董事的海外经历提升了企业风险承担吗?——来自中国上市公司的证据

Can Directors with Overseas Experience Improve Corporate Risk-taking?——Evidence from Chinese listed Companies

基于中国沪深两市A股上市公司的数据研究董事的海外经历对企业风险承担的影响。结果表明:董事的海外任职经历显著提升了企业的风险承担水平,但仅有海外求学经历的董事对于企业的风险承担没有显著性影响,并通过Heckman两步法等检验证实以上结论的稳健性。进一步研究发现,董事的海外任职经历对于成长性较低和位于市场化程度较高地区的企业的风险承担提升作用更为明显。结论证实了海外人才引进对于企业经营的积极影响。

Based on the observations of 2008-2016 companies listed in Shanghai and Shenzhen stock markets,we study the impact of directors’overseas experience on corporate risk taking.The results show that the directors with overseas working experience have significantly improved the company’s risk-taking,but directors with only overseas studying experience do not have a significant impact on firm’s risk-taking.This conclusion is robust after the Heckman two-stage estimation method and a series of robustness tests.Further studies have found that the director’s working experience in overseas has a much more pronounced effect on companies with lower growth rate or in areas with higher levels of marketization.The conclusion confirms the positive influence of overseas talent introduction on the corporate governance.