Do Returnee Executives Promote The Technology Innovation In Enterprises?

In recent years,a growing number of overseas Chinese students and immigrants return to China to strive for development,becoming the new force of China's social development.Their roles in China's economy receive increasing attention from scholars and government.On the studies of returnees,scholars generally agree that returnees brought significant technology spillover effect,but it has not be definitive that returnees whether and how to affect the enterprise technology innovation;in addition,some scholars begin to study the relationship between returnee executives and corporate performance,and consider the international experience and domestic network of returnees two characteristics,but fail to consistent conclusions.At the same time,the government introduces a series of policies to attract overseas high-level talents in order to promote the innovation of science and high-tech industries,however,how the effect of these policies is lack of the evidence from the scientific research level.Based on the Chinese second board market enterprises and the relevant data during 2009-2013,this paper examines the role of the returnee-executive groups and their characteristics in the enterprise technology innovation.The results show that,the returnee executives significantly promote the enterprise technology innovation input and output,and innovation outputs are more original.Even controlling R&D,enterprises with returnee executives still have relatively good innovation outputs.The influence of returnee executives on enterprise technology innovation is significant both in innovative and non-innovative industries,but more significant in innovative industries.Further studies find that the impact of returnee executives on enterprise technology innovation will help to improve firm value.The results still hold after endogenous analysis and other robustness tests.At this point,this article from the perspective of innovation input and output,provides evidence about the impact of returnee executives on enterprise technology innovation.On this basis,this paper discusses the characteristics of returnee executive influence on enterprise technology innovation from positions,overseas experience,professional backgrounds and political associations four aspects.The study find that,the returnee executives that outside of chairman of the board of directors or general manager position actively promote the enterprise technology innovation,and returnee executives as chairman or general manager in the short term only promote the enterprise technology innovation investment,and in the long term increase innovation output.Returnee executives with overseas learning experience promote the technology innovation of enterprises,but the role is limited to returnee executives by higher education degree.Returnee executives with overseas work experience in the short term only stimulate the enterprise technology innovation input,and after some adjustment gradually improve the output.Returnee executives who have professional technical background supervise and urge the enterprise to pay attention to the innovation projects,while the returnee executives who have non-professional technical background effectively organize the implementation of the enterprise innovation projects,and improve the innovation output.Returnee executives without political associations would help to promote enterprises' technology innovation,but returnee executives associated with political connection can't explain enterprise technology innovation.So on the basis of international experience and relationship network that scholars have considered,this paper further investigates the influence of returnee executive positions and professional background on the enterprise technology innovation,extending the existing literature's discussion of the characteristics of returnee executives.In conclusion,this paper takes the GEM companies returnee executives as the main body,with the help of a manual search of technological innovation input and output data,deeply study the influence of returnee executives on the technology innovation,and further investigate the role of returnee executive characteristics.This research enrich the literature of returnee talent role,provide a decision-making reference for the country's and the enterprises' technology innovation policy and talent introduction strategy.