【摘要】：在全球經(jīng)濟(jì)加速一體化的背景下，企業(yè)面臨著前所未有的機(jī)遇和挑戰(zhàn)，而技術(shù)研發(fā)的重要性也日益凸顯。近年來，我國的研發(fā)投入經(jīng)費(fèi)保持持續(xù)增長，，但研發(fā)投入的績效卻遠(yuǎn)低于西方發(fā)達(dá)國家。企業(yè)的研發(fā)活動(dòng)是企業(yè)提升競爭力和獲取競爭優(yōu)勢的主要來源。企業(yè)要想在日益激烈的競爭中生存，就必須要加強(qiáng)研發(fā)投入，不斷更新生產(chǎn)技術(shù)，進(jìn)而保持企業(yè)市場競爭的優(yōu)勢地位，保證企業(yè)的長遠(yuǎn)發(fā)展。當(dāng)前，很多學(xué)者已經(jīng)從公司治理、企業(yè)特征、企業(yè)外部環(huán)境等方面對(duì)影響企業(yè)研發(fā)投入的因素進(jìn)行了大量的研究，然而在這些研究中均假定企業(yè)的管理者是理性的決策制定者，忽視了管理者非理性行為尤其是過度自信對(duì)企業(yè)研發(fā)投入的影響。近些年來，隨著行為金融學(xué)的發(fā)展，也有學(xué)者研究管理者非理性行為尤其是過度自信然對(duì)企業(yè)研發(fā)投入的影響，然而鮮有研究對(duì)理性管理者與過度自信管理者所實(shí)施的研發(fā)投入對(duì)公司績效的影響予以比較分析。因此，本文從管理者過度自信的視角出發(fā)，對(duì)過度自信管理者與理性管理者所實(shí)施的研發(fā)投入對(duì)公司績效的影響予以對(duì)比研究。 本文選取A股高新技術(shù)企業(yè)作為研究對(duì)象，一方面，本文分析了管理者過度自信對(duì)企業(yè)研發(fā)投入的影響；另一方面，本文對(duì)過度自信管理者與理性管理者所實(shí)施研發(fā)投入對(duì)公司績效的影響予以對(duì)比分析。研究結(jié)果表明，我國高新技術(shù)上市公司的管理者存在一定程度的過度自信。我國高新技術(shù)上市公司研發(fā)投入強(qiáng)度還比較低，遠(yuǎn)遠(yuǎn)沒有達(dá)到《高新技術(shù)企業(yè)認(rèn)定管理辦法》對(duì)于企業(yè)研發(fā)投入的最低要求。管理者過度自信顯著正向影響企業(yè)研發(fā)投入，即過度自信的管理者傾向于更多的研發(fā)投入。理性管理者與過度自信管理者所實(shí)施的研發(fā)投入對(duì)于企業(yè)當(dāng)期業(yè)績和未來一年業(yè)績具有顯著的正向影響。在其他條件不變的情況下，相比較于過度自信管理者所實(shí)施的研發(fā)投入，理性管理者所實(shí)施的研發(fā)投入對(duì)于企業(yè)當(dāng)期業(yè)績和未來一年業(yè)績的正向影響更大。 綜上所述，管理者作為企業(yè)戰(zhàn)略的制定者和執(zhí)行者，其非理性行為必然會(huì)影響到企業(yè)的研發(fā)投入。因此，本文從行為金融理論的視角研究管理者過度自信對(duì)企業(yè)研發(fā)投入及其績效的影響具有重要的理論意義與實(shí)際意義。
[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.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F224;F272.9;F275;F276.44

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