Returnees and the Internationalization of High-Tech Firms——Empirical Analysis of High-Tech Firms in Zhongguancun Science Park
Cai Guocai1, Wang Wenjing2
1. School of Statistics,Renmin University of China,Beijing 100872,China; 2. School of Statistics and Mathematics,Central University of Finance and Economics,Beijing 102206,China
Abstract:This study investigates the relationship between returnees and the internationalization behavior of high-tech firms,based on the general survey data of high-tech firms in Zhongguancun Haidian Science Park.The panel bivariate Probit model and mixed Logit model are used in the empirical study.Results show that returnees play a positive role in promoting the internationalization of firms both in exporting and outward foreign direct investment in the long run.Moreover,the increment of returnees positively promotes internationalization behavior and plays a greater role in foreign direct investment firms.Furthermore,the internationalization behavior of the two different types of firms are different.The firms oriented by foreign direct investment are more flexible,and the export-oriented firms are affected by more factors.We also discuss the endogenous problem and make a robust test.The main innovation points are as follows.Firstly,this study considers three aspects of internationalization,sets up a unified framework for mechanism and quantitative analysis and selects the panel bivariate Probit model to identify the correlation between exporting behavior and outward foreign direct investment behavior.Secondly,this study further decomposes the influence of returnees on the internationalization of high-tech firms,and verifies the existence and rationality of long-term factors,external factors and internal factors with mixed Logit model.Thirdly,the general survey data of high-tech firms in Zhongguancun Haidian Science Park possesses superiority.This study puts forward corresponding suggestions on international management and policy formulation.International talents as high-end production factors is the root of international competition.Under the background of opening to the outside world and increasingly fierce international competition,it is necessary and reasonable to attract returnees to help high-tech firms internationalize.
蔡国材, 王文静. 海归与高新技术企业国际化行为——基于中关村高新技术企业的实证分析[J]. 中国科技论坛, 2023(3): 115-128.
Cai Guocai, Wang Wenjing. Returnees and the Internationalization of High-Tech Firms——Empirical Analysis of High-Tech Firms in Zhongguancun Science Park. , 2023(3): 115-128.
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