“海归”高管对企业投资效率的影响--基于企业所有制的调节作用分析

Influence of"Returned Overseas"Executives on the Investment Efficiency of Enterprises

经济的发展伴随着对高素质人才需求的增加,高素质人才的引进一直是困扰企业发展的一大难题。基于此现状,“海归”人才的引进具有重要现实意义。本研究基于2004~2019年A股上市公司数据,研究了“海归”对企业投资效率的影响。研究结果表明:(1)“海归”高管能帮助企业提高投资效率;(2)与非国有企业相比“,海归”在国企中对投资效率的促进作用更加显著;(3)相比于地方国企,“海归”在中央国企中更能发挥能力,促进企业投资效率的提高;(4)国家人才引进政策能帮助“海归”发挥提高企业投资效率的能力。本研究结论不仅完善了企业投资效率理论,而且有利于完善企业现代化制度,走可持续发展道路。

The introduction of high-quality talents has always been a big problem for the development of enterprises.With the increase of the proportion of senior executives with overseas study background in China’s major enterprises year by year""Returned overseas"executives can not only help provide the level of enterprise development,but also play an important role in promoting China’s economic progress.Based on the data of A-share listed companies from 2004 to 2019,the impact of returnees on investment efficiency was studied.The results show that:(1)returnees can help enterprises improve investment efficiency.(2)Compared with non-state-owned enterprises,"returnees"play a more significant role in promoting investment efficiency in state-owned enterprises.(3)State owned enterprises can be further divided into local state-owned enterprises and central state-owned enterprises.Overseas returnees can play a better role in central stateowned enterprises and promote the improvement of investment efficiency.The conclusion of this study not only improves the theory of enterprise investment efficiency,but also helps to guide enterprises to introduce returnees and take the road of modern development.