人才是我国实施创新驱动发展战略的关键，而海归人才对经济发展的影响也引起了广泛关注。但囿于数据与方法，目前对海归人才的影响仍缺乏系统认识和经验证据。.基于手工搜集整理的上市公司高管海外经历独特数据集，我们首先从企业层面衡量高管的海外经历特征，并结合高层梯队理论与国家制度文化理论构建我国高管海外经历对企业投资决策影响的分析体系与框架；然后，从人力资本与公司治理两个角度分析高管海外经历影响的作用机制；最后，从研发投资、多元化和海外投资等角度分析高管海外经历影响的经济后果。并通过区分高管海外经历特征，深入分析高管海外经历影响的异质性。.本项目将海归人才的影响从宏观转移至微观研究，并拓展了海归人才对企业影响的研究视角，为丰富企业家才能对企业决策的机理提供实证证据。在政策层面上，本项目的结论能为企业雇佣海外人才和国家“引智”政策提供参考意见，同时也从调节企业投资结构的角度为当前供给侧改革提供政策建议。

Talents are the key to the implement of development strategy driven by innovation in China, and the influence of overseas talents on economic development has also drawn great attention. However due to the data and method limitation, the influencing mechanism of overseas talents is still lack of systematic understanding and empirical evidence. .By using a unique dataset, we first measure the managers’ foreign experience characteristics at the firm level, and theoretically construct an analysis framework on the influence of managers with foreign experience on corporate investment decision-making based on upper echelon perspective and national institution and culture theory. Then, we investigate the influencing mechanism of impact of mangers with foreign experience from the aspects of human capital and corporate governance. Lastly, we investigate the economic consequences of impact of mangers with foreign experience from the aspects of research & development investment, corporate diversification, and overseas investment. By differentiating managers with foreign experience, we further do deep analysis to understand the heterogeneity of the impact of overseas talents. .Our research focuses the influence of overseas talents at the micro-level instead of macro-level, extents the research perspective of the effects of overseas talents in corporations, and provides empirical evidence to enrich the mechanism of entrepreneurial talent on corporate decision-making. In the view of policy, our research can properly guide corporations to hire overseas talents, and provide valuable suggestions to the policy of talented attracting to the government. Meanwhile, our conclusions can advise on supply-side reform from perspective of adjusting corporate investment structure.