关键词:

高管海外背景, 避税天堂直接投资, 国际化经营, 企业价值

Abstract:

In recent years, the phenomenon of a large number of Chinese companies making direct investment in tax havens has attracted much attention, but there is little literature exploring the influencing factors behind this phenomenon. This paper is based on the reality of the continuous growth of overseas returnee talents in China, and uses listed companies on Shanghai and Shenzhen A-share Stock Market as research samples to empirically test the impacts and mechanisms of executives’ overseas backgrounds on direct investment behaviors in tax havens. The results show that listed companies with overseas backgrounds executives are more likely to make direct investments in tax havens; compared to companies with overseas backgrounds executives holding ordinary positions, companies with overseas backgrounds executives holding key positions (Chairman or CEO) are more likely to make direct investment in tax havens; compared to overseas study experiences, executives’ overseas work experiences are more likely to promote companies to make direct investment in tax havens. Mechanism testing shows that executives with overseas backgrounds have higher level of overconfidence and stronger personal abilities, which makes companies more willing to engage in direct investment behaviors in tax havens which are relatively aggressive. Further research results show that having executives with overseas backgrounds does not increase the level of tax avoidance in a company, but it helps to enhance the level of international operation and corporate value. The research in this paper enriches the relevant literature on the influencing factors of direct investment in tax havens in theory. It also provides useful references for further understanding the role of returnee talents and improving investment regulation in tax havens in practice.

Key words:

overseas backgrounds of executives, direct investment in tax havens, international management, corporation value