Senior Management Team's Overseas Experience, Bank Credit And Corporate Innovation

Since the huawei 5G event,people have increasingly realized that innovation is not only an important measure for enterprises to implement differentiation strategy to gain competitive advantages,but also relates to a country's prestige and reputation on the international stage,however,an innovation activities carried out is not an easy task,because of the long development time,research and development costs,strong research and development professional characteristics,so in the process of conducting is bound to be influenced by many factors and constraints,then study the effect of what are the factors to improve enterprise and national innovation ability is particularly important.From the enterprise internal,due to the presence of the principal-agent relationship and the production of two rights separation,makes the management characteristics and behavior is more and more people's attention,and with the continuous development of the internationalization of China and China in recent years have set up a good image in the world,has attracted a large number of overseas Chinese return home and overseas talent as enterprise important position.So can these executives with overseas background who have advanced ideas,high technology level and are deeply influenced by foreign open innovation culture also seek enterprise innovation without fear of failure? External from the enterprise,as a result of the existence of external bank creditor's rights to solve the enterprise most needed for the normal operation of the capital,however,due to the innovation activity compared to the general management activities is of great uncertainty,which makes Banks face a bigger risk,to some extent so as to whether the presence of bank credit can be for senior team overseas experience and the relationship between the enterprise innovation have influence? And will different bank credit term structures have different effects on this? Further considering the special national conditions in China,will the different property rights of enterprises affect the relationship among the overseas experience of the executive team,bank credit and enterprise innovation? Therefore,this paper considers the influence on enterprise innovation from the perspective of internal management characteristics and external bank credit.This paper firstly sorts out the literature research on influencing factors of enterprise innovation,overseas experience of senior management team and enterprise innovation,as well as bank credit and enterprise innovation.Secondly,on the basis of the theory of high echelon team,the theory of knowledge foundation,the theory of information asymmetry and the game theory,the author conducts a normative study on the relationship between the overseas experience of the executive team and enterprise innovation,the size of bank credit and the adjustment effect of the bank credit term structure on the above mentioned two.Then,the relevant data from 2009-2018 of a-share listed companies in shenzhen and Shanghai excluding the financial industry were used as samples to conduct empirical test research,including dregression analysis,robustness test and so on.Finally,the results of the empirical research are summarized to form research conclusions,and based on these conclusions,relevant Suggestions are put forward.Through empirical research,the results show that :(1)the overseas experience of the executive team can promote enterprise innovation,and the further research results show that the overseas work experience of the executive team is more significant than the overseas study experience.(2)the existence of bank credit will inhibit the relationship between the overseas experience of the executive team and the enterprise innovation.In addition,in the company with a high proportion of overseas experience of the executive team,the bank believes that it is exposed to greater risks,thus further inhibiting the relationship between the overseas experience of the executive team and the enterprise innovation.(3)compared with short-term loans,long-term loans have a more obvious inhibitory effect on overseas experience of the executive team and enterprise innovation.(4)In addition,due to the special property right nature of China,further grouping regression was carried out to find that compared with state-owned enterprises,the higher the proportion of overseas experience of the senior management team in non-state-owned enterprises,the more obvious the promotion effect on innovation was.Compared with state-owned enterprises,bank credit in non-state-owned enterprises has a more obvious inhibitory effect on them.Based on the above research,this paper proposes to further introduce talents with overseas background,change the financing structure or financing method of enterprises,and promote the support of policy Banks for enterprise innovation to improve the innovation of enterprises.