Research On The Correlation Between The Overseas Background Of Executive Teams And Corporate Performance-based On The Perspective Of Equity Structure

As the core of enterprise development,the senior management is related to the success and failure of the enterprise.Especially under the modern enterprise system with separation of two powers,how to build a senior management team that can promote the development of the enterprise has become an issue of increasing importance.According to the "2019 China Returnees Employment and Entrepreneurship Survey Report" released by "China and Global Think Tank",the number of Chinese students studying abroad in 2018 was 662,100.From 1978 to 2018,the total number of overseas students in China was 5.857 million.At the same time,returning to China has become the main choice for overseas students who graduate or complete internships and short-term work.According to the latest statistics from the Ministry of Education,from 1978 to the end of 2018,4323,000 international students have graduated,of which 3651400 people chose to return to China after completing their studies,accounting for 84% of completed studies.Talents studying abroad have become an important force in the Chinese business community.The upsurge of returning overseas students in recent years,the government's policies to attract overseas talents to return to China,and the major companies 'efforts to attract overseas talents have attracted more and more scholars' attention.However,existing scholars have mainly studied the role of "returnees" executives in corporate risk-taking,investment efficiency,technological innovation capabilities,corporate innovation,and social responsibility.Although foreign literature has studied the relationship between "returnees" executives and business performance,the research samples are mainly hightech enterprises,and the research scope is narrow and no consistent conclusions have been reached.Therefore,this article takes the A-share listed companies in Shanghai and Shenzhen as the research object from 2014 to 2018,and studies the relationship between the proportion of executives with overseas background in the executive team and the company's performance,and finds that the two are significantly Positive correlation.In other words,the higher the proportion of executives with overseas background in the executive team,the better the company's performance level.After distinguishing the positions of senior executives,it was found that if senior executives with overseas background hold key positions(chairman or general manager),the company's performance will be improved.After that,this article continues from the perspective of the owner of the enterprise,from the three perspectives of the shareholding structure: shareholding concentration,shareholding balance and the nature of the shareholding,in-depth study of its regulatory role on overseas background executives and company performance.The following conclusions are drawn:(1)The concentration of equity is positively regulating the impact of executives from overseas backgrounds holding key positions(chairman or general manager)on the company's performance.(2)The degree of equity checks and balances negatively regulates the impact of the proportion of overseas background executives,and the overseas experience of the chairman or general manager on the company's performance.(3)Compared with non-state-owned enterprises,state-owned enterprises will weaken the proportion of overseas background executives,and the positive effect of the chairman or general manager's overseas experience on company performance.This article gives the following suggestions:(1)The Chinese government needs to continue to strengthen the introduction of overseas talents;(2)The company should increase the recruitment of talents with overseas study background or overseas work background;(3)Shareholders should actively monitor overseas backgrounds The chairman or general manager of the company to prevent the loss of the enterprise caused by the "unfit" of the "returned" executives at the initial stage;(4)the senior management of the enterprise can find some opportunities to learn advanced foreign management concepts and improve their international Broaden your horizons and expand your international contacts;(5)State-owned enterprises should reduce agency costs and administrative interventions,so that "returned" talents can have enough stage to show their skills.