Research On Investor Sentiment,Manager Overconfidence And R&D Investment

Enterprise innovation has recently become a hot spot in social research and R&D investment activity is an important way for enterprises to achieve innovation.Academic research has also gradually focused on the areas of influence factors for R&D investment.Academic research on the motivations of R&D investment in enterprises is mostly concentrated on factors such as fiscal policy and corporate governance.Few scholars have studied R&D investment from the perspective of irrational factors.Behavioral finance theory emphasizes that economic participants do not participate in the trading activities of the market in accordance with the rational thinking and code of conduct of the target.Investors are participants in economic activities with limited rationality;Economists believe that managers,as important economic players,corporate leaders and performers of corporate goals,are more likely to be overconfident than ordinary economic actors.In view of the continuous integration of behavioral finance,psychology and management,it is particularly necessary to extract the investor sentiment and the manager's overconfidence from the irrational factors to make a more systematic explanation of the R&D investment behavior of the enterprise.Based on the current situation of R&D investment in China's high-tech enterprises,this paper explores the impact of investor sentiment and managerial overconfidence on R&D investment.This paper analyses the influence of investor sentiment on the intermediary effect of managerial overconfidence in the process of R&D investment in depth,explores whether the mediation effect is affected under the adjustment of equity concentration.This article mainly includes five chapters.The first chapter is the introduction,Explain the research background and significance of this paper,research ideas and research methods,research innovations and characteristics,review relevant literature on investor sentiment,managerial overconfidence and R&D investment at home and abroad.The second chapter is the definition and theoretical basis of related concepts,explains the related concepts of the research objects,introduces the theoretical basis of investor sentiment,managerial overconfidence and R&D investment and conducts the theory of bounded rationality and behavioral finance,emotional infection theory,investor sentiment and corporate investment“three channels”theory.The third chapter is the theoretical analysis and research hypothesis.This chapter describes the R&D investment status of China's high-tech enterprises,and combs the mechanism of the analysis and hypothesis of investor sentiment,manager's overconfidence and R&D investment.Based on this,the assumptions of investor sentiment,managerial overconfidence and R&D investment are put forward.The fourth chapter is empirical research.Selecting China's 2009-201 7 A-share listed high-tech enterprises as research samples,empirically testing investor sentiment,manager's overconfidence on R&D investment,and further analyzing the mediating effect of managers'overconfidence.And the adjustment effect of the concentration of ownership on this mediating effect.The fifth chapter is the research conclusions and policy recommendations.The research finds:(1)The R&D investment intensity of high-tech enterprises is significantly positively correlated with the manager's overconfidence.The more likely the manager is to have excessive psychological deviation,the greater the R&D investment intensity of the enterprise;(2)The overconfidence of high-tech enterprise managers plays a part in mediating the influence of investor sentiment on the R&D investment of high-tech enterprises;(3)Under the influence of the adjustment factor of equity concentration,the intermediary effect of over-confidence of high-tech enterprise managers is weakened,that is,the control of the first-largest shareholder can negatively regulate the the intermediary roles of over-confidence of managers in investors emotion affects the R&D investment process of high-tech enterprises.