| How to improve corporate performance is a challenge for every enterprise in the fierce market competition,.Many studies have shown that if an enterprise wants to win in the market competition,it must have a top management team that can respond to changes in the internal and external environment and make strategic decisions in a timely manner.Therefore,what kind of top management team can improve corporate performance has always been an important issue of academic and physical circles.In recent years,with the introduction of a series of plans to attract high-level overseas talents,more and more cutting-edge scientific and technological talents with overseas backgrounds have returned to the embrace of the motherland to contribute to the development of enterprises and even the motherland.These talents with overseas backgrounds have their unique overseas characteristics.These talents with overseas background have their unique overseas characteristics,and it is worth exploring whether and how they can effectively improve corporate performance when they enter the company and become top managers.The existing literature on the relationship between overseas background of the top management team and corporate performance is insufficient,and different scholars have drawn inconsistent conclusions due to different perspectives.In addition,the current research on the relationship between the overseas background of the top management team and corporate performance only involves the intermediary role played by overconfidence,decision validity and internal control,and the internal impact mechanism needs to be further explored.Considering that R&D is an important strategic decision of the company,the amount of investment may not only be affected by the decision of the top management team,but also may have an impact on the performance of the company.Therefore,this paper introduces the intermediate variable of R&D investment to explore whether the overseas background of the top management team can affect corporate performance by affecting R&D investment.Based on the high-level team theory,resource-based theory and innovation theory,this paper deeply analyzes the logical relationship between the overseas background of the top management team and corporate performance,the logical relationship between the overseas background of the top management team and R&D investment,and the intermediary role played by R&D investment,and selects the listed companies of Shanghai and Shenzhen A shares from 2008 to 2020 are used as research samples,and the multiple regression equation for testing.Research indicates:(1)The overseas background of the top management team has a significant positive role in promoting corporate performance.(2)The overseas background of the top management team has a significant positive role in promoting R&D investment.(3)R&D investment plays a partial mediating role between the overseas background of the management team and corporate performance.(4)The group study of the research samples according to the differences in the level of internal control and marketization found that only when the internal control has no defects and the level of marketization is high,the overseas background of managers has a significant positive impact on corporate performance,and R&D investment has a partial mediating effect between the overseas background of the management team and corporate performance.Finally,this paper uses the measurement method of replacing the measurement of variables,adding control variables,lagging the explanatory variables by one period,Bootstrap mediation effect test method,propensity score matching method and instrumental variables method to conduct robustness testing.The final results are consistent with the research conclusion,which enhances the reliability of the conclusion.This paper expands the research on the economic consequences of the background characteristics of the management team,enriches the research on the factors affecting corporate performance.It enriches the mechanism of action between them by studying the transmission effect of R&D investment between the overseas background of the top team and corporate performance and open up the research on the role conditions of the relationship between the overseas background of the top management team,R&D investment and corporate performance.The research results not only help enterprises and governments to realize the important role of overseas talents in enterprise development,but also help enterprises pay attention to the value of R&D investment and high-quality internal control to enterprise development. |
