摘要
本文从行为金融学角度,研究了管理者过度自信对企业创新投入的影响。研究发现,管理者过度自信能够提高企业创新投入。进一步,本文对相关作用机理进行了研究,结果表明,过度自信的管理者更具冒险精神,能够减少不确定性风险对R&D投资的负向影响。在环境高不确定性下,管理者过度自信能够增强研发对企业价值的提升作用,而在弱不确定性下效果不明显。不同于既有研究中管理者过度自信造成企业过度投资的发现,本文的研究表明,过度自信管理者有助于企业加大对风险性创新项目的投入,抓住更多创新成长机会。
Innovation can help companies to gain competitive advantage and realize sustainable growth and performance. But innovation involves a lot of money. Once it fails, corporate business will suffer heavy blow. As a whole, it is not surprised that the level of enterprise innovation is very low, especially in our country. This problem has become an important bottleneck. Under two rights separation, managers＇ personal characteristics can have an important impact on corporate decisions. However, most of traditional financial theories assume that managers are rational, which is not in accord with the reality. With the rapid development of psychology and behavioral finance theory, a large number of literatures has been introduced with managers＇ psychological deviation on the study of the company＇s financial decisions（ Bertrand and Schoar,2003 ; Baker,2009）. Overconfidence is the most stable human characteristics in mental experiments which can be summarized as： people pay too much trust on their own judgment and the reliability of private information, they tend to overestimate future earnings and underestimate risk （Bernardo and Welch, 2001 ）. Existed researches mainly focused on the problem of managers overconfidence easy to bring ＂empire building＂ and the inefficiency of investment（ Nofsinger,2005 ; Malmendier etal. ,2005 ; Jiang,2009 ; Hua,2011 ; Ye,2013）. Innovation belongs to investment activities of enterprises, but it is different from general investment, since its result is too uncertainty. Due to hard to disperse personal risk, managers＇ willing to make innovation is generally low. Overconfidence managers can withstand greater difficult and higher risk（ Griffin and Tversky, 1992）. In reality, with more and more intense innovation demands modem enterprises especially high technology ones tend to hire managers who have larger risk preference to survive in the rapid development of market because they have more courage to lead transition and transformation in the important phase. Conside
出处
《经济管理》
CSSCI
北大核心
2014年第11期94-102,共9页
Business and Management Journal ( BMJ )
基金
中央高校基本科研业务费专项资金资助项目"产品市场竞争与企业创新"(14XNH240)
