环境不确定性、管理层自信与企业双元创新投资

Environmental Uncertainty,Managers'Confidence and Ambidextrous Innovation Investment

本文从理论上分析了管理层自信及自信异质性对企业双元创新投资的影响,以及环境不确定性对该过程的调节机理,并进一步探讨不同产权性质企业间的差异。基于对过度自信衡量指标的改进,测度管理层自信程度与自信异质性,以上市高新技术企业为样本开展实证分析,研究结果显示:管理层自信程度的提高促进了企业探索式创新投资,管理层自信异质性的提高抑制了企业探索式创新投资;环境不确定性的提高分别强化了管理层自信、管理层自信异质性对企业探索式创新投资的促进与抑制作用;以上结论在企业开发式创新投资中均不成立。进一步根据产权性质对样本进行分组的检验结果表明,相对于非国有企业,国有企业管理层自信程度的提高对探索式创新投资的促进作用较弱,国有企业中其他影响关系均不成立。

This paper analyses management confidence and heterogeneity influence on ambidextrous innovation investment,and the adjusting mechanism of environmental,uncertainty to the process of influence,and further discusses the difference between enterprises of different property rights theoretically.Based on the improvement of overconfidence measure,measuring management confidence and the heterogeneity of confidence,this paper conducts empirical analysis by listed high-tech enterprises as samples.The results show that:the improvement of management confidence promotes the exploratory innovation investment;the improvement of management confidence heterogeneity inhibits exploratory innovation.Environmental uncertainty enhances the effect of promotion and inhibition of management confidence and the management confidence heterogeneity to the exploratory innovation investment respectively.The above conclusions in the exploitative innovation investment are not established.Further grouping samples according to the nature of property rights,the test results show that relative to the non-state-owned enterprises,the improvement of management confidence promotes less exploratory innovation investment to state-owned enterprises,and other influence relations in state-owned enterprises is not established.