从行为金融学角度研究管理者过度自信对企业创新绩效的影响机理,分析了股权结构在管理者过度自信与公司创新绩效之间的调节作用。利用2011~2013年我国A股高科技企业的数据进行实证研究,结果表明:管理者过度自信能显著提高企业创新绩效;股权结构在管理者过度自信与企业创新绩效之间能发挥一定的调节作用。具体而言,股权集中度负向调节两者之间的关系,国有持股比例正向调节两者之间的关系,股权制衡未能对两者关系产生显著影响。
This paper studies on the influence mechanism of CEO overconfidence on the enterprise innovation performance from the perspective of behavioral finance,and analyzes the regulating effect of ownership structure by data of Chinese AShare Aigh-tech companies from 2011 to 2013. Empirical results show that CEO overconfidence can improve innovation performance. Meanwhile,the regulating effect of ownership structure is verified. Specifically,ownership concentration performs a negative role in moderating the relationship. State-owned shareholding shows a positively moderated role. But ownership control shows no significant influence.