海外背景董事可以提高企业的海外投资效率吗?——来自中国的证据

被引：50

作者：

綦建红

机构：

[1] 山东大学经济学院

来源：

中山大学学报(社会科学版) | 2020年 / 60卷 / 04期

关键词：

海外背景董事; 投资效率; 海外投资过度; 海外投资不足;

D O I：

暂无

中图分类号：

F279.2 [中国]; F125 [对外经济关系];

学科分类号：

020103 [经济史]; 020109 [世界经济学];

摘要：

本文在拓展Richardson(2006)模型测算企业海外投资效率的基础上,从公司治理的视角实证检验了海外背景董事对中国企业海外投资效率的影响。实证结果发现,海外背景董事在董事会中的比例对中国企业海外投资过度的影响不显著,但对海外投资不足具有显著的负向影响,即海外背景董事比例越高,海外投资决策就越积极,对海外投资不足的抑制作用就越强。即使在内生性、更换变量、安慰剂和分位数检验之后,这一结论依然稳健。异质性分组检验结果进一步表明,海外背景董事在提高国有企业和绿地投资企业的海外投资效率方面更为有效;与海外教育背景的董事相比,具有海外工作经历的董事在抑制投资不足方面的作用略胜一筹。本文的结论彰显出公司治理对于企业海外投资效率的重要性,海外人才的引进是中国企业国际化之路的必然选择。

引用

页码：195 / 207

页数：13

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