中國留學浪潮在21世紀迎來新一輪高峰，同時也引發了學界對於留學生回國就業的多方面探討。隨著中國留美畢業生回國的數量增加，他們希望最大限度使用自己的美國學歷，在國内求職市場上尋求理想的就業機會。然而，國外學歷在中國就業市場的含金量已有所下降，海歸人群的就業力會受制於社會大環境以及個人資本流動的多重因素。本研究從宏觀社會環境與個人資本轉換兩個層面探討美國海歸的就業能力，前者包含中國的國家政策、就業環境、社會文化變遷等外部因素，後者包含個體對人力資本、文化資本與社會資本的流動能力及行動實踐等内在因素。本論文主要采用訪談法，研究對象包括從美國碩士畢業並回國就業的中國留學生和人力資源專業人士。研究結果表明，美國學歷在中國就業市場較以往已有所貶值，這促使海歸畢業生更加重視這一現實，並采取更積極的策略應對就業競爭。在上述三種個人資本形式中，文化資本是留學生最大的收穫，但其具體程度和内容因人而異。資本流動與轉換的實踐與效度具有明顯的偶然性與不確定性，這種特性不僅存在於不同個體之間，也體現在不同城市、行業及企業性質上。綜上，歸國留學生是一個異質性與多樣性日漸增長的群體，他們自身也因此更注重資本的積纍與使用能力，經營戰略，理性應對，期望在中國就業市場上得到更好的工作機會。

Educational migration across national borders has increasingly involved scholarly discussions of students’ return to home countries. Chinese international graduates returning from US higher education aspire to maximize the advantages of their overseas credentials and experience in the domestic labor market, while their employability is subject to both social contexts and individual conditions. This paper examines such dynamic (dis)advantages within the framework that combines national policies, employment environments, social and cultural changes in China on a macro level, as external factors, and the individual capacity and condition to mobilize human, cultural and social capital, as internal factors, in seeking domestic employment opportunities. Adopting qualitative methodology, including interviews with returnee graduates and Human Resources professionals, the study finds that the declining value of US qualification has heightened returnees’ awareness of credential inflation and promoted their proactive strategies in the competitive job market. Of the three forms of capital, cultural capital emerges as most significant gain for participants, although it can vary in strength and relevance. The practice and efficacy of capital mobilization in employability are significantly contingent across individuals, as well as cities, industries and forms of enterprises in China’s labor market. In short, returnee graduates, hardly a homogeneous social group, navigate domestic employment opportunities in increasingly rational and strategic ways, given the diversity and heterogeneity within the group and the changing social dynamics.

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