摘要
本文选用科技部数据库中全部A股上市公司作为研究样本,探讨高管过度自信对企业创新绩效的影响。研究结果表明,高管过度自信会促进企业加大创新项目的投入和产出;在企业研发支出保持不变的情况下,高管过度自信仍旧会给企业带来更多的创新产出,表明高管过度自信促进了企业创新绩效的提升。研究发现,这一促进作用受到企业异质性的影响,高管过度自信对于创新绩效的促进作用会因为企业规模与负债的不同而存在显著差异,验证了熊彼特效应和投资扭曲效应。进一步研究表明,相比非高新技术企业,高管过度自信与创新绩效的正相关关系在高新技术企业中更为显著。本文的研究对重新认识高管过度自信这一心理偏差对于企业财务决策的影响,以及对企业管理者的聘任决策有重要的理论和实践意义。
Prior studies argue that overconfident top executives are always detrimental to the value of shareholder. The puzzle is that why firms usually hire overconfident top executives even though they make worse decisions. Studies that intend to solve this puzzle emerge from several different perspectives. In particular, some researchers tend to solve the above puzzle from the view of inno- vation preferences of overconfident top executives due to the fact that innovation activity is a special kind of investment with high risk and high return. But they show the contrasting results that mix positive with negative outcomes. Our study finds that the relation- ship between overconfident top executives and corporate innovation is reliant upon firm heterogeneity, which can provide an explana- tion for the conflicting results. The top executives＇ incentive and ability to innovate are conditioned on the business context, and the relationship between overconfident top executives and corporate innovation varies with the embedded context. Based on the data of A-share Chinese listed firms from Ministry of Science and Tech- nology from year 2008-2011, this paper investigates the relationship between top executives＇ overconfidence and corporate innovation reliant upon firm heterogeneity： firm size and firm debt. Our study shows that firms with overconfident top executives achieve greater innovation outputs measured by patents for given R＆D inputs and that this relationship is reliant upon the context of firm heterogene- ity. Specifically, firm size and debt will moderate the relationship significantly. Overconfident top executives in large firms obtain greater innovation success than that of overconfident top executives in small firms. In non-financial expansion firms, the relationship between overconfident top executives and innovation performance is significantly positive. In contrast, this positive relationship is not significant anymore for financial expansion firms. The results also show that the relationship is more significant in high-tech firms rel- ative to non-high-tech firms. Our findings are of high importance to re-recognize the effect of top executives＇ overconfidence on corpo- rate financial decisions, and have implications for manager appoint- ment arrangement in theory and policy perspectives.
出处
《南开管理评论》
CSSCI
北大核心
2015年第6期101-112,共12页
Nankai Business Review
基金
国家自然科学基金项目(71373010)
中国人民大学科学研究基金(中央高校基本科研业务费专项资金)项目(15XNH083)资助
关键词
高管过度自信
企业创新
企业规模
企业负债
高新技术企业
Overconfidence
Top Executives
Corporate Innova-tion
Firm Size
Firm Debt
High-tech Enterprise
