Research On The Impact Of CEO Over Confidence On Enterprise Innovation Investment Based On The Perspective Of The Board Of Directors

Innovation is the core of the national economy,but also the driving force of the competitiveness of enterprises.China has always stressed the need to improve the ability of independent innovation of the state and enterprises,and to deepen the awareness of innovation.Based on the manager's over confidence theory,this paper discusses the influence of the enterprise's top management CEO's over confidence on the enterprise's innovation investment.At the same time,taking into account the corporate governance system of CEO's decision making and behavior supervision and checks and balances,the board of directors of the company governance structure of the core factors into the research model,to explore the structure of the board,the moderating effect of board scale,the composition of the board of directors,the board of directors of the relationship between the investment structure of the three leading two yuan the factors of CEO overconfidence and corporate innovation.The relationship between board structure and corporate governance is the key point of this paper,which is to introduce the relationship between CEO over confidence and enterprise innovation investment.The reason why choose to study the above problem is to solve these problems has a good theoretical and practical significance.On the one hand,from the management Overconfidence Theory,research managers irrational characteristics of corporate innovation investment behavior,enrich the Managerial Overconfidence Theory,but also provides a theoretical reference and a new perspective for the research of innovation of china.On the other hand,the moderating effect of board governance factors this company of innovation investment conclusions,also provides useful ideas and direction for the enterprise how to incentive and supervision have overconfidence features of CEO,provide the realistic enlightenment to the practice of enterprise management.Through empirical research,this paper draws the following conclusions:There is a significant positive correlation between CEO over confidence and the two enterprise innovation investment.After empirical analysis,found that CEO over confidence and corporate innovation investment significantly positively correlated to the level of 1%,which indicates that over confident CEO more willing to invest in innovative projects.The relationship between the board size of the board of directors of CEO and the company's innovative investment in the relationship between the two reverse regulation effect.CEO in the absence of overconfidence,compared to the size of the board of directors of smaller enterprises,the board of directors of large scale enterprise innovation investment less,many enterprises that board members,directors have different professional knowledge and information,can provide a variety of experiences and views,which may make up to a certain extent because of information asymmetry caused by the CEO supervision,so as to supervise more fully the decision-making behavior of CEO,thus inhibiting the irrational behavior of overconfidence CEO.The proportion of independent directors has no significant moderating effect on the relationship between CEO and corporate innovation investment.This may be due to the current environment in our country,the independent directors did not give full play to the function of its supervision and recommendation,and therefore can not cause a substantial impact on business decisions.The relationship between the two level one of CEO overconfidence between enterprise innovation and investment have positive moderating effect The empirical analysis shows that two positions play a significant regulatory effect on the level of 1% between CEO overconfidence and corporate investment on innovation,and the coefficient is positive,that the two level one can promote the CEO concentration of power,which can increase the investment in enterprise innovation.