Research On The Impact Of Returnee Executives On Overseas Investment

Under the background of economic globalization,more and more people are going out of the "national gate" to the world,resulting in the loss of a large number of talents.In recent years,in order to increase economic development and speed up the transformation of development mode,China has made great efforts to attract overseas talents return to China for development.Returnees gradually come into the public's vision,and their economic consequences have become a hot topic for scholars to study.Returnee executives have also begun to be popular with listed companies.Based on the influence of overseas experience,returnee executives have the advantages of advanced management concept,scientific and technological knowledge,international perspectives and social network relations,as well as the ability to quickly grasp the international trends at the forefront,which play an important role in the investment decision-making of enterprises.In order to attract foreign investment to promote the development of national economy,China will focus on the international market,and Overseas investment has gradually become an important way for the country to "go global",and the research on its influencing factors has gradually attracted the attention of scholars.From the perspective of returnee executives,this paper uses a combination of theoretical and empirical methods to examine the impact of overseas investment by returnee executives,and further explore whether the above relationship is affected by the nature of corporate property rights and the process of marketization.This paper consists of the following parts.The first chapter is the introduction part,which briefly introduces the research background and significance of this paper,reviews the research literature on the economic consequences of returnees' executives and the influencing factors of overseas investment,and the research ideas,methods and innovations of this article.The second chapter is the theoretical basis,which puts forward three concepts: executive team,returnees and overseas investment,as well as high-level theory,human capital theory and social capital theory.The third chapter is the theoretical analysis and research hypothesis,which first describes the current situation of Chinese overseas talents and overseas investment,and then discusses how the overseas investment is influenced by the returnee executives,as well as the impact of the nature of property rights and the marketization process on the relationship,and then puts forward the hypothesis in this paper.The fourth chapter is the empirical analysis part,this article takes all A-share listed companies in China's capital market from 2013 to 2017 as the research sample,uses Logit regression to get the data regression results,and whether the observation results are consistent with the research hypothesis.The last chapter is the summary of this paper,including the conclusion,suggestion and limitation.The research finds that:(1)Returnee executives promote overseas investment,indicating that enterprises with returnee executives are more inclined to choose overseas investment behavior;(2)compared with non-state-owned enterprises,state-owned enterprises have strengthened the role of returnee executives in promoting overseas investment;(3)the process of marketization hinders the promotion of overseas investment by returnee executives,that is,the higher the degree of marketization,the stronger the inhibition of the positive correlation between overseas investment and overseas executives.this study not only improves the economic consequences of returnees,but also enriches the empirical research on the influencing factors of overseas investment at the micro level.At the same time,the research results show that the overseas experience of executives has an important impact on the investment behavior of enterprises,which provides a basis for moderately encouraging the expansion of the number of returnees in the executive team.