CEO过度自信与企业创新

CEO Overconfidence and Corporate Innovation

随着工业化和信息化进程加速，技术创新在经济增长乃至国际竞争中的核心地位日益凸显。同时，技术创新也是企业维持发展的关键因素。在此背景下，本文从企业家的心理特征角度出发，考察CEO的过度自信是否影响了企业的创新行为。以沪深两市2006~2010年间的上市公司为研究对象，我们发现，CEO过度自信对我国上市企业的技术创新产生了显著的提升作用；同时，股权集中度或股价同步性较高时，CEO过度自信与企业创新之间的相关性会显著降低。本文的研究一方面从行为经济学的角度为企业创新理论提供了证据，另一方面也为监管当局提供了清晰的政策建议，即在企业创新战略实施中注重加强经营管理人才队伍建设。

With the acceleration of industri＇,dization and informationization, technical innovation＇s core position in the economic growth and international competition has been increasingly highlighted. Meanwhile. technological innovation is also a key factor for enterprises to maintain their development. Selecting the listed companies from 2006 to 2010 as the research object, this paper shows that CEO＇s overconfidence has a great influence on corporate innovation, but in case of higher ownership concentration and stock price synchronicity, the correlation between CEO＇s overconfidence and corporate innovation will bc reduced significantly. Our research provides evidence for corporate innovation theory from the perspective of behavioral economics, and policy suggestion for regulatory authorily, which should locus on training administrative talents in the process of corporate innovation strategy.