选任外地高管与企业异地投资

The Selection of Off-Site Executives and Field Preference Effects in Corporate Investment Decisions

本文通过对国内2006—2019年沪深非金融行业上市公司异地投资数据的分析,研究选任外地高管是否会对企业投资区域偏好产生影响。构建Tobit模型对样本数据进行实证检验,结果表明:选任外地高管的企业在选择投资区域时存在显著的外地偏好效应,即企业选任外地高管会显著促进对异地的投资。因此,选用这种能带来比较优势的外地高管,更利于降低企业异地投资决策的风险。

Based on the analysis of the data of non-financial listed companies in Shanghai and Shenzhen from 2006 to 2019,this paper examines whether the selection of off-site executives will have an impact on the company’s preference for investment regions.Constructing a Tobit model to conduct an empirical test on sample data,the results show that:companies that choose off-site executives have a significant foreign preference effect when choosing investment areas,that is,companies choosing off-site executives will significantly promote their investment in remote locations.Therefore,choosing this kind of off-site executives who can bring comparative advantages is more conducive to reducing the risk of enterprises’investment decisions in different places.