The Effect Of Managers Confidence On Enterprise Innovation Investment Ways Under Environmental Uncertainty

Since innovation investment theory,innovation investment research literatures based on different methods,perspective,and the purpose constantly emerged,achieving fruitful research results.However,the current study focused on innovation investment level,explored the influence of various influence factors on the overall innovation investment,Ignoring the analysis of the internal structure in innovation.In practice,however,innovation can be divided into exploratory innovation and development innovation in two ways,exploratory innovation and development innovation have significant differences on the risks and benefit,also have very big difference to the sensitive degree of influencing factors.At the same time,in the current study,scholars tend to assume the managers for rational man,ignore the influence of managers psychological deviation,especially managers confidence or heterogeneity on innovation investment structure.In addition,the external environment will affect the way of the enterprise innovation investment through affecting managers confidence and heterogeneity.Therefore,in the study of innovation investment,we give full consideration to the degree of confidence or heterogeneity of management team confidence degree,discuss the influence of the external environment uncertainty on managers confidence degree or heterogeneity of management team confidence degree,reveal the way of enterprise innovation investment mode selectiont,this is the further research on innovation investment,also the fundamental basis of the government implementing relevant policies to guide enterprise innovation investment way.On the basis of predecessors' research systematically comb and the classification of the exploratory innovation and development innovation,this paper analysis characteristics and differences exploratory innovation investment and development innovation investment.In combination with behavioral economics related research results,considering the reality of managers confidence and heterogeneity under the external environment uncertainty,this paper discusses the influence of managers confidence on enterprise innovation investment ways selection,accordingly put forward the research hypothesis.For the research hypothesis,based on the data of exploratory innovation and development innovation investment of the high and new technology enterprise listed on the Shanghai and shenzhen stock exchange in 2010-2014,the paper verifies the hypothesis one by one using the relevant econometric methods and index synthetic.The main conclusions of this paper are as follows:improvement of manager confidence can encourage exploratory innovation,have no significant influence on development innovation;heterogeneity of manager confidence has inhibitory effect on exploratory innovation,no significant influence on development innovation;with the improvement of environmental uncertainty,manager confidence enhance the promoting effect for exploratory innovation,has no significant influence on development innovation;with the improvement of environmental uncertainty,heterogeneity of manager confidence enhance the inhibiting effect for exploratory innovation,has no significant influence on development innovation.