海归高管能促进企业风险承担吗——来自中国A股上市公司的经验证据

发布时间：2018-05-24 10:47

本文选题：海归高管 + 企业风险承担　；参考：《财贸经济》2017年12期

【摘要】：本文采用手工搜集的2001-2015年沪深A股上市公司高管海外背景特征数据,基于高阶梯队理论考察海归高管在企业风险承担中的作用及其影响路径。研究表明:(1)海归高管能够提升企业风险承担水平,高管团队中海归的人数越多、占比越大时,企业风险承担水平越高。(2)当海归高管在企业中担任关键职位时,企业的风险承担意愿显著更强。(3)海归高管对企业风险承担的正向影响仅当高管从经济发展水平更高、投资者保护程度更好的国家获得海外留学和工作背景时成立,反之则不成立。(4)渠道测试表明,海归高管对企业风险承担的影响路径主要为研发支出和创新能力的提升,但对债务融资并未产生显著影响。本文的结论凸显出企业人力资本的重要性,对国家海归人才引进政策以及微观企业的人才招聘和选拔均具有重要的现实意义。
[Abstract]:Based on the overseas background data of Shanghai and Shenzhen A-share listed companies from 2001 to 2015, this paper investigates the role of returned executives in corporate risk taking and its influence path based on the theory of higher echelon. The research shows that: 1) returned overseas executives can raise the level of corporate risk-taking. The more the number and proportion of overseas returnees in the executive team is, the higher the risk-taking level of enterprises is. (2) when returned overseas executives hold key positions in enterprises, Enterprises' willingness to take risks is significantly stronger. (3) the positive impact of overseas return executives on corporate risk-taking is only established when senior executives obtain overseas studies and working backgrounds from countries with higher levels of economic development and better degree of investor protection. On the other hand, the channel test shows that the main impact path of overseas return executives on corporate risk-taking is the improvement of R & D expenditure and innovation ability, but it has no significant impact on debt financing. The conclusion of this paper highlights the importance of human capital in enterprises and has important practical significance for the national policy of introducing talents to overseas returnees and the recruitment and selection of talents in micro enterprises.
【作者单位】：中国人民大学商学院;Renmin
【基金】：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)“中国系统重要性银行指数与金融风险预警研究”(15XNI010)
【分类号】：F272.3;F272.91;F832.51

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