摘要
本文选取中国沪深两市2008—2016年的A股上市公司为初选样本,研究了高管团队海外经历对企业创新活动的影响。结果发现,企业高管的海外经历能有效促进企业的创新活动,在运用倾向得分匹配和Heckman两阶段检验控制自选择效应后,结论仍然成立。本文进一步探究了这种影响的作用机制,发现海归高管能通过提升企业的人力资本和改善公司治理环境两种渠道对企业创新产生积极影响,但影响机制主要体现为海外工作经历这一特征对创新的促进作用。此外,本文的研究结果还表明企业高管团队海外经历对创新活动的影响比董事海外经历的影响表现得更显著。本文的结论凸显了人力资本在企业经营阶段的重要性,有助于为我国企业在雇用海外人才策略方面提供参考意见,并为我国当前的人才引进政策提供经验支持。
This paper selects the A-share listed firms in China’s Shanghai and Shenzhen stock markets from 2008 to 2016 as the primary sample,and empirically study the impact of the overseas experience of the top management team on corporate innovation.We find that the overseas experience of the top management team is positively associated with corporate innovation,and the association is still robust after using propensity score matching and Heckman two-step sample selection model.Further channel analyses indicate that the returnee management team positively affects corporate innovation by improving the firms’human capital and corporate governance environment,and the influence mechanism of overseas work experience is more pronounced.Moreover,the positive impact is more pronounced for executives with overseas experience.Overall,our results highlight the importance of human capital in the business,help to provide guidelines in hiring overseas talents in Chinese firms,and provide empirical support for China’s current talent introduction policy.
作者
代昀昊
王砾
孙晓伟
Dai Yunhao;Wang Li;Sun Xiaowei
出处
《金融学季刊》
2020年第4期23-59,共37页
Quarterly Journal of Finance
基金
教育部人文社会科学研究一般项目(17YJC790018)
国家自然科学基金青年项目(71702061,71902185)
中南财经政法大学中央高校基本科研业务费专项资金(2722020JCG082)的资助
关键词
高管团队
海外经历
企业创新
人力资本
top management team
overseas experience
corporate innovation
human capital
