高管过度自信、创新方式与企业绩效关系研究

发布时间：2018-04-11 13:36

本文选题：高管过度自信 + 创新方式　；参考：《中国科学技术大学》2017年硕士论文

【摘要】：创新是一国政治、经济和文化等各方面发展的源动力,也是企业获得持续竞争优势必不可少的一环。近年来,随着我国对于创新的不断提倡,也更加鼓励企业走上创新之路。在全面创新的背景下,显然需要关注到不同的创新方式。创新方式可以分为探索式创新和开发式创新,不同的创新方式对企业绩效有不同的影响。理性的高管在进行创新决策时,会选择对企业绩效正向作用程度更大的创新方式。然而,行为公司财务学的发展打破了传统的理性经济人假设,认为包括高管在内的人们都是有限理性的,存在过度自信等认知偏差。那么,考虑高管过度自信,企业的创新方式选取会有什么偏好?这种偏好又将如何影响企业绩效?本文对此进行实证研究,分别从理论和实务角度对以上问题进行解答。本文使用2011-2015年研发创新数据披露完整的A股制造业上市公司非均衡面板数据,采用OLS固定效应模型面板数据回归的方法,实证研究了高管过度自信、创新方式与企业绩效三者之间的关系。研究结果显示:高管过度自信与创新方式决策相关,高管过度自信的企业开发式创新比例较高、探索式创新比例较低,即过度自信的高管会偏好开发式创新;但是,开发式创新比例高的企业绩效差,而探索式创新比例高的企业绩效好,表明过度自信的高管偏好的开发式创新对企业绩效有负向影响;同时,高管过度自信的企业绩效较差,经由中介效应检验表明创新方式在高管过度自信与企业绩效间起部分中介作用。另外,考虑到我国企业所有权性质的特殊情况,将样本企业分为国有企业组与非国有企业组进行分组检验,发现对于国有企业,以上结论并不一定成立,而对于非国有企业,显著性却更强,这也表明有关国有企业的研究需要考虑更多的因素和条件。本文的主要创新点和贡献是:将行为公司财务理论引入研发创新投资与企业绩效的研究中,考虑高管存在过度自信认知偏差时创新方式与企业绩效的关系;将创新方式引入高管过度自信和企业绩效关系的研究中,探索创新方式的中介作用;明确界定过度自信的研究对象,同时选用并改进企业盈利预测偏差法和高管相对薪酬法来度量高管过度自信,研究结果更加可靠。
[Abstract]:Innovation is the driving force of a country's political, economic and cultural development.In recent years, with the continuous promotion of innovation in China, enterprises are encouraged to take the road of innovation.In the context of overall innovation, we obviously need to pay attention to different ways of innovation.Innovative ways can be divided into exploratory innovation and development innovation, different innovative ways have different effects on enterprise performance.When the rational executives make innovation decisions, they will choose the innovation mode which has a greater positive effect on the enterprise performance.However, the development of behavioral company finance breaks the traditional rational economic man hypothesis, which holds that people, including executives, are limited rational, and there are cognitive deviations such as overconfidence.So, considering the overconfidence of executives, what kind of preference will there be for the choice of innovation methods?How will this preference affect corporate performance?This article carries on the empirical research, respectively from the theory and the practice angle carries on the solution to the above question.This paper uses the R & D innovation data from 2011 to 2015 to disclose the complete non-equilibrium panel data of A share manufacturing listed companies, adopts the OLS fixed effect model panel data regression method, and empirically studies the executive overconfidence.The relationship between innovation mode and enterprise performance.The results show that executive overconfidence is related to innovation decision-making. The proportion of enterprise development innovation with executive overconfidence is higher, and the proportion of exploratory innovation is lower, that is, overconfident executives prefer development innovation; however,Enterprises with high proportion of developmental innovation have poor performance, while those with high proportion of exploratory innovation have good performance, which indicates that overconfident executives' preference for development-oriented innovation has a negative impact on enterprise performance.The test of intermediary effect shows that innovation plays a part of intermediary role between executive overconfidence and firm performance.In addition, considering the special situation of enterprise ownership in our country, the sample enterprises are divided into state-owned enterprise group and non-state-owned enterprise group to carry on the grouping test. It is found that the above conclusion is not necessarily true for the state-owned enterprise, but for the non-state-owned enterprise.However, the significance is stronger, which also indicates that the research on state-owned enterprises needs to consider more factors and conditions.The main innovation points and contributions of this paper are as follows: introducing the theory of behavioral company finance into the research of R & D innovation investment and enterprise performance, considering the relationship between innovation mode and enterprise performance when executives have cognitive bias of overconfidence;In order to explore the intermediary role of innovation mode, the research object of overconfidence is clearly defined, which is introduced into the study of the relationship between executive overconfidence and enterprise performance.At the same time, we choose and improve the deviation method of enterprise profit forecast and the relative compensation method to measure the overconfidence of executives, and the results are more reliable.
【学位授予单位】：中国科学技术大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.91;F273.1;F406.7;F425

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