A Study On The Relationship Among Managers Overconfidence, Intangible Assets Investment Andcorporate Performance

With the development of science and technology, intangible assets has increasingly become the indispensable important resources for enterprise and even for the national long-term development.It plays a more and more important role in improving the enterprise performance and core competence. However,the existed research on intangible assets investment, tend to under the premise of ignoring managers’ irrational characteristic, and the study of relationship among managers overconfidence, intangible assets investment and corporate performance has not yet been researched systematically. Therefore, the purpose of this paper is to use the calculation method combining the theoretical analysis and empirical study,on the basis of previous studies, to have an in-depth study for the relationship among managers overconfidence, intangible assets investment and corporate performance.Based on the behavioral finance theory, Paper constructs the theoretical framework, after having a detailed analysis of the relationship among managers overconfidence, intangible assets investment and corporate performance. The thesis selectes 2009-2013 A-share listed corporations in Shanghai and Shenzhen stock market as research object, using the method of multiple linear regression, the intermediary effect inspection and so on, to discusses the relationship between managers overconfidence and corporate performance,the relationship between managers overconfidence and intangible assets investment, and research the transmission law of managers overconfidence, intangible assets investment and corporate performance. The research distinguishes the samples of high-tech enterprise samples and non-high-tech enterprise samples. Study shows that in the two groups of samples, managers overconfidence are negatively correlated with corporate performance; Only in the high-tech enterprise samples, managers overconfidence are positively correlated with intangible assets investment, and intangible assets investment has the conduction effect between managers overconfidence and corporate performance. Finally, according to the research conclusion, the thesis proposes recommendations as establishing effective governance mechanism, strengthening the constraints of the management ability, strengthening the management of intangible assets, optimizing decisions of intangible assets investment.Based on the background of China’s economic system, the thesis, which study the relationship between managers overconfidence, the intangible assets investment and corporate performance, provides a new perspective to research managers overconfidence and corporate performance, enrich the research content of intellectual capital management accounting, and complement the literature of the measure methods for managers overconfidence. It has a certain guiding significance for optimizing the intangible asset management and improving company performance.