本文選題：海歸高管 + 企業(yè)風險承擔　； 參考：《財貿(mào)經(jīng)濟》2017年12期

【摘要】：本文采用手工搜集的2001-2015年滬深A股上市公司高管海外背景特征數(shù)據(jù),基于高階梯隊理論考察海歸高管在企業(yè)風險承擔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)風險承擔水平,高管團隊中海歸的人數(shù)越多、占比越大時,企業(yè)風險承擔水平越高。(2)當海歸高管在企業(yè)中擔任關鍵職位時,企業(yè)的風險承擔意愿顯著更強。(3)海歸高管對企業(yè)風險承擔的正向影響僅當高管從經(jīng)濟發(fā)展水平更高、投資者保護程度更好的國家獲得海外留學和工作背景時成立,反之則不成立。(4)渠道測試表明,海歸高管對企業(yè)風險承擔的影響路徑主要為研發(fā)支出和創(chuàng)新能力的提升,但對債務融資并未產(chǎn)生顯著影響。本文的結論凸顯出企業(yè)人力資本的重要性,對國家海歸人才引進政策以及微觀企業(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】： 中國人民大學商學院;Renmin
【基金】：中國人民大學科學研究基金(中央高�；究蒲袠I(yè)務費專項資金資助)“中國系統(tǒng)重要性銀行指數(shù)與金融風險預警研究”(15XNI010)
【分類號】：F272.3;F272.91;F832.51

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