The Correlation Analysis Of Manager Overconfidence And R&D Spending

In the modern world,with the acceleration of economic globalization,regionalenterprises competiton between each other strengthens.However,the core ofcompetiton is whether the support of science and technology is strong,so science andtechnology spending in the enterprise,namely R&D spending is also has attractedmore and more attention and corresponding study became a hot issue of academicresearch.The influence of characteristic of manager and R&D spending,not only canreduce adverse effects of science and technology in enterperise by manager personalproblems,but also promote enterprise own development.Manager own characteristicsnot only including those quantitative characteristics such as age,gender,and tenure,butalso includes overconfidence.But the research of manager overconfidence morebelongs to theoretical analysis,empirical research has not yet been fully developed.Onthe one hand is because how to quantify manager overconfidence has not beenuniformed,on the other hand, related reseach is happened in the foreigncountries,whether overconfidence theory is suitable for our capital market,whether theoverconfident manager will affect R&D spending is our research direction and field.In view of the above problems,the author read a lot of literature.This paper isdivided into six parts.The first part is introduction,mainly introduce the reseachbackground,reseach problems and the topic significance.The second part is literaturereview,which presents the related theory of manager overconfidence and enterpriseR&D spending.The third part is the research methods and design,this part putforwards theoretical basis,research assumptions,design and related model ofhypothesis further argument.The fourth part is the research design,includes carefulsample companies selection,comprehensive consideration of the settlement andmeasurement of the key variable.The fifth part is the empirical results and analysis,acollection of2008-2012,5yeat of89listed companies,make use of EVIEWS statisticalanalysis tool to study and analyze,finally vertify the hypothesis in the paper.The sixthpart is research conclusion and outlook,which further elaborated the researchconclusion,research deficiency and further research suggestions.In this paper,the innovative conclusion includes:1Compared with the non-overconfident managers, overconfident managers willenlarge the scale of R&D spending. 2In the high level of governance of the listed companies,the correlation of theenterprise managers overconfidence and R&D spending is weaken.