内部控制、高管过度自信与企业创新绩效

Internal Control,Executive Overconfidence and Corporate Innovation Performance

近年来,企业创新绩效一直是学者们关注的热点问题.以2012~2018年中国A股上市公司为研究对象,使用倾向得分匹配法(PSM),实证检验了高管过度自信对企业创新绩效的影响以及内部控制质量对两者之间关系的调节作用.研究发现,高管过度自信显著降低了企业创新绩效,而内部控制能够有效抑制高管的过度自信,从而提高企业的创新绩效.研究结果丰富了内部控制经济后果的相关研究,有助于企业建立良好的治理机制,同时也为有关高管过度自信与企业创新绩效关系方面的研究提供新的角度.

In recent years,enterprise innovation performance has been a hot issue.Based on the research object of A-stock listed companies in China from 2012 to 2018,in this paper,the propensity score matching method(PSM)is used to empirically test the influence of the overconfidence of executive on enterprise innovation performance and the regulating effect of internal control quality on the relationship between them.It is found that the overconfidence of executive significantly reduces corporate innovation performance,while internal control can effectively restrain it.The related research on the economic consequences of internal control is enriched,a good governance mechanism is established,and a new perspective on the relationship between the overconfidence of executive and enterprise innovation performance is provided.