Abstract: This paper takes Shanghai and Shenzhen A-share listed during 2010 to 2020 as samples, investigate the internal mechanism and the influence of returnee executives on the digital transformation of enterprises and its mechanism. The results show that: (1) Returnee executives are helpful to promote the digital transformation of enterprises, and this conclusion is still valid after considering endogeneity and various robustness tests; (2) The mechanism shows that the returnee executives mainly promote the digital transformation of enterprises by improving enterprise human capital level, learning and absorption ability and ESG responsibility; (3) Heterogeneity analysis shows that the promotion effect is more significant in SME and enterprises with low financial asset allocation efficiency. The conclusion of this paper not only enriches and expands the upper echelons theory and the related research on the influencing factors of digital transformation of enterprises, but also helps to provide empirical evidence for enterprises to adapt to the trend of digital development and speed up the process of digital transformation of enterprises.

摘要： 本文以2010-2020年沪深两市A股上市公司为研究样本，分析海归高管对企业数字化转型的影响及其作用机制。研究结果表明：（1）海归高管有助于推动企业数字化转型，这一结论在考虑内生性并经过多种稳健性检验后依然成立；（2）作用机制表明，海归高管主要通过提升企业人力资本水平、学习吸收能力以及ESG责任履行程度三重机制推动企业数字化转型；（3）异质性分析表明，海归高管的海归高管对企业数字化转型的促进作用在中小企业以及金融资产配置效率低的企业中更为显著。研究结论既丰富和拓展了高阶梯队理论以及企业数字化转型影响因素的相关研究，还有助于为企业如何顺应数字化发展趋势，加快企业数字化转型进程提供经验证据。