高管海外经历与企业全要素生产率

Executives Overseas Experience and Corporate Total Factor Productivity

依据2007-2016年沪深A股上市公司数据,考察高管海外经历对企业全要素生产率的影响。结果发现:高管海外经历正向影响企业全要素生产率。从内部制度环境角度来看,企业内部控制质量越高、薪酬制度越完善,高管海外经历对企业全要素生产率的影响越显著;从外部制度环境角度来看,高管海外经历对企业全要素生产率的影响在政府监管较好、存在机构投资者持股以及市场化程度较高地区的企业中更显著。

Taking the 2007-2016 Shanghai and Shenzhen A-share listed companies as the research object,the impact of overseas experience of executives on the total factor productivity of enterprises was investigated.The study found that executives'overseas experience positively affected the corporate total factor productivity.Further,from the perspective of internal institutional environment,the higher the internal control quality of the enterprise and the more perfect the compensation system,the more significant the impact of the overseas experience of the executives on the total factor productivity of the enterprise;from the perspective of the external institutional environment,the executives'overseas experience on the total factor productivity of the enterprise,the impact is more pronounced in companies with better government regulation,institutional investor holdings,and higher marketization.