| Innovation is the first driving force for countries or regions to lead development,and for companies,innovation is the source of vitality for enterprises and their core competitiveness.Compared with the intensity of R&D investment in developed countries,there is still a certain gap in China's R&D intensity.Therefore,in order to achieve China's goal of becoming an innovative country in 2020,it is necessary to discuss innovation activities.The innovation of enterprises is the main force of national innovation,and the innovation activities of enterprises are limited by various factors.From an internal perspective,the successful promotion of innovation activities plays an important role in enhancing corporate performance and overall competitiveness.The executives of the enterprise directly determine the decision-making strategy for innovative investment,especially the CEO of the company,and its overall business objectives.Grasping the situation and its own personality characteristics will have different effects on the company's innovation activities.Judging from the market environment,China's capital market has matured late,and the various mechanisms are not perfect.At the same time,there are also omissions in the supervision of various regulatory agencies on corporate information disclosure.This makes it impossible for companies and investors in China to have information.Symmetry,different levels of information control will affect the decision-making of both sides of the investment,on the other hand due to the high risk and uncertainty of the company's innovation activities,many investors may give up the investment,which is the company's funding needs for innovation activities is A blow,that financing constraints will affect the amount of investment in the company's innovation.How does the overconfidence of the CEO really affect the innovation investment of the company?What is the impact of the financing constraints in the decision-making process?This article will comprehensively explore the role of CEO overconfidence and financing constraints from the point of view of the CEO.The impact of innovation activities.Based on the sample of all A-share listed companies in China,this paper empirically analyzes the data of 501 companies from 2010 to 2016.It studies the influence of CEO overconfidence on corporate innovation investment and the adjustment of financing constraints in the relationship between them,effect.The results of the study indicate that overconfidence CEO have a catalytic effect on the company's investment in innovation,and financing constraints will weaken this promotion.This conclusion provides a reference for Chinese companies to select executives,and at the same time provides inspiration for companies to successfully carry out innovation activities and obtain financial support. |
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