供给侧结构性改革下海归高管与企业创新——来自公司并购的证据

海归人才能否在我国供给侧结构性改革中发挥积极作用是连接我国人才引进与经济转型发展战略的重要议题。从海归高管角度切入，以供给侧结构性改革中企业并购重组活动为观测场景，实证考察海归高管对公司创新的影响。结果发现，海归高管显著提升重组公司专利创新，海归高管指标一单位标差的增加将使不同类型专利创新提高4%~5.8%。在公司并购前引入海归高管、引入海外学习经历的海归高管、在多元化并购中引入海归高管能够更好地提升重组公司专利创新，在国有企业以及金融发展水平区域中引入海归高管能够提升并购公司发明专利创新。机制研究表明：海归高管能通过提升企业风险承担水平、风险容忍度以及缓解融资约束等渠道促进公司发明专利创新。本研究揭示海归高管的风险承担偏好及控制能力有助于促进企业创新驱动转型发展。为我国供给侧结构性改革下如何更好地推动企业高质量发展提供重要启示。

Overseas Returned Managers and Corporate Innovation: Evidence from Corporate Mergers and Acquisitions

Whether overseas returned talents can play a positive role in China’s supply-side structural reform is an important issue. From the perspective of top managers with overseas experience and in the scene of supply-side structural reform in China, this paper aims to investigate the effect of top managers with overseas experience on corporate innovation. It is found that top managers with overseas experience can significantly enhance the patent innovation of the merge and acquisition(M&A) corporate, and the one-standard deviation increase in the variable of top managers with overseas experience is associated with 4% to 5.8% of the increase for different types of patent innovation. If the top manager with overseas experience is introduced before the M&A of the corporate, the overseas learning experience and diversified M&A can better improve the patent innovation of the restructured corporate. If the top manager with overseas experience is introduced in state-owned corporates and areas with financial development level, the patent innovation of the M&A corporate can be improved. It is also found that top managers with overseas experience can improve corporate innovation through the channels of corporate risk taking. This paper can shed light on the promotion of high-quality development of corporates in supply-side structural reform in China.