管理者过度自信对企业研发的影响——基于管理者丰富经历的调节效应与风险承担的中介效应

Self-construction Impact of Managers’Overconfidence on Enterprise R&D——Based on Moderating Effect of Managers’Experiences and Intermediary Effect of Risk-taking

医药制造企业的研发活动与其自身战略及人民生命健康存在密不可分的关系,而管理者并非完全理性人,偏离理性的决策将直接影响企业的发展战略。本文基于2012—2021年我国A股医药制造业上市公司的实证分析,研究管理者过度自信与企业研发之间的关系,以及管理者研发经历、海外经历产生的调节效应,并分析管理者风险承担的中介效应。研究结果表明:管理者过度自信能促使医药制造企业进行项目研发;管理者研发经历与海外经历能调节两者之间的正相关关系;风险承担在两者关系中发挥中介作用。为提高行业竞争力,加速新药研制进程,药企应鼓励管理者敢于承担风险,进而促进企业研发。

Based on the empirical analysis of China’s A-share pharmaceutical manufacturing listed companies from 2012 to 2021,the relationship between managers’overconfidence and enterprise R&D is studied,as well as the moderating effect of managers’R&D experience and overseas experience,and the specific influencing mechanism is analyzed.The results show that overconfidence of managers can promote the R&D of pharmaceutical manufacturing enterprises to carry out project R&D;The managers’R&D experience and overseas experience can moderate the positive correlation between the two;Risk-taking plays an intermediary role in the relationship between the two.In order to improve the competitiveness of the industry and accelerate the development process of new drugs,pharmaceutical companies should encourage managers to take risks,so as to promote enterprise research and development.