财务柔性、高管过度自信与技术创新投入关系

发布时间：2018-05-30 04:00

本文选题：财务柔性 + 高管过度自信　；参考：《企业经济》2016年11期

【摘要】：本文以企业财务柔性储备存在差异为立足点,基于2011-2015年沪市A股上市公司数据,实证研究财务柔性如何作用于高管过度自信对企业技术创新投入的影响。研究结果表明:高管过度自信和财务柔性的储备均显著促进企业技术创新投入;高财务柔性也会加强高管过度自信对企业技术创新的投入。进一步根据行业特性分样本研究表明:财务柔性的作用在实物投资与研发投资之间存在博弈。相比非高新技术企业,高新技术企业中财务柔性推动过度自信高管进行技术创新投入的作用更明显。本文从财务柔性角度,丰富了行为金融学与企业创新行为关系的研究,为企业财务柔性的选择以及高管聘任提供了经验支持。
[Abstract]:Based on the data of A-share listed companies in Shanghai Stock Exchange from 2011-2015, this paper empirically studies how financial flexibility affects senior executives' overconfidence and the influence of financial flexibility on technological innovation investment. The results show that: the reserve of executive overconfidence and financial flexibility can significantly promote the investment of enterprise technology innovation, and high financial flexibility will also strengthen the investment of executive overconfidence to enterprise technological innovation. Furthermore, according to the industry characteristics, it is shown that the role of financial flexibility is a game between physical investment and R & D investment. Compared with non-high-tech enterprises, financial flexibility in high-tech enterprises promotes overconfident executives to invest in technological innovation. From the angle of financial flexibility, this paper enriches the research on the relationship between behavioral finance and innovative behavior of enterprises, and provides empirical support for the choice of financial flexibility and the appointment of senior executives.
【作者单位】：太原理工大学经济管理学院;
【基金】：教育部人文社会科学研究规划基金项目“人力资本集聚与经济结构调整的适配性研究”(项目编号:15YJA840014) 山西省软科学项目“山西省战略性新兴产业技术创新激励机制研究”(项目编号:2015041008-3) 山西省高等学校哲学社会科学项目“山西省战略性新兴产业演进的知识产权金融机制研究”(项目编号:2014217)
【分类号】：F275;F272.91;F273.1

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