Returnee Executives,Corporate Financial Activities And The Development Of Manufacturing Enterprises

Manufacturing industry is the lifeblood of a country’s healthy and sound economic development.In the process of national development,manufacturing industry is the key to measure its core competitiveness.At the same time,it is also the foundation of our country’s long-term stability and power.However,in recent years,due to the influence of the "land finance" policy and the lack of supporting land,taxation and financial policies,a large number of funds have flowed out of the real economy.As the main part of the secondary industry,the manufacturing industry is also the main part of the real economy.Therefore,a large number of funds flow from manufacturing enterprises into the real estate industry and the financial industry,which further induces a large number of manufacturing enterprises to turn from real to virtual,and finally leads to the financialization of manufacturing enterprises,which seriously hinders the development of enterprises themselves.With the improvement of China’s economic development level,the continuous increase of scientific research investment and the gradual improvement of the financial market environment,more and more "returnees" prefer to return home for development,that is,more and more talents with overseas education background or overseas employment return home and stay in local enterprises for work and development,which has played an important role in the transformation and upgrading of China’s manufacturing industry.Since most overseas returnee executives have worked or been educated overseas for more than one year,they will contact and learn foreign cutting-edge technical knowledge and advanced management concepts,so they will bring advanced management concepts,advanced technology and other cutting-edge knowledge into China’s enterprise development,which has injected fresh blood into China’s manufacturing industry.Combined with the existing research,based on the high-level echelon theory and the related theories of the financialization of manufacturing enterprises,this paper first constructs a benchmark regression model to explore the impact of the "returnees" background of executives and the financial activities of manufacturing enterprises,and further uses the quantile regression model to explore the overall impact of the financial activities of manufacturing enterprises and the comprehensive development of enterprises,and then tests the "returnees" background of executives through the intermediary effect model Whether there is an intermediary effect between enterprise financial activities and enterprise development,analyze the conclusions,and test the robustness of the empirical results obtained in this paper.The research shows that whether the chairman has a "returnee" background or the proportion of the board’s senior management team has a "returnee" background,it has a significant inhibitory effect on the financial activities of manufacturing enterprises.At the same time,due to the high threshold effect of financial activities,manufacturing enterprises want to make "fast money" and the scarcity of higher talents in China’s manufacturing enterprises,financial activities have a "crowding out effect" on the comprehensive development of China’s manufacturing enterprises.Moreover,the chairman’s personal "returnee" background will significantly improve the comprehensive development level of manufacturing enterprises by inhibiting the financial activities of manufacturing enterprises.There is an intermediary effect between the three.