【摘要】 基于2011-2017年中国A股上市公司数据,文章以海外经历作为高管文化特征的代理,从文化视角探索公司高管团队海外背景对企业创新的影响。研究发现,海归高管显著促进了企业创新投入。受组织异质情境影响,当企业财务冗余水平和高管持股比例越高时,海归高管的创新促进效应越明显。作用机制检验表明,海归高管通过提升高管团队风险偏好和自信度促进创新投入。进一步研究表明,海归高管通过促进创新投入提升了发明专利申请量。此外,与海外工作经历相比留学经历更能促进企业创新,同时具备两种经历的高管对企业创新的作用则明显大于仅拥有单一海外经历的高管。文章从文化趋同视角拓展了对海归高管创新决策内在逻辑及其作用边界的理解,丰富了高管早期经历主题研究文献,也为合理评估国家公派留学、高端引智等政策的实际效果提供了微观企业层面的经验证据。更多还原

【Abstract】 Based on the data of Chinese A-listed companies from 2011 to 2017, taking overseas experience as the agent of the cultural characteristics of executives, this paper explores the impact of the overseas background of the executive team on enterprise innovation from a cultural perspective. The study finds that overseas experience is a process in which executives “contact,adapt and integrate” western individualistic culture. The value cognition system of returnee executives has implanted more individualistic cultural factors, so they may show stronger willingness and ability to innovate. Specifically, the greater the proportion of returnee executives in the team, the higher the intensity of enterprise innovation investment. In addition, this relationship shows differences with different corporate situations. It is found that the rich financial slack in enterprises can not only provide resource support for the innovation decision-making of returnee executives, but also ease the sensitivity of executives to the risk of innovation projects.Management equity incentive can not only relieve the risk aversion of local executives and make it easier to form a synergistic effect with the innovation of returnee executives, but also further stimulate the risk-taking level of the whole TMT and promote innovation. Empirical test results show that, the more reconfigurable financial slack resources the enterprise has, and the higher the shareholding ratio of executives is, the more returnee executives can promote enterprise innovation. The mediating effect test shows that returnee executives promote innovation by improving the risk characteristics and self-confidence of the executive team. Further research finds that returnee executives increase enterprise invention patent applications which are partly achieved through increased investment in innovation. Finally, this paper distinguishes the overseas experience of executives. The study finds that overseas work experience can promote enterprise innovation more than overseas study experience. Meanwhile, executives with overseas study and work experience have a significantly stronger impact on enterprise innovation than executives with only a single overseas experience. This shows that the positive impact of executives’ overseas background on innovation may also have the corresponding characteristics of cultural scenes. That is, there is a cultural migration of overseas work scene to domestic work scene. From the perspective of cultural convergence, this paper expands the understanding of the internal logic and function boundary of the innovation decision-making of returnee executives, and also provides empirical evidence at the micro enterprise level for reasonably evaluating the actual effect of national policies such as government-sponsored overseas study and top-level talent introduction programs.更多还原