高管海外经历与数字技术应用——基于中国上市公司的经验发现  

Executives Overseas Experience and Digital Technology Application

作　　者：高洁 李智卓 赵宣凯 GAO Jie;LI Zhizhuo;ZHAO Xuankai

机构地区：[1]中央财经大学经济学院 [2]中国石油大学(华东)文法学院 [3]中央财经大学中国互联网经济研究院

出　　处：《中央财经大学学报》2025年第3期83-97,I0004-I0007,共19页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金重大项目“数字经济高质量发展的创新与治理协同互促机制研究”(项目编号:22&ZD070);国家社会科学基金一般项目“冲击机理、经济后果与政策应对视角下的全球不确定性”(项目编号:24BJL053);中央高校基本科研业务费专项(项目编号:23CX06047A)。

摘　　要：当前海外人才回国热潮对于国内企业数字技术应用有何影响?本文使用2008—2022年沪深A股上市公司数据实证检验了高管海外经历是否以及怎样影响企业数字技术应用。考虑了内生性问题的实证结果发现,高管海外经历显著促进了企业应用数字技术。机制分析表明,高管海外经历在知识和技术溢出效应、战略决策能力提升效应、公司治理改善效应以及公司业务国际化效应的影响下对企业应用数字技术产生了积极影响。异质性分析发现,高管海外工作经历更能促进企业应用数字技术,并且在内外部薪酬差距较大的企业,以及所在地区市场化程度低、营商环境差的企业,高管海外经历的助推作用更强。相关发现从人力资本视角提供了企业数字技术应用动因的新证据,同时从公司治理视角为相关部门和企业推动数字技术应用提供了政策建议。In the context of the rush return of overseas talents and the rapid development of digital industry in China,this paper chooses data from Shanghai and Shenzhen A-share companies from 2008 to 2022 to empirically test the impact of executives overseas experience on the digital technology application.The main empirical result shows that executives overseas experience significantly promotes the digital adoption,and this finding passes endogeneity and robustness tests.Mechanism analysis shows that executives overseas experience promotes the digital technology application through distinct mechanisms such as the knowledge and technology spillover effect,the strategic decision-making ability improvement effect,the corporate governance improvement effect,and the business internationalization effect.Heterogeneity analysis finds that managers with overseas work experience have more positive effects on the digital technology application.Meanwhile,executives overseas experience plays a more prominent role in enterprises with big internal and external salary gaps,and in areas with low level of marketization and bad business environment.The relevant findings provide new evidence on the motivations of enterprises to apply digital technology from the perspective of human capital,and also provide policy recommendations for relevant departments and enterprises to promote the digital technology application from the perspective of corporate governance.

关 键 词：企业高管 海外经历 数字技术应用 有监督的机器学习 

分 类 号：F061[经济管理—政治经济学]