我国经济水平不断提高，在国际市场扮演着越来越重要的角色，在此进程中国内的市场经济制度不断完善、优质就业机会大幅增加，吸引了众多海归人才回国发展。海归高管具有更加超前的思想与意识，在公司治理方面有着独到的见解，越来越成为企业经营不可或缺的一部分。同时，随着改革开放的持续推进，投资对我国经济发展的贡献度越来越高，然而受制于企业内部、外部诸多因素的影响，非效率投资问题也应运而生。有效率的投资能够帮助企业资源得以充分利用，而非效率的投资将无法使企业资源充分转化成产出，从而制约企业发展。本文将从管理者海外经历这一特征出发，探究其对企业投资效率的影响。本文首先通过规范分析，从高管海外经历与企业投资效率两个角度出发，根据现有文献总结相关理论并提出研究假设，即高管海外经历能够提高企业投资效率。在实证检验部分，本文根据研究假设，利用我国A股上市公司2012年-2020年的样本数据，构建多元回归模型实证分析。结果表明：高管海外经历能够显著提升企业的投资效率，其中海外求学经历的效果最为显著，海外工作经历、海外求学与工作兼有经历对企业非效率投资改善作用并不显著；海归高管担任关键职位，对企业投资效率的提升效果更加显著。本文进一步通过机制检验，发现海归高管能够帮助企业改善信息不对称、委托代理问题，提高投资效率。本文最后通过分组回归发现，机构持股比例较高的企业中，海归高管对企业非效率投资的改善效果更不显著，国有企业样本中，高管海外经历与企业非效率投资之间的负向关系更为显著；无论是东部省份企业还是中西部，海归高管均能够有效提升企业投资效率。总体而言，本文将企业投资效率与管理者个人特质相联系起来，丰富了高管海外经历与企业投资效率的研究，并从信息不对称、委托代理理论出发全面分析作用机制。最后，我们结合经济市场的实际情况，根据研究结论提出完善和加强海归人才的培养体系、制定相应的战略吸引海归人才回国等相关建议，具有一定的参考意义。
China has become an important role in the international economic market, and quality employment opportunities have increased significantly, which has attracted many returnees to return to China for development. With more advanced consciousness and unique insights into corporate governance, returnee executives are increasingly becoming an integral part of business operations and playing an important role in the national economy. With China’s reform and development, the contribution of investment to China’s economic development is increasing, but due to the influence of many factors, the problem of inefficient investment has also emerged. Efficient investment can help enterprises better transform inputs into outputs, while inefficient investment can prevent the effective use of enterprise resources, thus limiting enterprise development. In this paper, we explore the impact of executives’ overseas experience on corporate investment efficiency.Based on the existing literature, this paper summarizes theories from the perspectives of executives’ overseas experience and corporate investment efficiency, then formulates the hypothesis that executives’ overseas experience can improve corporate investment efficiency.Then, this paper uses the sample data of A-share listed companies in China from 2012 to 2020 to conduct multiple regression analysis. The results are as follows: executives’ overseas experience can significantly improve corporate investment efficiency, among which overseas studying experience has the most significant effect on improving corporate investment efficiency, while overseas working experience, overseas working and studying experience together do not have a significant effect on improving corporate non-efficient investment. Returnee executives in key positions have a more significant effect on corporate investment efficiency. Through mechanism testing, this paper further finds that returnee executives can help firms improve information asymmetry and principal-agent problems, thus helping firms improve investment efficiency. Finally, the paper finds that the improvement effect of returnee executives on inefficient investment is less significant in enterprises with higher institutional shareholding. In state-owned enterprises the negative relationship is more significant. Returnee executives can effectively improve corporate investment efficiency in both eastern provinces and mid-west.Overall, this paper enriches the corresponding study by linking corporate investment efficiency with executives’ personal characteristics, and comprehensively analyzes the effect’s mechanism. Finally, based on the research findings, we put forward relevant suggestions: improve the cultivation system of returnee talents and formulate corresponding strategies to attract returnee talents back to China, which have certain reference significance.
