The Study On The Relationship Among Manager Overconfidence,Managerial Discretion And Enterprise Innovation Investment

Technological innovation is the core driving force for national economic growth and the main source of corporate competitiveness.Existing research has explored the impact of industry characteristics,national policies,and internal corporate governance structures on the intensity of innovation inputs.However,most of these studies are based on the premise that managers are rational,and the psychological cues of managers,"irrationality",especially the influence of overconfidence,are ignored.As the ultimate decision maker and implementer,managers'"irrational" behavior will undoubtedly have a great impact on the investment decisions of enterprises.So,how does overconfidence affect corporate innovation investment?Is there any boundary condition for this effect?This paper relaxes the rational person hypothesis,starts from the manager's irrational behavior,sorts out the past literature,and summarizes the relationship between managerial overconfidence,management autonomy and enterprise innovation investment.Based on upper echelons theory and the behavioral finance theory,it illustrates the inherent logic of managerial overconfidence affecting innovation input,and introduces the variable of managerial discretion,Specifically,it explores which factors from the internal characteristics of the organization and the characteristics of the institutional environment will enhance or weaken the relationship between manager overconfidence and corporate innovation investment.Based on the data of China's A-share manufacturing listed companies,this paper conducts regression analysis and hypothesis verification on the collected data,and the following conclusions are drawn:(1)Manager overconfidence significantly positively affects corporate innovation investment;(2)Organizational inertia weakens management The relationship between overconfidence and corporate innovation investment;organizational redundant resources strengthen the relationship between manager overconfidence and corporate innovation investment;Compared with the separation of the two positions,the overconfidence of manager in the two-in-one state company has a greater impact on corporate innovation investment;(3)In the developed areas,the overconfidence of managers has a greater impact on corporate innovation investment;Compared with state-owned enterprises,the overconfidence of managers in non-state enterprises has a greater impact on corporate innovation investment.To this end,based on the above research conclusions,this paper puts forward corresponding suggestions:(1)Improve the talent assessment mechanism,establish effective incentives and rewards and punishments mechanism to exert the positive impact of overconfidence,standardize enterprise decision-making procedures and strengthen internal and external supervision mechanisms to avoid(2)Enterprises must change their own concepts and strengthen their sense of innovation,the government should appropriately give some preferential policies;(3)rationally arrange management autonomy,create a relaxed decision-making environment,and ensure that managers can play their own Subjective initiative.