高管海外经历促进技术创新的机理与路径

How Does Executives'Overseas Experience Promote Technological Innovation

加快建设世界重要人才中心和创新高地,如何发挥好有海外经历的高管这一国际经济技术交流重要载体在技术创新中的作用成为重要议题。本文基于中国沪深A股上市公司微观数据,发现高管海外经历明显促进了企业创新数量和质量提升。机制分析发现有三条影响路径:一是有效增加了管理层多元化,降低了管理层短视问题;二是提高管理层的自信水平;三是优化了创新要素配置结构,提高高素质人力资本比重,增加研发资本要素投入。异质性分析发现,高管海外经历对高技术企业和大企业实质性创新的激励更强。本文为更好实施“创新驱动”及“人才强国”两大战略提供了政策参考。

Accelerating the construction of the world's important talent center and innovation highland,and giving full play to the role of executives with overseas experience,an important carrier of international economic and technological exchanges,in technological innovation,has become important issues.Based on the micro data of A-share listed companies at the Shanghai and Shenzhen stock markets,this paper shows that the introduction of overseas executives has significantly promoted the increase of the number and quality of innovations.Further mechanism analysis suggests that:Firstly,effectively increased the diversification of management and significantly reduced the shortsightedness of managerial levels;Secondly,the introduction of overseas returnees from enterprises improves the confidence level of management;Thirdly,the overseas returned executives of the enterprise have optimized the internal structure of innovation factor allocation,increased the proportion of high-quality human capital,increased research and development capital factor investment.The heterogeneity analysis finds that overseas returned executives have stronger incentives for the substantive innovation in high-tech enterprises and large enterprises.This paper provides empirical evidence for the improvement of talent policy and system,and provides policy implications for better implementation of the strategy of innovation driving and the strategy of reinvigorating China through human resource development.