高管海外经历多元化与企业研发投入--基于国籍的维度

Diversification of Senior Executive Overseas Experiences and Enterprise R&D Investment:Nationality-based Dimension

以2009—2019年中国创业板上市公司为样本,研究高管海外经历多元化程度是否会影响企业研发投入决策,并进一步分析企业不同研发强度和股权集中度对二者之间关系的影响。实证结果显示:在国籍维度上,高管团队海外经历多元化与企业研发投入呈倒“U”形关系,高管团队在一定范围的海外经历多元化有利于企业研发投入的提高;研发强度高的企业,高管团队海外经历多元化对研发投入的正向和负向影响都被强化;而随着股权集中度的提高,高管团队海外经历多元化对研发投入的正向和负向影响都被弱化。建议政府继续加强制定引进海外高层次人才政策、完善体制机制,企业搭建合理而具有多元化海外经历的高管团队结构、形成持久竞争力。

Based on the data of Chinese GEM listed companies during 20092019,this paper examines whether the diversity of the countries where executives obtain their overseas experience will influence enterprises'R&D investment decision,and further analyzes the impact of enterprise's R&D intensity and ownership concentration on the relationship between the two above.The empirical results show that,based on the nationality dimension,the diversification of the overseas experience of the senior management team and the enterprise's R&D investment are in an inverted U shaped relationship,the diversification of the senior management team's overseas experience in a certain range is conducive to the increase of corporate R&D investment;as the R&D intensity increases,the positive and negative impacts of the executive team's overseas experience diversification on R&D investment are strengthened;and as the concentration of equity increases,the positive and negative impacts of the senior management team's overseas experience diversification on R&D investment are weakened.The paper recommends that the government continue to strengthen the formulation of policies for the introduction of high-level overseas talents,improve systems and mechanisms,and enterprises should build a reasonable and diversified senior management team structure with diversified overseas experience to form lasting competitiveness.