listing process."

Yu Chuyuan said.

So far, 61 Chinese enterprises have landed in the international capital market.

But in Yu Chuyuan's view, the gap between Chinese enterprises and large international companies has not narrowed.

"Take the board structure as an example, a large part of American companies are independent directors, but many domestic SOEs are named as officials and are also affiliated officials.

There are so many state-owned enterprises that I don't have much time to say "no" to CEO.

The desire for internationalization of Chinese enterprises is more deeply felt by Ma Xuezheng. She spent nearly 10 years to "turn Lenovo into a very pparent company". And a few years ago, Ma Xuezheng once confidently declared to the outside world: "in 3 years, we must bring our alliance to the world."

"Now everyone likes to talk about localization and global economic integration. Localization is not just about setting factories in China, but also to sell Chinese products overseas. Even if it's internationalized, there are too many companies that have internationalized standards. Our enterprises have not yet achieved such corporate governance, compliance and shareholder interests."

In Ma Xuezheng's view, the internationalized company has at least two qualities: first, the company's products occupy a place in the international market; secondly, the quality and consciousness of the internal management and management of the company should meet the requirements of the international company.

Today's Lenovo has already started on these two points.

A good CFO is not an independent person. He grew up with an enterprise.

My heart always has a pursuit. The prosperity of a country actually needs a very healthy business group. "

Han Ying said.

She was proud that every day she worked with all employees of AsiaInfo for such a goal.

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Standing behind China

"The financial records or financial reports of Chinese listed companies, like Chinese family women cooking, throw a little bit of this and throw them together, and cook them together until the end, investors can't see anything.

After decades of planned economy, it suddenly became a requirement for listed companies to make profits, making the practice of "cooking a pot of porridge" intensified.

This is the beginning of the article in Hongkong Asia Weekly, entitled "the example of honesty and good faith in China" around 2000. It is a general allegory of the lack of credibility among Chinese enterprises.

"Not only do I disagree with this statement, but I am also determined to demonstrate that our accountants can be as excellent as American accountants.

They are honest and trustworthy.

Each mention of such a description, Han Ying deeply touched.

Yu Chuyuan also very much agrees with this statement. "Professionally, I still feel that things are better than life.

My definition of being successful is that if one thing is between two things, others are willing to give you a hand and pull you, then you will be successful.

To be an enterprise is to be a man.

"China's CFO must also be strong itself," Han Ying said. "The emergence and rise of a class is definitely not what the class wants to do, but rather the need of the market.

Today's Chinese enterprises need CFO talents more than ever.

"Her experience is so deep that almost every day people call to help her find the right CFO, especially CFO, which is familiar with the 404 clause of the Sarbanes Oxley act.

"The market sends out such a signal. In this stratum, you have no choice but to grow up as soon as possible and constantly improve yourself to meet the needs of the market."

CFO is not a simple accounting to serve the success of enterprises; CFO is not a leader, but a designer of enterprise value management; CFO is not a power person, but a powerful, cohesive, leading and communicating person; CFO is not to lead a company, but to lead a team.

In addition to finance, taxation, law, ERP, investor relations, CFO is also responsible for sales, procurement, mergers and acquisitions, and so on. It has to face many professionals who do not know their own business. This requires him to be Leader of a team.

CFO also needs to be sensitive to risks, support CEO to achieve its strategic direction, and at the same time reduce enterprise risks to controllable limits.

Called "Korean teacher", she often grasped every opportunity to appeal to and disseminate her own understanding of CFO.

"A strong Chinese economy needs a strong and healthy enterprise group to create. A strong and healthy enterprise group calls for a large number of internationally competitive CFO to participate in management. I hope that one day in China there will be a CFO exchange platform to pmit this idea to more Chinese enterprises. I would like to contribute to this.

China does not lack CEO, but it lacks CFO.

For example, if CEO is number 1, the CFO of all Chinese companies is No. 0. My experience is that when there are so many CFO like CEO, the CEO will not fall down. "

Han Ying said that this is the mission of China's CFO.

Similarly, Ma Xue Zheng, who is also famous for its success, was twice rated as one of the 50 most powerful women in the world by "fortune" in the United States. Ma Xue Zheng's reaction was very indifferent: "it is not what I have, but because I am standing behind Lenovo, standing increasingly open and strong China."