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总经理过度自信与企业研发支出—基于中小板上市公司数据的经验分析
Empirical Analysis about the Effect of Executive Overconfidence on R&D Expenditures——based on data of small and medium-sized listed company
【Author】 Yan Yong-hai Kong Yu-sheng(School of Finance and Economics,Anhui Science and Technical University,Fengyang,233100,China;Department of Finance and Economics,Jiangsu University,Zhenjiang,212013,China)
【机构】 安徽科技学院财经学院； 江苏大学财经学院；
【摘要】 管理者过度自信对企业研发决策有没有影响?有什么影响?该文以行为公司金融理论为基础,以2007-2009年披露了研发支出金额的中小企业板上市公司为样本,构建了多元线性回归模型,研究了上市公司总经理过度自信与研发支出的关系。研究结果表明:总经理过度自信与研发支出显著正相关,总经理过度自信程度越高,企业研发支出越多。
【Abstract】 Do overconfident manager has an effect on R&D? What effect? Based on behavioral corporate finance theory,the R&D data disclosed by small and medium-sized companies during 2007-2009 and multiple linear regression model,this article studies the relationship between executives’overconfidence and R&D spending in China’s listed companies.The results show that executive overconfidence is positively associated with R&D expenditure.The more overconfident the executive is,the more R&D expenditure the firm carries on.
【Key words】 small and medium-sized listed company； manager； executive； overconfidence； R&D expenditures；
- 【会议录名称】 中国会计学会2012年学术年会论文集
- 【会议名称】中国会计学会2012年学术年会
- 【会议时间】2012-07-07
- 【会议地点】中国云南昆明
- 【分类号】F273.1;F832.51;F224
- 【主办单位】中国会计学会教育分会