Research On The Influence Of Managerial Overseas Experience On Corporate Value

With the continuous enhancement of Chinese economic strength and comprehensive national strength,the number of overseas returnees continues to rise.As the main carrier of social economy,micro entities have also strengthened their efforts to attract overseas personnel.More and more overseas returned talents hold important positions in enterprises and have an important impact on the production and operation decisions of enterprises.Exploring the economic consequences of the unique resource endowment of overseas returned executives has become the focus of academic research.The existing research results have confirmed the linear causal relationship between overseas returned resources and corporate value.However,the "Too-Much-of-a-Good-Thing " effect is widespread in the field of management.What exactly the impact of the continuous increase in the proportion of overseas returned executives on corporate value remains to be discussed.In view of this,based on the existing theoretical basis and relevant theme research results,this study intends to explore the impact of managerial overseas experience on corporate value from a deeper level,as well as the transmission path and impact mechanism between the two.With the data of A-share listed companies in Shanghai and Shenzhen in China from 2016 to 2020 as the sample,and with corporate risk-taking ability as the intermediary variable,and organizational slack as the decision scenario variable,we empirically test the impact of managerial overseas experience on enterprise value,the intermediary channel role of corporate risk-taking ability,and the regulatory effect of organizational slack.The research found that the managerial overseas employment experience and their overseas compound experience(both overseas study and employment experience)showed an inverted U-shaped curve relationship with the corporate value,which rose first and then declined.Only senior executives with overseas study background had no significant impact on the corporate value;Further research shows that corporate risk-taking ability completely mediates the relationship between managerial overseas employment experience,managerial overseas compound experience and corporate value;In addition,organizational slack,as an important measure of the internal resource stock of an organization,positively regulates the curvilinear relationship between managerial overseas experience(overseas employment and compound experience)and corporate value.The research conclusion confirms the " Too-Much-of-a-Good-Thing " effect of the economic consequences of overseas returned executives,on the one hand,it expands the research results of the relationship between returned executives and corporate value;On the other hand,it clarifies the differential transmission effect of corporate risk-taking ability;Further incorporate the relationship between returned executives and corporate value into the organizational structure,so as to demonstrate the impact of internal resources on the relationship between the two,making the research conclusion more convincing.The conclusion provides data support for optimizing the allocation of returnee resources,and provides a new theoretical explanation for maximizing the advantages of returnee resources.The conclusion provides data support for optimizing the allocation of overseas returned resources,and provides a new theoretical explanation for maximizing the advantages of overseas returned resources to enhance corporate value.