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  

The Impact of Managerial Overconfidence on Corporate Innovation:the Analysis of Financial Slack's Mediating Effect and Moderating Effect

作　　者：毕晓方[1] 李海英[1] 宋雪如 

机构地区：[1]天津财经大学商学院,天津300222

出　　处：《科技进步与对策》2016年第7期108-114,共7页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(13CGL034)

摘　　要：从创新活动和创新绩效两个层面研究企业创新战略,将管理层过度自信和财务冗余资源同时纳入企业创新影响因素理论分析框架,实证检验财务冗余如何作用于高管过度自信对企业研发支出及其创新绩效的影响。结果表明,高管过度自信和企业财务冗余均显著提高了企业研发支出;财务冗余在高管过度自信对企业研发支出的影响中起中介作用;财务冗余水平越高,高管过度自信对创新绩效的促进作用越明显。This paper studies on corporate innovation strategy from the two aspects of innovative activity and innovative performance.Managerial overconfidence and financial slack being both included in the same theoretical framework which affecting enterprise innovation,we test empirically how the finance slack affecting the impact of manager overconfidence on business innovative activity and innovative performance.We find that：managerial overconfidence and corporate financial slack both increase significantly the corporate RD spending;Financial slack mediates managerial overconfidence＇s effect on corporate RD spending;Financial slack plays a complementary moderating role of managerial overconfidence improving the innovation performance.

关 键 词：高管过度自信 财务冗余 研发支出 创新绩效 

分 类 号：F272.91[经济管理—企业管理]