高管海外背景能够促进中国企业“走出去”吗?——基于我国A股上市公司的PSM估计

Can Overseas Background of Senior Executives Promote the Implement of the “Going out” Strategy for Chinese Enterprises?——Based on the A-share Listed Firms with PSM Estimate

基于高阶理论,本文考察不同类型高管海外背景在促进中国企业顺利实施'走出去'战略中所发挥的作用。通过2008~2016年我国A股上市公司数据,运用倾向得分匹配法(PSM),在有效规避内生性和选择偏差的基础上测算拥有海外背景高管的企业和不具备该特征高管企业设立海外公司的战略实施情况。研究发现,拥有海外背景高管的企业会更积极地在海外设立公司,并且海外工作背景比海外留学背景对企业海外公司的设立有更大的促进作用。在对比了不同所有制企业后发现,国有企业的海外背景高管能够在设立海外公司战略推动过程中起到最为明显的效果。本文的研究结论强调了企业人才海外背景多元化的重要性,对企业高层人才的聘任及为中国企业顺利'走出去'提供新思路。

Based on the high order theory,the purpose of this paper is to check whether the overseas background of senior executives can promote the implement of the 'going out' strategy smoothly for Chinese enterprises. On the basis of the effective avoidance in the discrepancy between endogeneity and selectivity,it measures the degree of 'going out' in enterprises which have or don’t have overseas background executives, with the method of Propensity Score Matching,through the dataset from A-shares listed corporation in China from 2008-2016. The research shows that the degree of 'going out' in enterprises with overseas background executives are apparently higher. And in different overseas backgrounds,working experience is more effective than studying background on the implementation of the 'going out' strategy. After comparing different ownership enterprises,it is considered that the overseas background executives in state-owned enterprises play the most obvious effect for promoting strategy.