Managerial Overconfidence,Risk Taking And In Novation Performance Of Coal Enterprises

Innovation is a reliable source for enterprises to enhance "soft power",an important foundation for achieving core competitiveness,and a driving force for leading enterprises to develop with high quality.Since the reform and opening up,China’s enterprises have made remarkable achievements in innovation and development,which has also accelerated the transformation from "made in China" to "created in China".However,since the theory of behavioral finance was put forward,scholars have gradually found that as the policy makers of enterprises,the irrational psychology of overconfidence of executives is related to the innovation level of enterprises.Self-interest will drive executives to make decisions detrimental to the interests of shareholders,leading to the loss of development opportunities.How to control the level of corporate risk-taking and make the interests of executives and shareholders consistent is a hot topic of scholars.Based on the study of the relationship between executive overconfidence and enterprise innovation performance,this paper discusses whether executive overconfidence will affect enterprise innovation performance thrrough enterprise risk-taking,and whether executive compensation incentive will affect the relationship between enterprise risk-taking and enterprise innovation performance.This paper combines theory and empirical research method to study the above problems.This study is a useful supplement to the top management overconfidence,enterprise risk-taking,executive compensation incentive and enterprise innovation performance,which has certain theoretical and practical significance.Firstly,this paper defines the concepts of executive overconfidence,enterprise innovation performance,enterprise risk-taking and executive compensation incentive,and summarizes and reviews the domestic and foreign literature on the relationship between executive overconfidence,enterprise risk-taking,executive compensation incentive and enterprise innovation performance.Secondly,combined with Overconfidence Theory,innovation theory,principal-agent theory and incentive theory,this paper puts forward research hypotheses,selects coal listed enterprises as research samples,uses appropriate methods to measure the variables and constructs the research model.Finally,this paper verifies the previous hypothesis through empirical research,draws research conclusions,and puts forward corresponding countermeasures and suggestions.The results show that:in coal listed enterprises,with the increase of overconfidence of executives,innovation performance will be significantly improved;corporate risk-taking plays a "bridge" intermediary role between overconfidence of executives and innovation performance;under the premise of different compensation incentive levels,the impact of corporate risk-taking on innovation performance is different,that is,executive compensation Incentive moderates the relationship between risk-taking and innovation performance.