高管海外经历是否能提升企业投资效率

被引：230
|
作者：
代昀昊
孔东民
机构：
[1] 华中科技大学经济学院
来源：
世界经济 | 2017年 / 40卷 / 01期
关键词：
海外经历; 人力资本; 投资效率; 所有制结构;
D O I：
暂无
中图分类号：
F272.91 [企业领导]; F275 [企业财务管理];
学科分类号：
摘要：
本文通过手工搜集整理上市公司高管及董事的海外经历数据,首次考察了企业海归特征对投资效率的影响。研究发现:具有海归特征的企业投资效率更高;这种效率的提升主要表现为降低企业的过度投资行为,但在投资不足方面的改善并不显著;进一步引入企业的所有权性质发现,与地方国有企业和非国有企业相比,高管的海外经历在中央国企中发挥的作用最为明显。本文的结论凸显了人力资本对企业的重要性,同时对于企业的"人才引进"政策具有一定的指导意义。
引用
收藏
页码：168 / 192
页数：25
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