海归企业家助推民营企业数字化转型的机理与证据

Based on imprinting theory and integrating the core insights of cognitive theory, this paper constructs a theoretical model of how returnee entrepreneurs influence the digital transformation of private enterprises. Using data from Chinese private listed companies from 2007 to 2022, this paper finds that: First, returnee entrepreneurs help promote the formulation and implementation of digital transformation strategies in private enterprises, and this conclusion still holds after robustness tests using multiple methods. Second, the number of highly-innovative host countries covered by the top management team and their overseas stay duration both strengthen, to varying degrees, the positive impact of returnee entrepreneurs on digital transformation; that is, the breadth and depth of executives’ cognitive restructuring, conceptualized as the breadth and depth of overseas experience, play a positive moderating role. Third, heterogeneity analysis shows that the promoting effect of returnee entrepreneurs on digital transformation is more pronounced when the external institutional environment is more favorable (a high degree of marketization, proximity to ports, and high regional openness) or internal governance support is stronger (a high proportion of foreign ownership). This paper has important theoretical significance and practical value for deepening the understanding of international human capital mobility and the adoption of digital technology.