Research On The Influence Of Managerial Competence On The Peer Effect Of Corporate Innovation Investment

Independent innovation is the source of power for the rapid development of enterprises,but the peer effect in the process of innovation investment hinders enterprises’ independent innovation.The peer effect of innovation investment refers to the phenomenon that enterprises follow the trend and imitate the decision-making behavior of other enterprises of the same kind when making R&D investments.The level of scientific research is an important manifestation of the core strength of an enterprise,and the strength of scientific research depends to a large extent on the strength of investment in research and development.In recent years,China’s investment in research and development has been increasing,but compared with developed countries,China’s R&D level on the whole is still in the situation that quantity increase is greater than quality increase,and its dependence on technological re-innovation is still high.The capacity for independent innovation is growing slowly,which will affect the core competitiveness increased in the long run.As human beings are bounded rational,enterprises cannot make optimization decisions at any time.In many uncertain factors of innovation investment,enterprises’ behaviors are easily affected by the innovation investment behaviors and characteristics of other enterprises in the same industry,thus the phenomenon of mutual imitation between enterprises appears.Therefore,the improvement of independent innovation capabilities needs to reduce the peer effect of innovation investment,that is,reducing the behavior of following the trend and imitating the decisions of other enterprises of the same kind.Managers are the main body of corporate decision-making,and they also play a key role in making innovative investment decisions.Whether they can use their own private information and public information in the market to accurately determine the company’s positioning and development strategy and formulate research and development decisions suitable for the company,instead of following the trend of imitating the decisions of other companies in the same industry,it basically depends on the ability of the manager.Managers’ capabilities belong to the unique heterogeneous resources of the enterprise and cannot be easily imitated.The level of managerial ability is mainly reflected in the formulation and implementation of decisions and strategies.The higher the ability,the greater the awareness and the long-term vision when making decisions,collecting as much information as possible about the decision,and based on the current situation of the industry market and enterprises.Integrate information and perform rational analysis to process transactions efficiently.As managers’ capabilities increase,corporate investment behavior will be affected.High-capacity managers can make investment decisions that are conducive to the development of the enterprise and maximize investment efficiency.Therefore,it is reasonable to believe that high-capacity managers will make high-efficiency investments with a positive net present value to minimize the impact of the peer effect and maximize value.This article takes the Shanghai and Shenzhen A-share listed companies from 2010 to 2017 as a research sample,and uses the panel fixed effect model to study whether and how managers’ capabilities affect the peer effect of corporate innovation investment.Further study the possible intermediary factors and the economic consequences of the peer effect of innovation investment.The study found that with the continuous improvement of the manager’s ability,the follow-up behavior in the process of enterprise innovation investment will be significantly reduced,and this effect will be more obvious in non-state-owned enterprises,companies with low equity concentration and large managerial power;at the same time,Examination of the path of action found that the enhancement of the manager’s ability will improve the company’s position in the industry,increase the risk level of the company and alleviate the degree of financing constraints,thereby reducing the imitative behavior in the innovation investment process and reducing the peer effect;After further research on the impact on corporate performance,it was found that the lower the degree of peer effect of innovation investment,the higher the corporate performance.