【作者】 张昊；

【导师】 熊焰韧；

【作者基本信息】 南京大学 ， 会计学， 2019， 硕士

【摘要】 在经济全球化的大背景下,越来越多的中国人走出国门,去海外学习和工作,近年来,为了缓解人才流失,我国政府从落户、创业、税收等方面出台了一系列政策吸引海外人才回国就业,加之近年国内经济高速发展,越来越多的海外人才回国发展,其中一些进入了企业的管理层,具有海外经历的管理者在企业的各项决策中扮演起重要的角色。基于烙印理论,这些海归人才受到海外社会文化环境和经济法律制度的熏陶后,价值观念、认知结构和思维方式等可能发生变化,并在回国后延续下来,当他们加入到国内企业的管理团队中,海外经历在他们身上打下的烙印会对他们的决策行为产生重要影响。现有文献从业绩表现、技术创新等角度探究了高管海外背景对企业的直接经济后果,但是关于海归高管对整个市场更广泛的影响目前研究尚不充分。上市公司的业绩预告披露行为对投资者和分析师的决策以及整个市场的健康发展具有重要影响。我国上市公司业绩预告制度采用自愿披露和强制披露相结合的方式,虽然具有半强制性的特点,但管理层在是否披露、何时披露以及披露的精细度上仍然有一定的自由选择空间。除了受主观意愿影响,能否及时准确地披露业绩预告也有赖于管理层的能力。因此,上市公司在业绩预告披露的意愿、精细度、及时性和准确性方面的差异在一定程度上受管理层不同的决策行为的影响,而管理层的这些决策行为很有可能受到其海外经历的影响,目前学术界关于高管海外经历对上市公司业绩预告披露的影响研究仍然比较欠缺。基于高层梯队理论和烙印理论,本文以2013-2017年度中国沪深主板上市公司为研究对象,通过理论分析和实证研究相结合的方式探讨了高管海外背景对上市公司业绩预告披露行为的影响。实证研究结果表明:(1)管理层具有海外背景能显著提升公司业绩预告披露的意愿,且相较于其他职位的海归高管,CEO和董事长这两个关键职位的海归高管对公司业绩预告披露意愿的提升作用更强。当管理层具有海外经历时,相较于大陆法系国家或地区的经历,英美法系国家或地区的经历对业绩预告披露意愿的正向影响更显著。(2)管理层具有海外背景会显著降低业绩预告的精细度、显著提升业绩预告披露的及时性,而对业绩预告的准确性没有显著影响。(3)进一步研究发现,相较于高管在海外的学习经历,高管的海外工作经历对业绩预告披露的意愿、精细度和及时性的影响更显著;相较于在海外的长期经历,高管在海外的短期经历对公司业绩预告披露行为并没有显著的影响。本文通过理论分析和实证研究,丰富了高管海外背景的经济后果和业绩预告的影响因素两个方面的研究成果,并且能够为政府和企业进一步完善海归人才引进政策提供借鉴,具有较强的理论和现实意义。更多还原

【Abstract】 As an increasing number of Chinese people going abroad to work and study,China has undergone a brain drain in the past few decades.In an effort to attract the talented and the highly-skilled to come back,Chinese central and provincial government has introduced a series of preferential policies,including household registration,financial subsidies and tax breaks.As a result,the country has seen an increase in the number of employees with foreign experiences,some of which even make their way to top management in listed companies.According to ’imprinting theory’,these emigrants,during their time in foreign countries,are likely to develop characteristics that reflect prominent features of the environment and these characteristics continue to persist even if they return to China.These features may further influence management’s decision-making process.Prior empirical studies shed some light on the impact of management’s overseas background on firm performance,technological innovation and etc.,but evidence on the more extensive impact of the returnees on the capital market is insufficient.Management earnings forecast,as an important form of information disclosure of public companies,may exert far-reaching impact on investors,analysts and the capital market as a whole.The earnings forecast system of Chinese capital market involves both voluntary disclosure and compulsory disclosure,which allows management to have some discretion in deciding whether,when and how to disclose earnings forecasts.In other words,the probability,precision,timeliness and accuracy of earnings forecasts are largely influenced by firm’s top management team.However,the influence of management’s overseas background on management earnings forecasts in Chinese capital market has not yet been thoroughly investigated.This study investigates the impact of top management’s overseas experience on earnings forecast with a sample of Chinese listed companies from 2013-2017 and reaches the following conclusions.First,this study shows that management with overseas experiences significantly improves the probability of disclosing earnings forecasts.In addition,the improvement is more significant if the CEO or the chairman of the board has overseas experiences and if the experiences are from countries or areas practicing common law rather than civil law.Moreover,management with overseas experiences is related to more precise and timelier earnings forecasts.Finally,this study finds that compared to overseas study experiences,overseas work experiences are more significantly correlated with higher probability,precison and timeliness of earnings forecast.This study adds to the literature on management overseas background as well as management earnings forecast.The conclusions may be of avail to policy makers and public companies in their effort to bring in more talents with overseas experiences.更多还原