管理者过度自信与企业技术创新投入关系研究

摘要/Abstract

摘要： 基于行为金融理论的管理者过度自信假设,本文以2002-2010年沪深两市非金融行业上市公司为样本,实证检验管理者过度自信对企业技术创新投入的影响,进而考察这种影响是否受企业所属行业和企业所有权性质的影响。研究结果表明,管理者过度自信对企业技术创新投入有显著的正向影响,而进一步的研究表明管理者过度自信对企业技术创新投入的影响仅存在于高科技企业和国有企业中,而在非高科技和非国有企业影响并不显著。

关键词: 管理者过度自信, 技术创新, 企业所有权性质, 行业

Abstract: Based on managerial overconfidence hypothesis from the theory of behavioral finance, the impact of managerial overconfidence on technology innovation investment is empirically studied by taking the data of Chinese non-financial listed companies from the year of 2002 to 2010 as samples, and whether or not the industry and ownership type is able to affect the relation is further examined. The empirical results show that managerial overconfidence has a significant positive effect on technology innovation investment; the effect only exists in the hi-tech and state controlled firms, but not in the non-hi-tech and non-state controlled firms.

Key words: managerial overconfidence, technological innovation investment, ownership type, industry

中图分类号:

F272.3

王山慧, 王宗军, 田原. 管理者过度自信与企业技术创新投入关系研究[J]. 科研管理, 2013, 34(5): 1-9.

Wang Shanhui, Wang Zongjun, Tian Yuan. The relationship between managerial overconfidence and technological innovation investment[J]. Science Research Management, 2013, 34(5): 1-9.

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