运筹与管理2024，Vol.33Issue(12)：151-157,7.DOI:10.12005/orms.2024.0399
海归高管与企业债务违约风险
Returnee Executives and Risk of Corporate Debt Default:Evidence from Chinese A-share Listed Companies
摘要
Abstract
Since the Chinese economy entered the"new normal"stage,the requirements for China's economic development have shifted from high-speed development to high-quality one.The leverage ratio of China's non-financial corporate sector has long been at a high international level,and the financial risks behind it have become a growing concern.The People's Bank of China points out that the increased risk of corporate debt default may be transmitted to the financial system,leading to an increased systemic financial risk.Therefore,preventing the risk of corporate debt default not only is to promote the high-quality business operations,but also is important for preventing systemic financial risks.At the same time,the number of Chinese students returning home has increased,and the role of returnee talents in corporate business governance has received wide attention.Returnee executives are often considered to be high-quality management talents who can bring positive effects to enterprises.So for a corporate debt default risk,whether returnee executives can perform well as expec-ted remains unclear.So this paper will explore the impact of returnee executives on the corporate debt default risk and investigates its path of impact.After that,this paper will also examine whether different contexts and different types of returnee executives make a difference in the impact of returnee executives on the corporate debt default risk.This paper will answer the above questions.The answers to them will enrich existing research from the theoretical level.The research on the factors influencing the corporate debt default risk will be further improved.And this paper can also broaden the research on the influence of returnee executives on corporate bus-iness decisions,and provide further empirical evidence for the branding theory and the upper-echelon theory.At the practical level,this paper will provide a basis for corporate talent selection and recruitment,and also provide new ideas and empirical evidence for the effective prevention of the corporate debt default risk. This paper selects Shanghai and Shenzhen A-share listed companies from 2008 to 2020 as the research sample for empirical testing.The data of returnee executives are collected manually,and the rest of the data are mainly obtained from the CSMAR database.This paper empirically analyses the impact of returnee executives on the corporate debt risk by the Tobit model,and introduces financing constraints,operational capability and inter-nal control quality as mediating variables to test the impact path.In addition,we consider different moderating factors from internal and external perspectives of the firm.Then we use the grouping test to investigate the different effects of returnee executives on the corporate debt default risk under these different factors.Finally,this paper also uses the group testing to examine the different impacts on the corporate debt default risk of different kinds of returnee executives.Based on the above tests,the findings of this paper are as follows.(1)The hiring of returnee executives significantly reduces the risk of corporate debt default,and this finding still hold after a series of endogeneity and robustness tests.(2)The results of the mediating path test indicate that returnee executives reduce the risk of corporate debt default through the following three paths:alleviating corpo-rate financing constraints,enhancing corporate operating capacity,and improving the quality of corporate internal control.(3)Our further study finds that the inhibitory effect of returnee executives on the corporate debt default risk is stronger in firms that are non state-owned,have weaker social network linkages and poorer external governance,are located in regions with lower marketization,and have fewer corporate guarantee resources and weaker social responsibility performance.The extended study finds that executives with overseas working experi-ence have a strong inhibitory effect compared to ones with overseas study experience.Executives returning from common law countries or regions show a strong inhibitory effect compared to those returning from civil law countries or regions. Based on the above findings,corporate can actively hire returnees for management roles,especially ones with life experience in common law countries and ones with overseas work experience,so that corporate can weaken their disadvantages in terms of operation,governance and resources,and reduce their own debt default risk by hiring returnee executives.Future research can build on this paper to further explore the impact of other characteristics of executives on corporate debt default risk or examine the impact of other moderating factors.关键词
海归高管/企业债务违约风险/公司治理Key words
returnee executive/risk of corporate debt default/corporate governance分类
管理科学引用本文复制引用
祝天琪,陆超,杨梦,包坤..海归高管与企业债务违约风险[J].运筹与管理,2024,33(12):151-157,7.基金项目
北京交通大学人才基金项目(2021RCW110) （2021RCW110）
