高管团队海外背景、金融错配与企业全要素生产率

Overseas Background of Senior Management Team,Financial Mismatch and Total Factor Productivity of Enterprises

基于高层梯队理论和烙印理论,运用2008—2019年中国A股上市公司相关数据,从金融资源错配的视角实证研究高管团队海外背景对企业全要素生产率的作用机制。研究发现:高管团队海外背景对企业全要素生产率具有显著的正向影响;高管团队海外背景通过降低金融错配促进企业全要素生产率的提升,金融错配在高管团队海外背景对企业全要素生产率的影响中起部分中介作用。高管团队海外背景对企业全要素生产率的正向影响在国有企业、非高新技术企业和所处地区市场化程度高的企业中更突出;高管团队海外工作背景对企业全要素生产率的促进作用更明显。

Based on the theory of high-level echelon and imprinting,using the relevant data of China’s A-share listed companies from 2008 to 2019,this paper empirically studies the effect of the overseas background of the senior management team on the total factor productivity of enterprises from the perspective of financial resource mismatch.The study found that:the overseas background of the senior management team has a significant positive impact on the total factor productivity of enterprises,and the results are still valid after the robustness test and the processing of instrumental variables;the overseas background of the senior management team promotes the total factor productivity of enterprises by reducing financial mismatches.Productivity improvement and financial mismatch play a partial mediating role in the impact of the overseas background of the executive team on the total factor productivity of enterprises.Heterogeneity analysis shows that the positive impact of the overseas background of the senior management team on the total factor productivity of enterprises is more prominent in state-owned enterprises,non-high-tech enterprises and enterprises with a high degree of marketization in the region;The promotion effect of total factor productivity is more obvious.The research conclusions provide new thinking for the implementation of the current returnee talent introduction policy and the improvement of the total factor productivity of enterprises.