本文選題：海歸高管 + 企業(yè)風(fēng)險(xiǎn)承擔(dān)�。� 參考：《財(cái)貿(mào)經(jīng)濟(jì)》2017年12期

【摘要】：本文采用手工搜集的2001-2015年滬深A(yù)股上市公司高管海外背景特征數(shù)據(jù),基于高階梯隊(duì)理論考察海歸高管在企業(yè)風(fēng)險(xiǎn)承擔(dān)中的作用及其影響路徑。研究表明:(1)海歸高管能夠提升企業(yè)風(fēng)險(xiǎn)承擔(dān)水平,高管團(tuán)隊(duì)中海歸的人數(shù)越多、占比越大時(shí),企業(yè)風(fēng)險(xiǎn)承擔(dān)水平越高。(2)當(dāng)海歸高管在企業(yè)中擔(dān)任關(guān)鍵職位時(shí),企業(yè)的風(fēng)險(xiǎn)承擔(dān)意愿顯著更強(qiáng)。(3)海歸高管對(duì)企業(yè)風(fēng)險(xiǎn)承擔(dān)的正向影響僅當(dāng)高管從經(jīng)濟(jì)發(fā)展水平更高、投資者保護(hù)程度更好的國家獲得海外留學(xué)和工作背景時(shí)成立,反之則不成立。(4)渠道測(cè)試表明,海歸高管對(duì)企業(yè)風(fēng)險(xiǎn)承擔(dān)的影響路徑主要為研發(fā)支出和創(chuàng)新能力的提升,但對(duì)債務(wù)融資并未產(chǎn)生顯著影響。本文的結(jié)論凸顯出企業(yè)人力資本的重要性,對(duì)國家海歸人才引進(jìn)政策以及微觀企業(yè)的人才招聘和選拔均具有重要的現(xiàn)實(shí)意義。
[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.
【作者單位】： 中國人民大學(xué)商學(xué)院;Renmin
【基金】：中國人民大學(xué)科學(xué)研究基金(中央高校基本科研業(yè)務(wù)費(fèi)專項(xiàng)資金資助)“中國系統(tǒng)重要性銀行指數(shù)與金融風(fēng)險(xiǎn)預(yù)警研究”(15XNI010)
【分類號(hào)】：F272.3;F272.91;F832.51

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