CAJ | 학술논문

本文从行为金融学角度，研究了管理者过度自信对企业创新投入的影响。研究发现，管理者过度自信能够提高企业创新投入。进一步，本文对相关作用机理进行了研究，结果表明，过度自信的管理者更具冒险精神，能够减少不确定性风险对R＆D投资的负向影响。在环境高不确定性下，管理者过度自信能够增强研发对企业价值的提升作用，而在弱不确定性下效果不明显。不同于既有研究中管理者过度自信造成企业过度投资的发现，本文的研究表明，过度自信管理者有助于企业加大对风险性创新项目的投入，抓住更多创新成长机会。
본문종행위금융학각도，연구료관리자과도자신대기업창신투입적영향。연구발현，관리자과도자신능구제고기업창신투입。진일보，본문대상관작용궤리진행료연구，결과표명，과도자신적관리자경구모험정신，능구감소불학정성풍험대R＆D투자적부향영향。재배경고불학정성하，관리자과도자신능구증강연발대기업개치적제승작용，이재약불학정성하효과불명현。불동우기유연구중관리자과도자신조성기업과도투자적발현，본문적연구표명，과도자신관리자유조우기업가대대풍험성창신항목적투입，조주경다창신성장궤회。
Innovation can help companies to gain competitive advantage and realize sustainable growth and performance. But innovation involves a lot of money. Once it fails, corporate business will suffer heavy blow. As a whole, it is not surprised that the level of enterprise innovation is very low, especially in our country. This problem has become an important bottleneck. Under two rights separation, managers＇ personal characteristics can have an important impact on corporate decisions. However, most of traditional financial theories assume that managers are rational, which is not in accord with the reality. With the rapid development of psychology and behavioral finance theory, a large number of literatures has been introduced with managers＇ psychological deviation on the study of the company＇s financial decisions（ Bertrand and Schoar,2003 ; Baker,2009）. Overconfidence is the most stable human characteristics in mental experiments which can be summarized as： people pay too much trust on their own judgment and the reliability of private information, they tend to overestimate future earnings and underestimate risk （Bernardo and Welch, 2001 ）. Existed researches mainly focused on the problem of managers overconfidence easy to bring ＂empire building＂ and the inefficiency of investment（ Nofsinger,2005 ; Malmendier etal. ,2005 ; Jiang,2009 ; Hua,2011 ; Ye,2013）. Innovation belongs to investment activities of enterprises, but it is different from general investment, since its result is too uncertainty. Due to hard to disperse personal risk, managers＇ willing to make innovation is generally low. Overconfidence managers can withstand greater difficult and higher risk（ Griffin and Tversky, 1992）. In reality, with more and more intense innovation demands modem enterprises especially high technology ones tend to hire managers who have larger risk preference to survive in the rapid development of market because they have more courage to lead transition and transformation in the important phase. Considering these problems, we wonder whether overconfident managers make different innovation decisions, what kind of internal mechanism it is and what impact if will have on firm value. These problems have not been paid close attention to in existing literature, especially in the related empirical study on the emerging market. Through above analysis, we investigate how overconfident managers influence innovation by data of enterprises listed in Shanghai and Shenzhen Stock Exchange during 2007 to 2012. We find that overconfident managers can significantly improve enterprises＇ R＆D. Furthermore, we also study how overconfident managers have an effect. We find that when enterprises are exposed to high uncertain environment, managers will reduce R＆D, but overconfident ones are more adventurous to weaken the negative correlation between them. Finally, this article tests the positive correlation between R＆D investment and firm value, and verifies that overconfident managers can promote enterprises＇ R＆D investment and improve firm value under uncertain environment. Different from previous conclusions overconfident managers have a negative effect on the efficiency of investment, our paper shows that managers＇ overconfidence may have a good impact on enterprises＇ investment under uncertain environment. Therefore, enterprises should evaluate the impact of managers＇ overconfidence on their innovation decision and firm value carefully. What＇s more, they should be combined with the uncertainty of business environment in order to make wise choice of executives. In this paper, we break through the hypothesis of traditional financial theory that the manager is a rational economic man and try to analyze the mechanism between managers＇ overconfidence and innovation under different environment,thus providing a new explanation to the research of influences on enterprise innovation, and giving empirical evidence of the influence of managers＇ psychological characteristics on firm value.