| Innovation is the main driving force for the development of the national economy,and the main source of competitiveness for enterprises.According to the "Outline of National Innovation-Driven Development Strategy" promulgated by China,China should achieve three major strategic goals for innovation and development by 2050,first to enter the ranks of innovative nations in 2020,second to the forefront of innovative nations in 2030,and finally to achieve the ultimate goal of strengthening the country with innovation and technology.It shows that innovation has become more and more important.As the field of corporate finance has begun to relax economic people's rational assumptions,it is going to study the impact of economic people's irrational factors on corporate finance.Scholars began to pay attention to the influence of manager's overconfidence on innovation activities.but the research is still in its infancy.Most scholars carry out the research from the perspectives of property right nature.There is little research on the specific path and internal mechanism of managers' overconfidence on innovation investment.So this paper,takes innovation investment capital as the entry point,and incorporates debt maturity structure into the research framework of managers' overconfidence and innovation investment,and conducts an in-depth test on the changes of enterprise innovation investment after the debt maturity structure changes,so as to explore the relationship among the three.This paper takes Chinese listed companies as research samples and selects panel data that meet the standards from 2010 to 2017.Firstly,the sample data were statistically analyzed,thereby,we have a preliminary understanding of the data characteristics and interrelationships among managers'overconfidence,debt maturity structure and innovation investment.Secondly,it has empirically tested the impact of managers'overconfidence on the innovation investment of enterprises;Then,by introducing the mediating variable of debt maturity structure,we test whether the overconfidence of managers affects the innovation input of enterprises by affecting the debt maturity structure;Finally,considering the influence of enterprise heterogeneity,this paper divides the sample into two groups according to whether the sample companies are state-owned enterprises or not,and conducts empirical tests respectively,in order to further explore the possible differences among the relations among the three groups in different enterprises.The results show that:(1)overconfidence of managers significantly increases the innovation input of enterprises;(2)there is a significant positive correlation between overconfidence of managers and debt maturity structure;(3)debt maturity structure plays an intermediary role between managers' overconfidence and innovation input;(4)the phenomenon that managers' overconfidence promotes the innovation investment of enterprises by affecting the debt maturity structure mainly exists in non-state-owned enterprises.The research of this paper is helpful for the connection between behavioral finance and innovation activities of enterprises,and further expands the research on overconfidence of managers and innovation activities of enterprises.Through the introduction of debt maturity structure,this paper makes a detailed analysis of the influence mechanism of managers' overconfidence on innovation investment.It enriches the existing literature and has a certain theoretical value.Besides it can provide valuable ideas for the selection of managers,incentives and the construction of corporate governance mechanism.In addition,the research will help people to see the irrational psychology of managers from a more rational perspective,and to view the impact of managerial overconfidence on the company.It helps companies to correctly evaluate the enterprise risks brought by irrational managers,and to formulate corresponding governance mechanisms to control risks. |
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