Mangerial Overseas Experience,Financial Background And The Behavior Of OFDI

Based on the overseas experience,financial background information and foreign direct investment data of A-share listed non-financial executives in 2008-2014,this paper divides the executive team into three types:both overseas experience and financial background members,only Overseas members and only financial background members Then we used the log-log model to study the impact of three types of executive teams on the propensity and intensity of foreign direct investment.Based on the previous research results,this paper decomposes the enterprise's foreign direct investment behavior into three stages:the overseas information acquisition stage,the decision-making judgment stage and the investment implementation stage.Then the first two stages are defined as the influenced process of the enterprise's foreign direct investment tendency,which is whether the research enterprise decides to make foreign direct investment;the final stage is defined as the process of the impact of the enterprise's foreign direct investment intensity,which is the proportion of the foreign direct investment of the enterprise compared with the current year's revenue.From the theoretical research results,the overseas experience and financial background characteristics of senior management team members can directly influence the foreign direct investment tendency and intensity of enterprises,and they can also directly influence the tendency and intensity of enterprises through the internationalization experience and financing ability of enterprises.At the same time,the empirical results of this paper show that compared with the executive team with no overseas experience and financial background members,the senior management team with overseas experience members and financial background members can significantly increase the foreign direct investment tendencies and Intensity respectively;only the executive team with overseas members can only significantly increase the company's foreign direct investment tendency,and has no significant relationship with the company's foreign direct investment intensity;As for the senior management team with only financial background members,there is no significant relationship with the company's foreign direct investment propensity.Although it has a positive impact on the foreign direct investment intensity,it is not significantly stable.In addition,from the perspective of the mechanism of action,for the senior management team with both overseas experience and financial background members,they can also influence the foreign direct investment tendency and intensity of the enterprise through the two intermediary variables of enterprise:internationalization experience and corporate financing ability.The impact is shown by empirical evidence that the company's internationalization experience and financing ability play a partial mediating effect of 20.90%and 12.32%respectively.