财务柔性、高管过度自信与技术创新投入关系

本文以企业财务柔性储备存在差异为立足点,基于2011-2015年沪市A股上市公司数据,实证研究财务柔性如何作用于高管过度自信对企业技术创新投入的影响。研究结果表明:高管过度自信和财务柔性的储备均显著促进企业技术创新投入;高财务柔性也会加强高管过度自信对企业技术创新的投入。进一步根据行业特性分样本研究表明:财务柔性的作用在实物投资与研发投资之间存在博弈。相比非高新技术企业,高新技术企业中财务柔性推动过度自信高管进行技术创新投入的作用更明显。本文从财务柔性角度,丰富了行为金融学与企业创新行为关系的研究,为企业财务柔性的选择以及高管聘任提供了经验支持。

Labeling the differences in flexible financial reserves as foothold, based on the data of the listed companies in Shanghai from 2011 to 2015, this paper studies the relations between managerial overconfidence and innovation investment under the influence of financial flexibility. The results show that the managerial overconfidence and financial flexibility significantly improve the enterprise innovation investment; and high financial flexibility intensifies the effects on the relationship between managerial overconfidence and innovation input. Further sample studies based on industrial features indicate that the financial flexibility has a game between real investment and R＆D investment. Financial flexibility plays more obvious roles in high and new technology enterprises. From the perspective of financial flexibility, this paper enriches the study on the relationship between behavioral finance and corporate innovative behavior, which provides a practical support for the selection of corporate financial flexibility and managerial employment.