管理层投资视野、技术熟悉度与企业创新决策  

Managerial Horizon,Technology Familiarity and Corporate Innovation

作　　者：高洪利 李莉[2] 吕晨 Gao Hongli;Li Li;Lyu Chen(School of Accounting,Intangible Asset Evaluation Collaborative Innovation Center,Tianjin University of Finance and Economics;Business School,Nankai University;School of Economics and Management,Tianjin Chengjian University)

机构地区：[1]天津财经大学会计学院、无形资产评价协同创新中心 [2]南开大学商学院财务管理系 [3]天津城建大学经济与管理学院

出　　处：《南开管理评论》2022年第4期79-88,I0016,I0017,共12页Nankai Business Review

基　　金：国家自然科学基金项目(71802111、71672087)资助。

摘　　要：在技术变革的浪潮中,投资机会的不确定性大幅增加,技术壁垒也持续提高,对管理层准确评估投资机会的价值并制定创新决策提出了新的挑战。本文从估值的视角出发,通过构建不确定条件下的投资模型,研究管理层的投资视野与技术熟悉度两类特质对投资机会估值的影响,分析其对企业创新决策的作用机理,并采用数值模拟和实证方法进行检验。结果表明,投资视野较短的管理层会低估投资机会的价值,从而减少创新活动,且对探索式创新具有边际递增的抑制效应;当其技术熟悉度较高时,可改善项目估值水平,缓解创新抑制效应,促进企业进行更多的探索式创新。另外,市场竞争加剧了管理层短视的创新抑制效应,也凸显了技术熟悉度对探索式创新的促进作用。本研究丰富了管理者特质及创新相关研究,并为企业提升创新决策质量提供参考。In the wave of technological change,the technology development routes and their durations in each industry have been dramatically changed by the emergence,development and integration of new technologies,thus the uncertainty of investment opportunities and technical barriers are greatly increasing.All these changes present new challenges for top management team(TMT)to evaluate investment opportunities accurately and optimize innovation decisions.Does TMT has long-term investment horizon to predict the development of investment opportunities and bring it into the valuation model?Can TMT’s technology familiarity with related technologies overcome high technical barriers to innovation?How do these two types of group traits of TMT affect corporate innovation decision-making?Existing literature has discussed the relationship between TMT’s short-sightedness trait and corporate innovation investment extensively,however most of them have a same and underlying premise,which is that TMT has the ability and intention to assess the value of investment opportunities accurately.Moreover,these studies pay less attention to technological trait of TMT and its role in corporate innovation decision-making.Therefore,as China’s various technologies are booming and their uncertainties are raising dramatically,existing studies cannot answer the questions above clearly.From a perspective of project valuation,this paper analyzes the impact of investment horizon and technology familiarity on project valuation by developing an investment model under uncertainty,and investigates the mechanism of these TMT traits on corporate innovation policies,by using the agency theory and real options approach.This paper also uses the numerical simulations and carries out empirical studies with A-share listed companies from 2009 to 2018 as samples to test the results found in the model.Our findings show that myopia TMT tends to undervalue investment opportunities,thus invests less in innovation,and is more likely to invest into the exploitation proj

关 键 词：投资视野 技术熟悉度 实物期权 探索式创新 开发式创新 

分 类 号：F273.1[经济管理—企业管理] F272.91[经济管理—国民经济]