管理者过度自信与企业创新投入——基于中国民营上市公司的实证研究

Management Overconfidence and Firms' Innovation Investment——An Empirical Study on Private- owned Listed Companies in China

激励企业提高创新投入强度和效率是促进企业自主创新,乃至促进中国经济转型升级的关键所在。从管理者过度自信的视角,以披露了创新投入的制造业和信息技术业民营上市公司为研究样本,实证研究影响企业创新投入强度和效率的因素。结果显示:过度自信管理者所在企业的创新投入强度更高,而创新投入效率却更低。研究结论有助于在政策层面考虑管理者过度自信心理特征分别对企业创新投入强度及效率的积极与消极意义。有关管理部门应充分发挥企业管理者对自主创新活动过度自信的正面作用,同时抑制其负面作用。

How to encourage a firm to raise the intensity and efficiency of its innovation investment is the key for successful industrial independent innovation enhancement,and even an impetus for Chinese economic transformation and upgrading. Using the sample from private- owned listed companies in manufacturing and IT sectors which disclosed innovation investment,this paper empirically studies factors influencing the intensity and efficiency of innovation investment from the perspective of management overconfidence. The results indicate that companies with overconfident management tend to have a higher level of intensity and a lower level of efficiency of innovation investment. Since the management overconfidence has both positive and negative influences on the intensity and efficiency of firms＇ innovation investment,our study provides some implications for policy formulation.