投资者情绪与企业创新投入——基于管理者过度自信中介渠道

Investor Sentiment and Corporate Innovation Investment Based on Intermediary Channel of Managerial Overconfidence

中文关键词:  投资者情绪  管理者过度自信  探索式创新投入  开发式创新投入  政府控制

英文关键词:investor sentiment  managerial overconfidence  exploratory innovation investment  exploitative innovation investment  government control

中文摘要:

      将制度设计与心理因素引入微观企业技术创新的研究领域,基于中国A股上市公司数据,从行为金融学视角实证检验了投资者情绪对于企业创新投入影响的存在性及影响渠道。实证结果显示:投资者情绪对企业创新投入存在显著正向影响,管理者过度自信是投资者情绪影响企业创新投入的不完全中介渠道,相对于开发式创新,投资者情绪所“塑造”的管理者过度自信对于企业探索式创新投入的影响更为显著；进一步的研究发现,相对于政府控制的上市公司,投资者情绪对于企业创新投入的影响在非政府控制的上市公司更为显著。研究结论深化并拓展了行为金融学理论中主体情绪在公司投资领域的研究范畴。

英文摘要:

      This paper incorporates institution and psychological factors into the micro corporate technology innovation research field and studies whether and how investor sentiment affects the corporate innovation investment from the perspective of behavioral finance based on China's A-share listed company data. The empirical results show that investor sentiment has a significantly positive impact on the corporate innovation investment through the “intermediary channel of managerial confidence”. The effects of managerial confidence shaped by investor sentiment on the exploratory innovation investment are even more significant than the exploitative innovation investment. Further empirical test finds that the effects of investor sentiment on corporate innovation investment are more significant in non-governmental control listed companies than in the government control listed companies. The research conclusion deepens and explores the research category in behavioral finance theory about main body sentiment in the field of corporate investment.