高管海外背景对企业金融投资的作用效果研究

On the Effect of Executives’Overseas Experience on Corporate Financial Investment

根据烙印理论,高管的海外经历会成为其适应复杂经营环境的一种特殊“印记”,进而影响企业的金融投资行为。文章选取2011—2020年间2800家A股上市公司作为研究样本,探究高管海外背景对企业金融投资的作用效果,并研究企业融资约束的中介作用以及数字金融的跨层次调节作用。研究发现:高管海外背景对企业长期金融投资具有显著抑制作用,对企业短期金融投资具有显著促进作用;融资约束在高管海外背景影响企业金融投资的过程中起中介作用,即高管海外背景通过降低企业融资约束从而增加企业短期金融投资,减少长期金融投资;数字金融跨层次正向调节高管海外背景对企业融资约束的作用效果。最后,文章提出企业应注意吸纳具有海外经历的优秀人才,优化高管团队人员结构;同时企业应充分利用数字金融以提升资金筹措的便利性,降低融资成本。

According to the Imprinting Theory,the overseas experience of senior executives will become a special“mark”for them to adapt to the complex business environment,and thus affect the financial investment of the enterprises they work for.This paper selected 2,800 A-share listed companies from 2011 to 2020 as research samples to explore the effect of senior executives’overseas background on corporate financial investment,and studied the mediating effect of corporate financing constraints and the cross-level moderating effect of digital finance.The results show that the overseas background of senior executives has a significant restraining effect on long-term financial investment,and a significant promotion effect on short-term financial investment.Financing constraints play a mediating role in the influence of executives’overseas background on corporate financial investment,that is,executives’overseas background increases short-term financial investment and reduces long-term financial investment by alleviating corporate financing constraints.Digital finance positively moderates the effect of senior executives’overseas background on corporate financing constraints across levels.Based on the above conclusions,this paper proposes that enterprises should pay attention to absorbing excellent talents with overseas experience,and optimize the personnel allocation structure of senior management team,thus to enhance the competitiveness of enterprises.Meanwhile,enterprises should make good use of the convenience provided by digital finance to raise funds,reduce their financing to costs,and create favorable conditions for the sustainable development of enterprises.