高管海外背景与避税天堂直接投资

Executive Overseas Background and Direct Investment in Tax Havens

近年来,大量中国企业到避税天堂进行直接投资的现象备受关注,但较少有文献探究这一现象背后的影响因素。本文基于我国海归人才不断增长的现实背景,以沪深A股上市公司为研究样本,实证检验了高管海外背景对公司避税天堂直接投资行为的影响及其作用机制。研究发现:拥有海外背景高管的上市公司,更有可能进行避税天堂直接投资;相比于海外背景高管担任普通职位的企业,海外背景高管担任关键职位(董事长或CEO)的企业更有可能进行避税天堂直接投资;相比于海外学习经历,高管海外工作经历更有可能促进企业进行避税天堂直接投资。机制检验表明,拥有海外背景的高管其过度自信程度更高、个人能力更强,这使得企业更愿意进行相对激进的避税天堂直接投资行为。进一步研究发现,企业拥有海外背景高管并不会提高企业避税程度,但有助于提升企业国际化经营水平和企业价值。本文的研究在理论上丰富了高管海外背景经济后果和避税天堂直接投资影响因素的相关文献,在实践上则为进一步理解海归人才的作用以及完善避税天堂投资监管提供了有益借鉴。

In recent years,the phenomenon of a large number of Chinese companies making direct investment in tax havens has attracted much attention,but there is little literature exploring the influencing factors behind this phenomenon.This paper is based on the reality of the continuous growth of overseas returnee talents in China,and uses listed companies on Shanghai and Shenzhen A-share Stock Market as research samples to empirically test the impacts and mechanisms of executives'overseas backgrounds on direct investment behaviors in tax havens.The results show that listed companies with overseas backgrounds executives are more likely to make direct investments in tax havens;compared to companies with overseas backgrounds executives holding ordinary positions,companies with overseas backgrounds executives holding key positions(Chairman or CEO)are more likely to make direct investment in tax havens;compared to overseas study experiences,executives'overseas work experiences are more likely to promote companies to make direct investment in tax havens.Mechanism testing shows that executives with overseas backgrounds have higher level of overconfidence and stronger personal abilities,which makes companies more willing to engage in direct investment behaviors in tax havens which are relatively aggressive.Further research results show that having executives with overseas backgrounds does not increase the level of tax avoidance in a company,but it helps to enhance the level of international operation and corporate value.The research in this paper enriches the relevant literature on the influencing factors of direct investment in tax havens in theory.It also provides useful references for further understanding the role of returnee talents and improving investment regulation in tax havens in practice.