关键词: 高管海外经历, 企业创新, 公司并购；风险承担

Abstract: Whether overseas returned talents can play a positive role in China’s supply-side structural reform is an important issue. From the perspective of top managers with overseas experience and in the scene of supply-side structural reform in China, this paper aims to investigate the effect of top managers with overseas experience on corporate innovation. It is found that top managers with overseas experience can significantly enhance the patent innovation of the merge and acquisition(M&A) corporate, and the one-standard deviation increase in the variable of top managers with overseas experience is associated with 4% to 5.8% of the increase for different types of patent innovation. If the top manager with overseas experience is introduced before the M&A of the corporate, the overseas learning experience and diversified M&A can better improve the patent innovation of the restructured corporate. If the top manager with overseas experience is introduced in state-owned corporates and areas with financial development level, the patent innovation of the M&A corporate can be improved. It is also found that top managers with overseas experience can improve corporate innovation through the channels of corporate risk taking. This paper can shed light on the promotion of high-quality development of corporates in supply-side structural reform in China.

Key words: oversea returned managers, corporate innovation, merger and acquisition (M&A), risk taking