Research On Managerial Overconfidence,R&D Investment And Enterprise Innovation Performance

From the continuous stride of "mass entrepreneurship and innovation" to the continuous transformation of "made in China" to "created in China",China’s determination to enhance its "soft power" and to become a strong country in science and technology has been reflected without exception.For enterprises or countries,it is especially important to improve innovation capabilities.In this context,the influencing factors of innovation performance become popular investment spot in academia.China’s economy is developing rapidly and the development trend of various industries is constantly changing.Decisions made by management in a complex market environment are often influenced by personal characteristics.Compared with the non-overconfident management,the overconfident management tends to maintain a high level of R&D investment,thus affecting the level of enterprise innovation.Based on the research paradigm of "characteristics-behavior-economic results",this paper incorporated R&D investment into the research on the relationship between management overconfidence and enterprise innovation performance,and explored the influence path of management overconfidence on enterprise innovation performance.On the basis of combing the relevant theories,this paper puts forward the research hypothesis,taking the listed companies of gem in 2013-2018 as the research sample,considering the innovation performance from the perspective of innovation output and constructing regression model for empirical test.First,the correlation analysis is used to determine whether there is a correlation between variables;then,the fixed effect model is used to study the relationship among management overconfidence,R&D investment and innovation performance of enterprises,and the step-test is used to test the intermediary role of R&D investment;Finally,the robustness test and endogenous test are performed in order to verify the reliability of the resultsAfter empirical research,the following conclusions are drawn:first,the overconfidence of management has a positive impact on the innovation performance of the company,and there is a lag period;second,the overconfidence of management can promote the company’sR&D investment;third,the lag The R&D investment in the first phase can significantly improve the level of corporate innovation performance.Fourth,the R&D investment in the lagging phase plays a part of the intermediary effect between the overconfidence of the management and the innovation performance of the lagging phase.