高管过度自信、企业异质性与企业创新绩效——基于战略性新兴产业上市公司的实证研究
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摘要
当今世界新技术、新产业迅猛发展,世界主要国家纷纷调整发展战略,大力培育新兴产业,抢占未来经济科技竞争的制高点,为此,我国也提出了加快培育和发展战略性新兴产业的规划。在此背景下,本文基于2012—2016年中国战略性新兴产业A股上市公司,将高管过度自信和企业异质性同时纳入创新绩效的分析框架,实证研究我国战略性新兴产业中高管过度自信对创新绩效的影响及企业异质性所发挥的调节作用。结果表明:相比于非过度自信的高管,过度自信的高管能够有效促进企业创新绩效;另外,企业规模本身可以提升创新绩效,但是在高管过度自信对创新绩效影响中起调节作用时,发现小规模企业的促进作用反而更加显著。进一步研究表明,国有企业与民营企业中高管过度自信对创新绩效的影响效果存在差异性:民营企业高管过度自信会产生更多的创新绩效,而国有企业的促进效果较差。
Nowadays, with the rapid development of new technologies and new industries in the world, major countries all around the world have readjusted their developmental strategies one after another, and vigorously fostered emerging industries to seize the commanding height of economic and technological competition in the future. To this end, China has also put forward plans to speed up the cultivation and development of strategic emerging industries. So this article is based on the 2012-2016 A-share listed companies in Chinese strategic emerging industries, incorporating overconfidence and corporate heterogeneity into the analytical framework of innovative performance, empirically studies the impact of executives' overconfidence on innovative performance and the regulatory effect of enterprises' heterogeneity in strategic emerging industries in China. The results showed that: compared to non-executive overconfidence, over-confident executives can effectively promote innovative performance; in addition, the size of the enterprise itself can enhance innovative performance,but the promotion of small-scale enterprises is even more significant when the size play a regulatory role. Further research showed that the effect of executive overconfidence on innovative performance is different between state-owned and private enterprise: private enterprise executives' overconfidence can produce more innovative performance while the promotional effect of state-owned enterprises is poor.
Nowadays, with the rapid development of new technologies and new industries in the world, major countries all around the world have readjusted their developmental strategies one after another, and vigorously fostered emerging industries to seize the commanding height of economic and technological competition in the future. To this end, China has also put forward plans to speed up the cultivation and development of strategic emerging industries. So this article is based on the 2012-2016 A-share listed companies in Chinese strategic emerging industries, incorporating overconfidence and corporate heterogeneity into the analytical framework of innovative performance, empirically studies the impact of executives' overconfidence on innovative performance and the regulatory effect of enterprises' heterogeneity in strategic emerging industries in China. The results showed that: compared to non-executive overconfidence, over-confident executives can effectively promote innovative performance; in addition, the size of the enterprise itself can enhance innovative performance,but the promotion of small-scale enterprises is even more significant when the size play a regulatory role. Further research showed that the effect of executive overconfidence on innovative performance is different between state-owned and private enterprise: private enterprise executives' overconfidence can produce more innovative performance while the promotional effect of state-owned enterprises is poor.
引文
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[17]吴延兵.企业规模、市场力量与创新:一个文献综述[J].经济研究,2007(5):125-138.
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[19]Woodman R W,Sawyer J E,Griffin R W.Toward a theory of organizational creativity[J].Academy of Management Review,1993,18(2):293-321.
[20]Gao G.The Nature of Property Rights and Innovation Performance of Enterprise[J].Commercial Research,2013.
[21]曾铖,郭兵.产权性质、组织形式与技术创新绩效--来自上海微观企业数据的经验研究[J].科学学与科学技术管理,2014(12):128-139.
[22]Dess G G,Lumpkin G T,Covin J G.Entrepreneurial strategy making and firm performance:tests of contingency and configurational models[J].Strategic Management Journal,2015,18(9):677-695.
[23]Hirshleifer D,Low A,Teoh S.Are overconfident CEOs better innovators?The Journal of Finance[J].Journal of Finance,2012,67(4):1457-1498.
