高管海外背景、政治关联与企业对外直接投资决策——基于中国上市公司的实证分析

Top Management Team's Oversea Background,Political Connection and OFDI;An Empirical Analysis Based on Listed Firms in China

以我国1998—2015年沪、深A股上市公司数据为样本,对高管海外背景、政治关联与企业对外直接投资的关系进行实证分析,研究发现:(1)高管海外背景会促进企业对外直接投资。高管海外工作背景比海外学习背景对对外投资决策的影响更强些。(2)高管政治关联与对外投资决策成正相关关系。相比国有企业,民营企业高管政治关联对对外投资决策的影响更强些。(3)在国有企业中高管海外背景与政治关联的协同作用对企业对外投资决策产生负面影响,但这种情况在民营企业中并不存在明显差异。上述结论既丰富了影响我国对外直接投资决策相关因素方面的文献,对完善我国海外人才引进政策及上市公司开拓海外市场也提供了重要的借鉴作用。

Using the unbalanced panel data of Chinese A-share listed company set from 1998 to 2015, this paper analyzes the influence of top management team＇s oversea background and political connections on Outward Foreign Direct Investment （OFDI）. The results show that： （ 1 ） Top Management Teams （TMTs） with oversea background are more likely to make OFDI de- cision, and TMTs with oversea work experience have a stronger influence on OFDI decisions than those with oversea study expe- rience. （2） TMTs with political connections have a positive influence on OFDI decisions, and this influence is stronger in private companies than in state-owned ones. （3）TMTs with both oversea background and political connections will have a negative influence on OFDI decisions in state-owned companies, but not in private companies. These results have enriched the literature of the influence factors of OFDI in developing countries,and have provided references for the modification and improvement of overseas talent introduction policies and listed companies opening-up overseas markets.