管理者过度自信与企业R&D投入--基于债务期限结构错配的中介作用  

Managerial Overconfidence and Enterprise R&D Investment--Based on the Mediating Role of Debt Maturity Structure Mismatch

作　　者：蒋大富[1] 崔安琪 JIANG Dafu;CUI Anqi(School of Economics and Management,Guangxi University of Science and Technology,Liuzhou 545006,China)

机构地区：[1]广西科技大学经济与管理学院,广西柳州545006

出　　处：《商业观察》2023年第17期100-105,120,共7页BUSINESS OBSERVATION

基　　金：广西研究生教育创新计划资助项目(JGY2020140);广西科技大学硕士研究生创新项目(GKYC202120)。

摘　　要：科技创新是提高社会生产力和综合国力的战略支撑,已经成为国家发展的必然趋势,也越来越成为国家和企业关注的焦点。文章以我国上市公司2015—2019年的数据为样本,探讨管理者过度自信对于R&D投资之间的关系,并将债务期限结构错配纳入到管理者过度自信与创新投入框架中。研究结果发现:首先,管理者过度自信显著提高了企业的创新投入;其次,管理者过度自信与债务期限结构错配显著负相关,即管理者过度自信在一定程度上可以降低企业内部的债务期限结构错配;最后,债务期限结构错配在管理者过度自信与创新投入之间具有中介作用,即过度自信的管理者能够通过降低企业的债务期限结构错配进而促进企业的创新投入。Scientific and technological innovation is the strategic support to improve social productivity and comprehensive national strength.It has become the inevitable trend of national development and the focus of attention of nation and enterprises.Based on the data of listed compa nies in China from 2015 to 2019,this paper explores the relationship between managerial overconfidence and R&D investment,and incorpo rates debt maturity structure mismatch into the framework of managerial overconfidence and innovation input.The results show that managers'overconfidence significantly increases firms'investment in innovation firstly.Secondly,managers'overconfidence is significantly negatively cor related with debt maturity structure mismatch.That means managers'overconfidence can reduce the debt maturity structure mismatch within en terprises to a certain extent.Finally,the debt maturity structure mismatch plays a mediating role between managers'overconfidence and innova tion input.That means overconfident managers can reduce the debt maturity structure mismatch to promote the innovation input of enterprises.

关 键 词：管理者过度自信 企业R&D投资 债务期限结构错配 

分 类 号：F721.3[经济管理—产业经济]