“海归”高管与中国数字产业技术创新

“Overseas Returnee”CEO and Technological Innovation in China’s Digital Industry

在海外人才大规模回流与中国数字产业快速发展的背景下,使用2007—2020年沪深A股数字产业上市公司数据实证检验“海归”高管对我国数字产业技术创新的影响。研究结果表明:“海归”高管能够显著促进我国数字产业技术创新,同时,该作用具有异质性,会受到地区制度环境的影响。机制检验结果表明,“海归”高管不仅能够通过提高企业员工人力资本水平和研发投入强度促进数字产业技术创新,而且能够通过技术溢出效应促进周边企业技术创新。进一步分析表明,“海归”高管能够显著促进企业创新质量的提升和数字技术使用程度的增加。研究结论从人力资本角度揭示了我国数字产业快速发展的动力,为吸引海外人才而改善国内制度环境,进而促进我国数字产业持续、高质量发展提供有益的政策启示。

In the context of the large-scale return of overseas talents and the rapid development of China’s digital industry,this paper empirically tests the impact of“returnee”executives on technological innovation in China’s digital industry using data of Shanghai and Shenzhen A-share digital industry listed companies during 2007 and 2020.The results show that“returnee”executives can significantly promote technological innovation in China’s digital industry.This role is heterogeneous and influenced by regional institutional environment.The results of the mechanism test show that“returnee”executives can not only promote the technological innovation of the digital industry by improving the human capital level and R&D investment intensity in the enterprises,but also promote the technological innovation level of surrounding enterprises through technology spillover effect.Further,“returnee”executives can significantly improve the quality of enterprises’innovation and increase the use of digital technology.This paper reveals the driving force for the rapid development of China’s digital industry from the perspective of human capital,and proposes the policy recommendations that China should further attract overseas talents and improve domestic institutional environment,thereby further promoting the high-quality development of China’s digital industry.