The Influence Of Senior Executives' Overseas Experience On Enterprise Innovation

Innovation is not only an important way for enterprises to grow,improve their core competitiveness and gain monopoly profits,but also an importa nt source of sustained economic growth in a country or region.Therefore,the importance of entrepreneurship and innovation has attracted more and more attention from academics and policymakers.Research on enterprise innovation has become an increasingly important topic in the financial field.Since overseas experience is usually associated with a good educational background or a certain degree of professional knowledge,it is a part of human capital.The policy makers are very concerned about the fact that the returnees have played a role in the enterprise,and this problem has been paid more and more attention by more and more scholars.How does the overseas experience of the executives affect the innovation of the enterprise?Using 2008-2016 years' panel data of all A share non-financial listed companies,this paper empirically examines the impact of executives' overseas experience on corporate innovation.The study found that companies with overseas experience are more innovative in innovation.The conclusion is still established after controlling the endogenous problem,excluding the alternative explanation,and replacing the independent variable for robustness test.Further studies show that:(1)found that after distinguishing the property,executives overseas experience influence on enterprise innovation in the private enterprise is more significant;(2)found that distinguish whether the high-tech industry,executives overseas experience influence on enterprise innovation in non high tech industries i n more significantly;(3)finally,after the discovery of distinction in the protection of intellectual property rights,executives overseas experience for enterprise innovation in better protection of intellectual property in the area of enterprise.The research in this paper enriches the research on the influence of managers' characteristics on enterprise innovation.In addition,Giannetti et al.(2015)research shows that managers' overseas experience has a positive effect on company performance.The conclusion of this paper provides a mechanism for returnees to enhance company performance,which is a useful supplement to previous literature.The practical significance of this finding is that to promote the exertion of human capital of returned talents,we need to provide an appropriate platform,a good industry ecosystem and a perfect institutional environment,which has a certain reference value for the implementation of "talent policy".