The Influence Of Returned CEO And Human Capital Of Management Team On Innovation

Enterprise innovation is the source of the company's sustained competitiveness.At the same time,it is also an important source for China to change its development mode and build an innovative country.As many emerging countries become important parts of the world economy,more and more overseas immigrants and international students return to homeland to find jobs.China,as the one of the largest emerging markets,is gradually turning into the most attractive country for returnees.More and more returnees are returning to China for employment and the number of returnees has risen rapidly.Some of them have already served as chairman,general manager,etc.,who have,to a certain extent,changed the characteristics of China's senior management team.These overseas talents have had a significant impact on the management practice of the company.Most of the overseas returnees learned and got training abroad.They have specialized capability,creative thinking and global perspective and have the advantage of knowledge and technology.However,due to the difference between domestic and international systems and weak domestic social network,returnees are also faced with the problem of adapting to the society after returning home.In addition to the special human capital of overseas background,this paper also studies the impact of education,gender,age,tenure and size of senior management teams on corporate innovation performance,in order to comprehensively explore the impact of human capital of senior management teams on corporate innovation.In this paper,the senior management team is subdivided into CEO and other senior managers according to their positions.Executives' overseas experience is subdivided into overseas work experience and overseas studying experience.In the main parts of this paper,we analyzed and summarized domestic and foreign related literature and then used empirical methods to examine the impact of the CEO and executive team of the returnees on the innovation of the company.This paper takes China GEM companies as a sample and collects data of all sample companies from 2009 to 2015.After comprehensively considering the measurement methods in previous literature,this paper uses the number of patent applications as an indicator to measure the company's innovation.The main findings of this paper are: returnees CEOs have a negative impact on corporate patentapplications;studying-based returnees are negatively correlated with the number of patent application;job-oriented returnees are positively correlated with the number of patent application;education level of senior management teams is positively related with corporate patents application;the young executive team will increase the company's patent application;the impact of the human capital of the senior management team on corporate innovation is more pronounced in the manufacturing industry.The above findings are still valid after endogenous analysis and other robustness tests.