主题｜Topic：招聘避险：高管构成与贸易冲突 Hedging by Hiring: Executive Composition and Trade Conflicts
时间｜Time：06.09（周五）10: 00-11:30
地点｜Venue：文澴楼711会议室｜Meeting Room 711，WENHUAN
主讲｜Speaker
舒海兵，上海交通大学安泰经济与管理学院金融学副教授（长聘），金融工程博士，毕业于中国科学技术大学，弗吉尼亚大学达顿商学院联合培养博士、博士后。曾在长江商学院，香港科技大学和业界任职。学术研究主要集中在实证公司金融、公司治理、金融市场和政治经济学领域，研究成果已发表在 Journal of Financial Economics、Review of Financial Studies、Journal of Management Studies 等学术期刊。目前主持国家自然科学基金面上项目2项，曾荣获亚洲金融学年会最佳论文奖和中国金融评论国际研讨会 Emerald 最佳论文奖等荣誉。
摘要｜Abstract
In recent years, the escalation of international trade conflicts has brought significant uncertainty to firms’ export. This project examines how firms deal with the uncertainty in foreign markets from the perspective of human capital. Using the tariff increase during the US-China trade war and Chinese firms’ stock market reactions to the escalation events of the trade war in 2018 as measures of trade conflicts, we find that Chinese firms hit harder by the shock increased the ratio of executives with overseas background. Executives with foreign experience and marketing expertise are favored even more after the trade war, suggesting that firms employed the skills of such executives to avoid a decline of foreign sales. Moreover, using the pre-existed ratios of executives with overseas background, we indeed find that the experience of such executives helped firms stabilize their foreign sales. After the trade war, companies grant the executives with overseas background more stock options and companies’ stock markets reacted more negatively to the unexpected leaving of such executives, in line with their increased value during the trade conflicts.
近年来，国际贸易冲突的升级给企业出口带来了巨大的不确定性。本研究基于此从人力资本的角度，考察了企业如何应对国外市场的不确定性。本研究采用了两个贸易冲突指标，一是中美贸易战期间的关税上调，二是中国企业对2018年贸易战升级事件的股市反应。我们发现，对于中国企业，贸易冲突越严重，其对海外背景高管的招聘比例越大。在贸易战之后，具有海外经验和市场营销知识的高管更受青睐，这表明公司可能利用这些高管的技能来减少海外销售额的下降。此外，对于已有的具有海外背景的高管样本，我们发现这些高管的经验能够使企业的海外销售稳定。贸易战后，公司会对海外背景的高管进行更多的期权激励。基于此，具有海外背景高管预期外的离职对公司股价存在负向作用，与这些高管在贸易冲突中对企业的价值有所增加的现象较为吻合。
