管理者过度自信视阈下研发投入对公司绩效的影响研究

发布时间：2018-07-17 17:08

【摘要】：在全球经济加速一体化的背景下，企业面临着前所未有的机遇和挑战，而技术研发的重要性也日益凸显。近年来，我国的研发投入经费保持持续增长，，但研发投入的绩效却远低于西方发达国家。企业的研发活动是企业提升竞争力和获取竞争优势的主要来源。企业要想在日益激烈的竞争中生存，就必须要加强研发投入，不断更新生产技术，进而保持企业市场竞争的优势地位，保证企业的长远发展。当前，很多学者已经从公司治理、企业特征、企业外部环境等方面对影响企业研发投入的因素进行了大量的研究，然而在这些研究中均假定企业的管理者是理性的决策制定者，忽视了管理者非理性行为尤其是过度自信对企业研发投入的影响。近些年来，随着行为金融学的发展，也有学者研究管理者非理性行为尤其是过度自信然对企业研发投入的影响，然而鲜有研究对理性管理者与过度自信管理者所实施的研发投入对公司绩效的影响予以比较分析。因此，本文从管理者过度自信的视角出发，对过度自信管理者与理性管理者所实施的研发投入对公司绩效的影响予以对比研究。本文选取A股高新技术企业作为研究对象，一方面，本文分析了管理者过度自信对企业研发投入的影响；另一方面，本文对过度自信管理者与理性管理者所实施研发投入对公司绩效的影响予以对比分析。研究结果表明，我国高新技术上市公司的管理者存在一定程度的过度自信。我国高新技术上市公司研发投入强度还比较低，远远没有达到《高新技术企业认定管理办法》对于企业研发投入的最低要求。管理者过度自信显著正向影响企业研发投入，即过度自信的管理者倾向于更多的研发投入。理性管理者与过度自信管理者所实施的研发投入对于企业当期业绩和未来一年业绩具有显著的正向影响。在其他条件不变的情况下，相比较于过度自信管理者所实施的研发投入，理性管理者所实施的研发投入对于企业当期业绩和未来一年业绩的正向影响更大。综上所述，管理者作为企业战略的制定者和执行者，其非理性行为必然会影响到企业的研发投入。因此，本文从行为金融理论的视角研究管理者过度自信对企业研发投入及其绩效的影响具有重要的理论意义与实际意义。
[Abstract]:In the background of global economic integration, enterprises are facing unprecedented opportunities and challenges, and the importance of technology research and development is becoming more and more important. In recent years, the investment in R & D in our country keeps growing, but the performance of R & D investment is far lower than that in western developed countries. The main source of competitive advantage. If enterprises want to survive in the increasingly fierce competition, we must strengthen the R & D investment, renew the production technology, keep the competitive advantage of the enterprise market and ensure the long-term development of the enterprises. At present, many scholars have already influenced enterprises from the aspects of corporate governance, enterprise characteristics, and the external environment of enterprises. There is a lot of research on the factors of R & D investment. However, in these studies, the managers of enterprises are assumed to be rational decision makers, ignoring the influence of irrational behavior, especially over confidence, on R & D investment. In recent years, with the development of behavioral finance, some scholars have also studied the irrational behavior of managers. Especially the impact of overconfidence on R & D investment, however, few studies have made a comparative analysis of the impact of R & D input on corporate performance by rational managers and overconfident managers. Therefore, this paper, from the perspective of managers' overconfidence, puts forward the research and development of excessive self trust managers and rational managers. The impact of entry on the performance of the company is compared.
On the one hand, this paper analyzes the influence of overconfidence of managers on R & D investment, on the one hand, and on the other hand, this paper analyzes the impact of R & D input on corporate performance by overconfident managers and rational managers. The results show that China's high technology is on high and new technology. The manager of the city company has a certain degree of overconfidence. The intensity of R & D investment of the high and new technology listed companies of our country is still relatively low, far from reaching the lowest requirement for the enterprise R & D investment. The overconfidence of the managers is significantly affecting the R & D investment, that is, the overconfident Manager The R & D input of rational managers and overconfident managers has a significant positive impact on corporate performance and future performance for the next year. Under the same conditions, the R & D investment implemented by rational managers compared to the R & D investment implemented by overconfident managers The positive impact on the current performance of enterprises and the performance of the next year will be greater.
To sum up, as the maker and executor of the enterprise strategy, the irrational behavior of the manager will inevitably affect the R & D investment of the enterprise. Therefore, this paper studies the effect of overconfidence of managers on R & D investment and its performance from the perspective of behavioral finance theory.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F224;F272.9;F275;F276.44

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