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近些年来,海外归国人员(简称“海归”)数量日益增加,其如何作用于企业行为已引发学术界和实务界的广泛关注。本文手工搜集中国创业板上市公司2009—2014年间董事是否具有海归背景的数据,针对海归背景董事如何影响企业国际化以及政治关联和地域因素等决策情境在其中所发挥的调节作用展开实证分析。检验结果揭示:(1)海归背景董事显著促进了企业国际化水平的提升,符合“社会资本理论”的假设预期;(2)政治关联会显著弱化海归背景董事对企业国际化的促进作用;(3)沿海省份海归背景董事与企业国际化之间的正相关关系相对更强;(4)相对于海归背景非关键职位董事,海归背景关键职位(包括董事长和总经理)董事的上述效应更为明显。本文的研究发现丰富了海归经济后果这一领域的相关理论文献。
In recent years, the number of overseas returnees (“returnees”) has been on the rise. How they act in corporate activities has drawn wide attention from academics and practitioners. This article manually collected data from 2009 to 2014 whether China’s GEM listed companies have the background of the returnees, and conducted an empirical analysis on how the background directors in the returnees affect the internationalization of enterprises and the regulatory role played by the decision-making contexts such as political connections and geographical factors. The results of the test revealed that: (1) the directors of the returnees significantly promoted the level of internationalization of enterprises in line with the hypothetical expectation of “social capital theory”; (2) the political association significantly weakened the promotion role of directors in the internationalization of enterprises ; (3) there is a positive correlation between the background of returnees in the coastal provinces and the internationalization of enterprises; (4) the above-mentioned positions of key positions (including the chairman and general manager) The effect is more obvious. The findings of this study have enriched the relevant theoretical literature in the field of economic consequences of returnees.