管理者自信程度与企业研发投资——基于A股上市公司的经验证据  

Manager Confidence and Enterprise R&D Investment——Empirical Evidence Based on A-share Listed Companies

作　　者：王卓琼 严晨晨 王文雪 Wang Zhuoqiong;Yan Chenchen;Wang Wenxue(Shaanxi Iron and Steel Group Co.,Ltd.,Xi'an,Shaanxi 710016;School of Economics and Business Administration,Chongqing University,Chongqing 400030;School of Finance,Shandong Technology and Business University,Yantai,Shandong 264005)

机构地区：[1]陕西钢铁集团有限公司,陕西西安710016 [2]重庆大学经济与工商管理学院,重庆400030 [3]山东工商学院金融学院,山东烟台264005

出　　处：《宁夏社会科学》2024年第2期98-111,共14页NingXia Social Sciences

基　　金：中央高校基本科研业务费公司治理与企业创新(项目编号:2023CDSKXYJG007)。

摘　　要：选取2011—2020沪深A股1911家上市公司的面板数据作为样本,通过主成分分析法构造一个综合指标来定义管理者自信程度,考察管理者自信程度对企业R&D投入的影响。研究结果发现管理者自信显著提高了企业的R&D投资水平。使用工具变量法缓解内生性以及安慰剂检验后,结果依然稳健。进一步研究发现,管理者政治背景、技术背景和海外背景对这种关系有着显著的正向调节作用,说明管理者的上述背景会增强他们的创新意识,从而加大企业的研发创新投入。异质性分析表明,较国有企业而言,非国有企业中管理层的自信程度对企业R&D投资水平的促进作用更加明显;由于资源的获取性和管理者决策权力差异,管理者政治背景、技术背景和海外背景的调节作用在非国有企业中也更加明显。This article selects panel data from 1911 listed companies in the Shanghai and Shenzhen A-shares from 2011 to 2020 as samples,constructs a comprehensive indicator through principal component analysis to define the level of manager confidence,and examines the impact of manager confidence on corporate R&D investment. The research results found that manager confidence significantly increased the R&D investment level of the enterprise. After using instrumental variable method to alleviate endogeneity and placebo test,the results remained robust. Further research has found that the political,technical and overseas backgrounds of managers have a significant positive moderating effect on this relationship,indicating that the above background of managers will enhance their innovation awareness,thereby increasing the investment of enterprises in research and development innovation. Heterogeneity analysis shows that compared to state-owned enterprises,the level of confidence of management in non-state-owned enterprises has a more significant promoting effect on the R&D investment level of enterprises;due to differences in resource availability and decision-making power among managers,the moderating effects of political,technical and overseas backgrounds of managers are more evident in non-state-owned enterprises. This article provides a basis for regulating corporate R&D investment disclosure,selecting corporate managers and improving corporate innovation levels.

关 键 词：管理者自信程度 企业研发投资 管理者特征 

分 类 号：F27[经济管理—企业管理]