【摘要】 高管团队的背景特征形成其知识和关系资源，对企业成长尤为关键.知识资源和关系资源影响企业成长的路径如何?基于高阶理论和资源基础理论，对我国A股上市企业2010—2019年间的18 098条非平衡面板数据的实证研究，揭示高管团队海外经历和本土关系对企业成长影响的差异性.研究发现：高管成员的海外教育背景对企业成长有正向促进作用，海外工作经历的影响不明显；高管成员的政治背景对企业成长有明显的促进作用.高管团队的海外教育经历和工作经历与政治关联的交互作用均对企业成长有明显的促进作用.研究结论不仅凸显了智力资本对于企业成长的重要性，为“海归董事热”提供佐证，而且进一步印证了关系资本对于企业短期发展的不可或缺性.更多还原

【Abstract】 The background characteristics of top management team form its knowledge and relationship resources, which is particularly critical to the growth of enterprises. How do knowledge resources and relationship resources affect the growth of enterprises? Based on the high-order theory and resource-based theory, this paper studies 18 098 unbalanced panel data of Chinese A-share listed companies from 2010 to 2019, and reveals the differences in the influence of top management team’s overseas experience and local relationship on enterprise growth. It is found that the overseas education background of the top management team has a positive effect on the growth of the enterprise, while the influence of the overseas work experience is not obvious, and the political background of top management members has a significant role in promoting the growth of enterprises. The interaction of overseas education experience, work experience and political connection of top management team can significantly promote the growth of enterprises. The research results not only highlight the importance of intellectual capital for the growth of enterprises, provide evidence for the “Returnee Directors Fever”, but also further confirm the indispensability of relationship capital for the short-term development of enterprises.更多还原