企业创新投入的原动力:CEO个人品质还是早年经历——基于CEO过度自信品质与早年饥荒经历的对比

The Source Power of Enterprise Innovation Investment:CEO Personal Quality or Early Experiences? Based on the Comparison between CEO Overconfidence Quality and Famine Experiences in CEOs' Early Years

到底哪些因素制约着企业的创新投入?已有的传统理论给出了一些解释,然而对于公司基本面类似或管理者变更前后的同一家公司出现的创新投入差异现象,已有理论无法解释。随着管理者非理性理论的逐渐兴起,文章从CEO过度自信品质和早年饥荒经历这一全新的视角来解释企业创新投入,并对比二者的影响程度,以验证对企业创新投入而言,CEO个人品质和早年经历哪个更重要。文章以2002—2013年沪深上市的信息技术业和制造业企业为样本,通过静态角度的面板回归和动态角度基于CEO变更事件的DID模型分析,得出CEO过度自信有利于促进企业创新投入,而CEO早年饥荒经历则阻碍了企业创新投入,且在童年期和青少年时期经历饥荒的影响更明显;同时CEO饥荒经历对企业创新投入的影响要大于CEO过度自信品质的影响,说明CEO早年经历对企业创新投入的影响更明显。此外,通过企业异质性检验发现,二者对企业创新投入的影响在研发强度大、约束机制弱和国有企业中更明显。文章不仅扩展了企业创新及管理者非理性理论的研究视角,而且为企业选聘合适的管理者提供了决策依据。

What factors restrict innovation investment？ Existing traditional theories have given some explanations, but for the phenomenon of innovation investment differences in companies with similar fundamentals or the same company before and after management change, the existing theories cannot explain it. With the gradual rise in the management irrationality theory, this paper explains the innovation investment of enterprises from the new perspective of CEO overconfidence and famine experiences in early years, and compares the effects of these two to verify which is more important for enterprise innovation investment. By selecting information technology and manufacturing firms listed in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2002 to 2013, it uses the panel regression from the static perspective and DID model based on CEO change events ＆ from the dynamic perspective to come to the conclusions that CEO overconfidence is beneficial to the promotion of enterprise innovation investment, and the famine experiences in CEOs＇ early years inhibit the increase in innovation investment, which is more obvious in CEOs＇ childhood and adolescence. At the same time, the impact of CEO famine experiences on enterprise innovation investment is greater than the impact of CEO overconfidence, showing that the impact of personal experiences in CEOs＇ early years on enterprise innovation investment is more visible. In addition, through enterprise heterogeneity test, it finds that the influences of these two on enterprise innovation investment are more obvious in firms with higher R＆D intensity and weak constraint mechanism and state-owned enterprises. This paper not only expands enterprise innovation and management irrationality theories, but also provides the decision basis for enterprises to select the appropriate management.