[24]Hirshleifer D,Low A,Teoh S H.Are Overconfident CEOs Better Innovators?[J].Journal of Finance,2012,67(4):1457-1498.
[25]易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015,18(6):101-112.
[26]姜付秀,张敏,陆正飞,等.管理者过度自信、企业扩张与财务困境[J].经济研究,2009(1):131-143.
[2]何诚颖,陈锐,蓝海平,等.投资者非持续性过度自信与股市反转效应[J].管理世界,2014(8):44-54.
[3]Gervais S,Heaton J B,Odean T.Capital Budgeting in the Presence of Managerial Overconfidence and Optimism[R].Working Paper,2002.
[4]Alicke M D,Klotz M L,Breitenbecher D L,et al.Personal contact,individuation,and the better-than-average effect[J].Journal of Personality&Social Psychology,1995,68(5):804-825.
[5]郝颖,刘星,林朝南.我国上市公司高管人员过度自信与投资决策的实证研究[J].中国管理科学,2005,13(5):142-148.
[6]Malmendier U,Tate G.Who makes acquisitions?CEOoverconfidence and the market's reaction[J].Journal of Financial Economics,2008,89(1):20-43.
[7]李琳娜.会计稳健性、管理层过度自信与企业债务融资[J].财会通讯,2017(27):86-89.
[8]Hirshleifer D,Low A,Teoh S.Are overconfident CEOs better innovators?The Journal of Finance[J].Journal of Finance,2012,67(4):1457-1498.
[9]Galasso A,Simcoe T S.CEO Overconfidence and Innovation[M].INFORMS,2011.
[10]朱磊,韩雪,王春燕.股权结构、管理者过度自信与企业创新绩效--来自中国A股高科技企业的经验证据[J].软科学,2016,30(12):100-103.
[11]毕晓方,李海英,宋雪如.高管过度自信对企业创新的影响:财务冗余的中介作用与调节作用[J].科技进步与对策,2016,33(7):108-114.
[12]Jeffrey Yu C F.CEO Overconfidence,CEO Compensation,and Earnings Manipulation[J].Journal of Management Accounting Research,2012.
[13]潘清泉,鲁晓玮.创业企业创新投入、高管过度自信对企业绩效的影响[J].科技进步与对策,2017,34(1):98-103.
[14]Kam W P,Kiese M,Singh A,et al.The pattern of innovation in Singapore's manufacturing sector[J].Singapore Management Review,2003.
[15]李正卫,吴晓波,郑健壮.基于规模和集群之上的企业技术创新行为研究[J].科研管理,2003,24(4):61-65.
[16]Ettlie J E,Rubenstein A H.Firm Size and Product Innovation[J].Journal of Product Innovation Management,2010,4(2):89-108.
[17]吴延兵.企业规模、市场力量与创新:一个文献综述[J].经济研究,2007(5):125-138.
[18]Zhao H,Tong X,Wong P K,et al.Types of technology sourcing and innovative capability:An exploratory study of Singapore manufacturing firms[J].Journal of High Technology Management Research,2005,16(2):209-224.
[19]Woodman R W,Sawyer J E,Griffin R W.Toward a theory of organizational creativity[J].Academy of Management Review,1993,18(2):293-321.
[20]Gao G.The Nature of Property Rights and Innovation Performance of Enterprise[J].Commercial Research,2013.
[21]曾铖,郭兵.产权性质、组织形式与技术创新绩效--来自上海微观企业数据的经验研究[J].科学学与科学技术管理,2014(12):128-139.
[22]Dess G G,Lumpkin G T,Covin J G.Entrepreneurial strategy making and firm performance:tests of contingency and configurational models[J].Strategic Management Journal,2015,18(9):677-695.
[23]Hirshleifer D,Low A,Teoh S.Are overconfident CEOs better innovators?The Journal of Finance[J].Journal of Finance,2012,67(4):1457-1498.
[24]Hirshleifer D,Low A,Teoh S H.Are Overconfident CEOs Better Innovators?[J].Journal of Finance,2012,67(4):1457-1498.
[25]易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015,18(6):101-112.
[26]姜付秀,张敏,陆正飞,等.管理者过度自信、企业扩张与财务困境[J].经济研究,2009(1):131-143.