本文選題：高管過(guò)度自信 + 創(chuàng)新方式��； 參考：《中國(guó)科學(xué)技術(shù)大學(xué)》2017年碩士論文

【摘要】：創(chuàng)新是一國(guó)政治、經(jīng)濟(jì)和文化等各方面發(fā)展的源動(dòng)力,也是企業(yè)獲得持續(xù)競(jìng)爭(zhēng)優(yōu)勢(shì)必不可少的一環(huán)。近年來(lái),隨著我國(guó)對(duì)于創(chuàng)新的不斷提倡,也更加鼓勵(lì)企業(yè)走上創(chuàng)新之路。在全面創(chuàng)新的背景下,顯然需要關(guān)注到不同的創(chuàng)新方式。創(chuàng)新方式可以分為探索式創(chuàng)新和開發(fā)式創(chuàng)新,不同的創(chuàng)新方式對(duì)企業(yè)績(jī)效有不同的影響。理性的高管在進(jìn)行創(chuàng)新決策時(shí),會(huì)選擇對(duì)企業(yè)績(jī)效正向作用程度更大的創(chuàng)新方式。然而,行為公司財(cái)務(wù)學(xué)的發(fā)展打破了傳統(tǒng)的理性經(jīng)濟(jì)人假設(shè),認(rèn)為包括高管在內(nèi)的人們都是有限理性的,存在過(guò)度自信等認(rèn)知偏差。那么,考慮高管過(guò)度自信,企業(yè)的創(chuàng)新方式選取會(huì)有什么偏好?這種偏好又將如何影響企業(yè)績(jī)效?本文對(duì)此進(jìn)行實(shí)證研究,分別從理論和實(shí)務(wù)角度對(duì)以上問(wèn)題進(jìn)行解答。本文使用2011-2015年研發(fā)創(chuàng)新數(shù)據(jù)披露完整的A股制造業(yè)上市公司非均衡面板數(shù)據(jù),采用OLS固定效應(yīng)模型面板數(shù)據(jù)回歸的方法,實(shí)證研究了高管過(guò)度自信、創(chuàng)新方式與企業(yè)績(jī)效三者之間的關(guān)系。研究結(jié)果顯示:高管過(guò)度自信與創(chuàng)新方式?jīng)Q策相關(guān),高管過(guò)度自信的企業(yè)開發(fā)式創(chuàng)新比例較高、探索式創(chuàng)新比例較低,即過(guò)度自信的高管會(huì)偏好開發(fā)式創(chuàng)新;但是,開發(fā)式創(chuàng)新比例高的企業(yè)績(jī)效差,而探索式創(chuàng)新比例高的企業(yè)績(jī)效好,表明過(guò)度自信的高管偏好的開發(fā)式創(chuàng)新對(duì)企業(yè)績(jī)效有負(fù)向影響;同時(shí),高管過(guò)度自信的企業(yè)績(jī)效較差,經(jīng)由中介效應(yīng)檢驗(yàn)表明創(chuàng)新方式在高管過(guò)度自信與企業(yè)績(jī)效間起部分中介作用。另外,考慮到我國(guó)企業(yè)所有權(quán)性質(zhì)的特殊情況,將樣本企業(yè)分為國(guó)有企業(yè)組與非國(guó)有企業(yè)組進(jìn)行分組檢驗(yàn),發(fā)現(xiàn)對(duì)于國(guó)有企業(yè),以上結(jié)論并不一定成立,而對(duì)于非國(guó)有企業(yè),顯著性卻更強(qiáng),這也表明有關(guān)國(guó)有企業(yè)的研究需要考慮更多的因素和條件。本文的主要?jiǎng)?chuàng)新點(diǎn)和貢獻(xiàn)是:將行為公司財(cái)務(wù)理論引入研發(fā)創(chuàng)新投資與企業(yè)績(jī)效的研究中,考慮高管存在過(guò)度自信認(rèn)知偏差時(shí)創(chuàng)新方式與企業(yè)績(jī)效的關(guān)系;將創(chuàng)新方式引入高管過(guò)度自信和企業(yè)績(jī)效關(guān)系的研究中,探索創(chuàng)新方式的中介作用;明確界定過(guò)度自信的研究對(duì)象,同時(shí)選用并改進(jìn)企業(yè)盈利預(yù)測(cè)偏差法和高管相對(duì)薪酬法來(lái)度量高管過(guò)度自信,研究結(jié)果更加可靠。
[Abstract]:Innovation is the driving force of a country's political, economic and cultural development.In recent years, with the continuous promotion of innovation in China, enterprises are encouraged to take the road of innovation.In the context of overall innovation, we obviously need to pay attention to different ways of innovation.Innovative ways can be divided into exploratory innovation and development innovation, different innovative ways have different effects on enterprise performance.When the rational executives make innovation decisions, they will choose the innovation mode which has a greater positive effect on the enterprise performance.However, the development of behavioral company finance breaks the traditional rational economic man hypothesis, which holds that people, including executives, are limited rational, and there are cognitive deviations such as overconfidence.So, considering the overconfidence of executives, what kind of preference will there be for the choice of innovation methods?How will this preference affect corporate performance?This article carries on the empirical research, respectively from the theory and the practice angle carries on the solution to the above question.This paper uses the R & D innovation data from 2011 to 2015 to disclose the complete non-equilibrium panel data of A share manufacturing listed companies, adopts the OLS fixed effect model panel data regression method, and empirically studies the executive overconfidence.The relationship between innovation mode and enterprise performance.The results show that executive overconfidence is related to innovation decision-making. The proportion of enterprise development innovation with executive overconfidence is higher, and the proportion of exploratory innovation is lower, that is, overconfident executives prefer development innovation; however,Enterprises with high proportion of developmental innovation have poor performance, while those with high proportion of exploratory innovation have good performance, which indicates that overconfident executives' preference for development-oriented innovation has a negative impact on enterprise performance.The test of intermediary effect shows that innovation plays a part of intermediary role between executive overconfidence and firm performance.In addition, considering the special situation of enterprise ownership in our country, the sample enterprises are divided into state-owned enterprise group and non-state-owned enterprise group to carry on the grouping test. It is found that the above conclusion is not necessarily true for the state-owned enterprise, but for the non-state-owned enterprise.However, the significance is stronger, which also indicates that the research on state-owned enterprises needs to consider more factors and conditions.The main innovation points and contributions of this paper are as follows: introducing the theory of behavioral company finance into the research of R & D innovation investment and enterprise performance, considering the relationship between innovation mode and enterprise performance when executives have cognitive bias of overconfidence;In order to explore the intermediary role of innovation mode, the research object of overconfidence is clearly defined, which is introduced into the study of the relationship between executive overconfidence and enterprise performance.At the same time, we choose and improve the deviation method of enterprise profit forecast and the relative compensation method to measure the overconfidence of executives, and the results are more reliable.
【學(xué)位授予單位】：中國(guó)科學(xué)技術(shù)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F272.91;F273.1;F406.7;F425

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