摘要
本文利用2007—2014年中国A股上市公司数据,实证检验管理者异质性对企业对外直接投资行为的影响。结果表明:管理者的海外背景和工作绩效激励对企业对外直接投资倾向存在显著正向影响,教育背景和财经类专业背景对企业对外直接投资倾向存在显著负向影响,而政治背景对企业对外直接投资倾向并无显著影响。以上结果在控制核心解释变量的内生性、重新界定管理者以及替换控制变量后依然稳健。进一步分样本研究发现,管理者异质性对企业对外直接投资倾向的具体效应,会随企业的所有制、所处行业、融资能力等的不同而存在明显差异。
Using the data of Chinese A-shares listed firms from 2007 to 2014, this paper examines the impact of managerial heterogeneity on firms＇ outward foreign direct investment （OFDI）. The results show that the tendency of firms＇ OFDI has a significantly positive relation to the managerial overseas background and job incentives, a significantly negative relation to the managerial educational background and financial professional background, and no significant relation with political background. After controlling the endogeneity of core variables, redefining the manager, and replacing the control variables, the above results are still robust. In addition, the sub-sample research finds that the specific effects of managerial heterogeneity on the tendency of firms＇ OFDI vary significantly depending on the ownership, industry, and financing capabilities of the firm.
作者
杨栋旭
张先锋
YANG Dongxu;ZHANG Xianfeng
出处
《国际贸易问题》
CSSCI
北大核心
2018年第10期162-174,共13页
Journal of International Trade
基金
国家社会科学基金项目一般项目"出口学习效应促进传统制造业转型升级的机制与政策研究"(14BJL088)
关键词
高阶理论
管理者异质性
管理者背景特征
对外直接投资
Upper Echelons Theory
Managerial Heterogeneity
Managerial Background Characteristics
OFDI
