高管自信度对农林牧副渔上市公司财务绩效影响研究--基于创新投入的中介效应

Research on the Impact of Executive Confidence on the Financial Performance of Listed Companies in Agriculture,Forestry,Animal Husbandry,Sideline and Fishery--Based on the Mediating Effect of Innovation Input

近年来农林牧副渔上市公司的内部制度逐渐完善,创新意识有所提高,但作为农业经济发展的支柱和基础,农林牧副渔上市公司的整体创新投入与财务绩效增速较为缓慢,经营活力有待提升。而所有权的分离促使高管成为企业实际的决策者,高管成员的行为表现对农林牧副渔上市公司的创新驱动具有重要影响。目前,有关高管心理特征与企业绩效的研究取得丰硕的成果,但对于创新投入作为高管自信度与企业财务绩效影响路径的研究相对较少。文章选取2016-2020年农林牧副渔上市公司为研究对象,基于创新投入路径分析高管自信度与企业财务绩效的关系。研究结果表明:(1)高管自信度与企业财务绩效在1%的显著性水平上显著正相关,即农林牧副渔上市公司高管自信度越高,财务绩效越好;(2)高管自信度与创新投入在1%的水平上显著正相关,即高管自信度越高,管理者更倾向于增加创新投入,实现长效发展;(3)高管自信度与创新投入的交乘项在1%的显著性水平上显著正相关,即创新投入在二者关系中具有部分中介作用,高管自信度上升直接影响企业对创新战略的选择,促使创新成果持续产出,从而实现财务绩效的提高;(4)相对于自信度较低者,农林牧副渔上市公司高管自信度较高时,对企业财务绩效的正向影响更为显著。即企业高管自信度越高,其内在心理特征会形成积极的外在行为表现,与股东的利益趋同性越强,更加关注企业的长远发展,有助于农林牧副渔上市公司创新和主观能动性的提升,逐渐形成长期竞争优势,从而促进企业财务绩效显著提高。

In recent years,the internal systems of listed companies of agriculture,forestry,animal husbandry,sideline and fishery have been gradually improved,and the awareness of innovation has increased,as the pillar and foundation of agricultural economic development,the overall innovation input and financial performance of listed agriculture,forestry,animal husbandry,sideline and fishery companies have increased.The speed is relatively slow,and the business vitality needs to be improved.The separation of ownership makes senior executives become the actual decision makers of the company.The behavior of senior management members has an important impact on the innovation drive of agriculture,forestry,animal husbandry,sideline and fishery companies.At present,the research on the psychological characteristics of executives and corporate performance has achieved fruitful results,but there are relatively few studies on the influence path of innovation input as executive confidence and corporate financial performance.This paper selects the listed companies in the agriculture,forestry,animal husbandry,sideline and fishery companies from 2016 to 2020 as the object,based on the relationship between executives confidence and corporate financial performance based on the path of innovation input.The research results show that:(1)Executive confidence is significantly positively correlated with corporate financial performance at the level of 1%,that is,the higher the executives confidence of listed agriculture,forestry,animal husbandry,sideline and fishery companies,the better the financial performance.(2)Exexutive confidence has a significant positive correlation with innovation input at the level of 1%,that is,the higher the executives confidence,the more likely managers are to increase investment in innovation and achieve long-term development.(3)The crossover item between executive confidence and innovation input is significantly positively correlated at the 1%level,that is,innovation input plays a part of the intermediary role in the relationship between the two,and the increase in executive confidence directly affects the company’s choice of innovation strategy,and promotes the continuous output of innovation results,thereby achieving financial performance improvement.(4)Compared with those with low self-confidence,when the executives confidence of listed agriculture,forestry,animal husbandry,sideline and fishery companies is high,the positive impact on corporate financial performance is more significant.That is to say,the higher the confidence of corporate executives,the more positive their internal psychological characteristics will form positive external behaviors,the stronger the convergence of interests with shareholders,and the more concerned about the long-term development of the company,which will help agriculture,forestry,animal husbandry,sideline and fishery companies to innovate subjective initiative.As a result,long-term competitive advantages are gradually formed,thereby promoting a significant improvement in corporate financial performance.