管理者过度自信与企业技术创新投入关系研究被引量：86

The relationship between managerial overconfidence and technological innovation investment

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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。 Based on managerial overconfidence hypothesis from the theory of behavioral finance, the impact of managerial over-confidence on technology innovation investment is empirically studied by taking the data of Chinese non - financial listed compa-nies 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 innova-tion investment ; the effect only exists in the hi - tech and state controlled firms, but not in the non - hi - teeh and non - state controlled firms.

作者王山慧王宗军田原

机构地区华中科技大学管理学院

出处《科研管理》 CSSCI 北大核心 2013年第5期1-9,共9页 Science Research Management

关键词管理者过度自信技术创新企业所有权性质行业 managerial overconfidence technological innovation investment ownership type industry

分类号 F272.3 [经济管理—企业管理]

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