高管的海外经历如何帮助企业“走出去”

How can Executives’Overseas Experience Promote Outward Foreign Direct Investment

在我国推进全面开放新格局的背景下,高管海外经历特征是否以及如何影响公司的对外投资决策,是近年来理论界和实务界关注的热点。本文以A股上市公司为样本,研究发现当上市公司高管具有海外经历时,可以通过提高创新能力以促进企业对外直接投资。这一结论在一系列稳健性检验后仍然成立。进一步研究发现,在战略激进度较高、市场集中度较高的情况下,高管的海外经历对公司对外直接投资的影响更显著。本研究为促进对外直接投资提供了一定的理论借鉴。

Using a sample of Chinese listed firms for the period 2008 to 2015, we examine whether the executives’ overseas background could promote the firm’s OFDI(Outward Foreign Direct Investment).We find that executives’ overseas background is associated with higher level of firm’s OFDI, and both overseas studying and overseas working background are positively related to the OFDI. Moreover, corporate innovation appears to be underlying channels through which executives’ overseas background affects the firm’s OFDI. Further analysis suggests that the positive association between executives’ overseas background and firm’s OFDI become stronger if companies implements more radical business strategy and lie in higher industry concentration. This study provides theoretical references to the firm’s OFDI.