管理者过度自信对企业研发活动影响的实证研究

发布时间：2018-01-19 10:04

本文关键词： 管理者过度自信企业创新企业异质性研发支出强度发明专利　出处：《哈尔滨工业大学》2016年硕士论文　论文类型：学位论文

【摘要】：在国家大力提倡科技创新的背景下,如何促进企业创新已经成为学术界的研究热点。国内外学者从公司治理、企业特征、企业外部环境等角度对影响企业研发活动的因素进行了大量的研究。然而,已有研究多是以理性人假设为前提,忽略了管理者作为“有限理性经济活动参与者”的客观现实。随着行为财务理论的发展,管理者有限理性,尤其是过度自信对企业研发活动的影响逐渐受到学术界关注。但是,单纯的将研究企业归为同质样本,显然不符合现实经济活动中企业异质性的客观现实;同时,鲜有学者将发明专利作为企业研发支出的经济后果进行相关研究。因此,本文从有限理性假设出发,将过度自信管理者对企业研发支出强度、研发产出(用专利衡量)的影响作为本文研究重点,并引入企业规模和企业负债两个企业异质性视角,深化研究。本文选取科技部数据库中沪深A股上市公司作为研究样本,选用适当的计量模型,应用多元回归方式,先后研究了企业同质视角下和异质视角下管理者过度自信对企业研发活动的影响。研究结果表明,当研发支出不变时,企业同质视角下,管理者过度自信对企业研发活动的提升有显著促进作用;企业异质视角下,不同的企业规模及财务约束条件下,这一促进作用存在显著差异,就企业规模而言:相比规模较小的企业,规模较大的企业中过度自信的管理者更能促进企业研发活动的提升。就财务约束而言:相比财务扩张型企业,非财务扩张型企业中过度自信管理者对企业创新活动的促进更加明显。实证结论能够验证文献中的熊氏假说和投资扭曲假说,并在研究思路上拓展了现有的线性分析范式。研究表明,企业异质性是影响过度自信管理者是否进行研发活动的重要决策情境,即管理者研发决策的制定受制于企业特殊情境。同时,应全面客观认识过度自信的管理者给企业带来的利弊,虽有研究认为管理者过度自信会导致财务决策失误,造成企业价值损失,但是更具企业家精神的过度自信管理者也是企业创新活动的有力推动者,在一定条件下会促进企业研发活动的提升。综上所述,管理者作为企业战略的制定者和执行者,其有限理性行为必然会影响到企业的经济活动。因此,本文从行为公司财务理论出发,引入企业异质性分析框架,研究管理者过度自信对企业研发活动影响,具有重要的理论意义与实际意义。
[Abstract]:Under the background of promoting scientific and technological innovation, how to promote enterprise innovation has become a hot topic in academic circles. Domestic and foreign scholars from corporate governance, enterprise characteristics. A lot of research has been done on the factors that affect the enterprise's R & D activities from the perspective of external environment. However, most of the previous studies are based on the hypothesis of rational people. It ignores the objective reality of managers as "participants in limited rational economic activities". With the development of behavioral finance theory, managers have limited rationality. In particular, the influence of overconfidence on enterprise R & D activities has gradually attracted the attention of academia. However, simply classifying research enterprises as homogeneous samples obviously does not accord with the objective reality of heterogeneity of enterprises in real economic activities; At the same time, few scholars regard invention patent as the economic consequence of enterprise R & D expenditure. Therefore, based on the hypothesis of limited rationality, this paper will overconfidence managers'R & D expenditure intensity. The impact of R & D output (measured by patent) as the focus of this paper, and the introduction of enterprise size and corporate debt heterogeneous perspective. This paper selects the Shanghai and Shenzhen A-share listed companies in the database of the Ministry of Science and Technology as the research sample, selects the appropriate econometric model, and applies the multiple regression method. The effects of manager overconfidence on enterprise R & D activities under the homogeneous and heterogeneous perspectives are studied successively. The results show that when R & D expenditure remains unchanged, the corporate perspective is homogeneous. The manager overconfidence has the remarkable promotion function to the enterprise research and development activity promotion; From the perspective of enterprise heterogeneity, under different enterprise size and financial constraints, there are significant differences in this promotion role, as far as enterprise scale is concerned: compared with smaller enterprises. Overconfident managers in larger enterprises can promote R & D activities more. As far as financial constraints are concerned: compared with financial expansion enterprises. The overconfidence managers in non-financial expansion enterprises promote the innovation activities more obviously. The empirical results can verify the Xiong hypothesis and investment distortion hypothesis in the literature. The research shows that corporate heterogeneity is an important decision-making situation that affects the overconfidence managers'R & D activities. That is to say, the decision-making of managers'R & D decision is restricted by the special situation of enterprises. At the same time, we should comprehensively and objectively understand the advantages and disadvantages brought by overconfident managers to enterprises. Although some studies believe that managers overconfidence will lead to financial decision-making mistakes, resulting in loss of corporate value, but more entrepreneurial overconfident managers are also the powerful promoter of enterprise innovation. Under certain conditions, it will promote the promotion of enterprise R & D activities. In summary, as the maker and executor of enterprise strategy, the limited rational behavior of managers will inevitably affect the economic activities of enterprises. Based on the theory of behavioral company finance, this paper introduces the framework of enterprise heterogeneity analysis to study the influence of manager overconfidence on enterprise R & D activities, which has important theoretical and practical significance.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F273.1;F272.91

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