Enterprise Research Of Relationship Between Managers Overconfidence And R&D Inputs

Since the 21 st century, global economic develop rapidly, integration become more and more obviously, the strategy relying on science and education to become a major means of rich countries, and it will also become an innovation-oriented country in China as a top priority.Research and development investment(hereinafter referred to as R&D input) relates to the ability of independent innovation of enterprises, it is an important means to improve competitiveness, in the modern enterprise, R&D input is considered to be the independent development ability of the enterprise’s performance. Study the impact of Overconfidence and R&D inputs not only enriches the study of Behavioral Finance Theory, also filters to be more rational and scientific management, and improve the incentive and constraint mechanism of managers, also Overconfidence managers to allocate resources efficiently and bring Enterprise more income.The thesis selected 840 high-tech enterprises between 2011-2013 at A stock market,combining literature and Cognitive Psychology and Cognitive Dissonance Theory, The Theory of Behavioral Finance, summarized measurements on Overconfidence, finally choosing Self-serving Attribution Metrics to measure the Overconfidence of managers, based on Behavioral Finance Theory analysis on Overconfidence and enterprise’s R&D inputs.Investments based on Asymmetric Information and Principal-agent Theory, Higher Order Theory analysis on enterprise’s R&D inputs. Based on the above analysis, we select accounting conservatism and uncertainty risk of these two variables, in-depth analysis of these two variables in the Overconfidence effect in the R&D inputs. Using the method of regression analysis, respectively studied the relationship between managers Overconfidence, Accounting Conservatism and The Uncertainty Risk and R&D inputs.Analysis of the empirical results we found that Overconfidence can significantly improve the R&D inputs; high degree of Overconfidence in the enterprise, but low levels of Accounting Conservatism. Accounting Conservatism in managers Overconfidence and R&D inputs of the relationship play the intermediary role; Uncertainty Risk in R&D inputs relations managers Overconfidence and enterprises play a regulatory role. Focus of this thesis that the enterprises in the implementation of innovation activities, the Overconfidence effect on R&D inputs couldnot be ignored. Conclusions for follow-up of this study provides a new perspective on Overconfidence also enriches the R&D inputs direction for research.