管理者过度自信、管理者偏好与企业技术创新——基于国有企业上市公司数据

Managerial Overconfidence,Management Preferences and Enterprise Technology Innovation—Based on the State- owned Listed Corporation

以深沪两市2009—2012年国有上市公司为研究对象,基于行为金融学、代理经济学理论,实证检验了管理者过度自信、管理者偏好与企业技术创新的关系。研究结果表明:管理者过度自信行为对管理者偏好与企业技术创新有显著的影响,相比于管理者非过度自信,管理者过度自信企业能够明显地抑制管理者偏好,拥有更高的技术创新水平;在管理者过度自信与企业技术创新的关系中,管理者偏好具有显著的中介效应。上述结论对提升我国国有上市公司技术创新水平具有重要的理论与实践意义。

Using the 2009 -201 2 state -owned listed Corporations of Shanghai and Shenzhen as the object of study,based on the theories of behavioral finance and deputy economics,the paper studies the relationship between managerial overconfi-dence,manager preferences and enterprise technology innovation empirically.The results show that：the impact of manage-rial overconfidence behavior on managers＇preference and enterprise technology innovation is significant;compared to the non -overconfident manager,the overconfident managers can restrain managers preference with the higher level of techno-logical innovation;in the relationship between overconfidence in the management and technical innovation of enterprises, management preference has a mediating effect significantly.The conclusion has important theory and practice significance to improve the level of technological innovation of our state -owned listed corporation.