CEO过度自信、董事会特征和企业创新绩效的关系研究——来自中国A股制造业上市公司的经验证据

The Impacts of CEO Overconfidence, Board Characteristics, on Innovation Performance——Empirical Evidence from Chinese A-Share Manufacturing Listed Companies

摘要:

根据资源基础理论和代理理论，从创新投入，未控制投入的创新产出和控制投入的创新产出三个层面研究企业创新绩效，分析CEO过度自信对三个层面创新绩效的影响，以及董事会特征在上述关系中起到的调节作用。利用2007~2015年中国A股所有制造业上市公司的数据进行实证分析，结果表明：CEO过度自信与企业创新绩效之间具有正相关关系；董事会规模和CEO两职兼任增强了上述正相关关系；独立董事占比削弱了上述正相关关系；董事会流动性增强了CEO过度自信与企业创新投入之间的正相关关系。

Abstract:

This paper tried to explore the impact of CEO overconfidence on three levels of innovation performance, including innovation input, innovation output without controlling innovation input and innovation output under controlling of innovation input, from the perspective of resource dependence theory and agency theory. The study examined the mediating role of board characteristics in the aforementioned relationship. Based on the analysis of the data of manufacturing listed companies in Chinese A-shares from 2007 to 2015, Empirical results show that there is a positive correlation between CEO overconfidence and innovation performance. Board size and CEO duality may enhance the positive correlation between CEO overconfidence and innovation performance, while board independence may weaken aforementioned positive relationship. Board liquidity may only enhance the positive correlation between CEO overconfidence and innovation input performance rather than the other two levels of innovation performance.