摘要
本文使用2006—2019年中国A股上市公司的数据,实证检验了管理者的极端事件经历对企业研发的长期影响。研究结果表明,经历过极端事件的管理者与其现任职企业的研发投入呈显著负相关关系。极端事件导致的企业流动性危机和财务困境使管理者印象深刻,从而导致其对小概率极端事件存在概率赋权偏差,从而高估其发生的概率,采取更保守的投资策略,减少高风险的研发投入。进一步讨论显示,董事会和股东治理结构、重塑企业家信心以及高消费水平能够抑制管理者概率赋权偏差对研发投入的消极影响,发挥一定的“纠偏作用”。该研究结果对累积前景理论、管理者经历和企业创新等文献做出了补充,并对企业的长期稳定治理具有一定的启示意义。
This paper has investigated the impact of managers’professional epidemic experience on R&Ds in the long term by analyzing the data of A-share listed companies during the post-SARS period(2006—2019).The empirical results show a negative relationship between the severity of epidemic events in the workplace of the high executive during 2003 and R&D investment in their workplace.Liquidity crisis and financial distress caused by the epidemic have left a strong impression on the high executive,increased the availability of the epidemic memory,led to the probability weighting bias for the small probability of the extreme event and overestimated the probability of its occurrence.Further analysis shows that board governance,shareholder governance,rebuilding entrepreneurial confidence and high consumption level can mitigate the negative impact of managers’probability weighting bias to R&Ds,playing a debiasing role,which indicates that the firm managed by CEOs with professional epidemic experience have a more conservative investment policy and cuts R&Ds,and reduces risk-taking.Our results will contribute to the existing studies of cumulative prospect theory,managerial experience,the economic impact of epidemic and provide implications for long-run governance in the post-pandemic era.
作者
顾雷雷
赵雨笛
简晓彤
Gu Leilei;Zhao Yudi;Jian Xiaotong(Business School,Central University of Finance and Economics,Beijing 100081,China;School of Management,South-Central Minzu University,Hubei 430070,China)
出处
《南开经济研究》
北大核心
2025年第10期186-204,共19页
Nankai Economic Studies
基金
国家自然科学基金“突发公共卫生事件的长期影响:疫情经历、企业投融资和应对政策”(72203249)的资助。
关键词
极端事件经历
企业研发
概率赋权
累积前景理论
Extreme Event Experience
Corporate R&D
Probability Weighting
Cumulative Prospect Theory
