| Innovation is the primary driving force for development and a strategic support for building a modern economic system.In recent years,China's economy has shifted from high-speed growth to high-quality growth.It is now in a crucial period of transforming economic development methods,optimizing the structure of economic growth,and transforming economic growth.Quality changes,efficiency breakthroughs,and power transformations have a vital role to play in enhancing economic innovation and competitiveness.The 18 th National Congress of the Communist Party of China proposed that after innovation and entrepreneurship,China's innovation environment has been greatly improved,and domestic enterprises have set off a wave of enthusiastic innovation and entrepreneurship.The 19 th National Congress of the Communist Party of China further clarified the important strategic position of innovation leading economic development,marking that innovation drive has become a basic national policy,a strategic choice for establishing an innovative country,and the soul of China's economic construction.At this time,China's innovation The environment is further optimized.With a good environment for innovation,Chinese enterprises have implemented innovation strategies with unprecedented enthusiasm and have achieved fruitful results.However,at the same time,Chinese enterprises still have low innovation efficiency and serious waste of innovation resources.Low serious problems.The personal characteristics of executives have an important impact on the behavior of individuals,and play a vital role in the innovation decision of the company.Whether the innovation decision is correct or not,it has a great effect on the improvement of the company's future corporate value and the sustainable development of the company.Great influence.Because of the principal-agent problem and the manager's irrational problem,the inefficient innovation behavior of Chinese enterprises is still serious.Therefore,how to improve innovation performance and reduce the occurrence of non-efficient innovation behaviors is an urgent problem to be solved.The research in this article aims to help companies reduce their inefficient innovation,increase their innovation performance,and inject new impetus and blood into the company's sustainable development.As for the research on innovation performance,the existing literature generally starts from the perspective of environment and resources,while the role of corporate executives in corporate innovation activities has previously been related to theinvolvement of executives and the personal characteristics of managers.The research on the key role of corporate innovation,but did not reveal the role of cash dividend decision-making.Based on the current research flaws,the article summarizes and finds related concepts and theories by combing the existing literature,The shortcomings are based on the sample of all Shanghai and Shenzhen A-share non-financial non-ST listed companies from 2014 to 2018.However,after screening and elimination of missing data,a total of 3,900 samples of 780 companies were in compliance with the requirements.The database and CSMAR database manually collected data on corporate innovation performance and cash dividends and manager confidence,established a multiple linear regression model,and used Stata statistical analysis software to process and statistics the data,empirically testing managers' overconfidence And cash dividends on corporate innovation performance,and further research and analysis The effect of golden dividends on managers' overconfidence and innovation performance.Through theoretical analysis and empirical research in this paper,it is proved that: First,managers' overconfidence is negatively correlated with corporate innovation performance.The more over-confident the company's senior managers are,the more irrational its innovation decision-making and the company's principal-agent problem are,and the lower the company's innovation performance level is.Secondly,the issue of corporate cash dividends will reduce the company's principal-agent problem.Cash dividends can reduce the free cash flow controlled by managers,thereby reducing the problem of agency and agency,inhibiting inefficient investment behavior of enterprises,improving the innovation decisions of enterprises,and improving the innovation performance of enterprises: Finally,the distribution of cash dividends will restrain managers to a certain extent The negative effect of overconfidence on the innovation performance of enterprises.The distribution of cash dividends can reduce the free cash flow controlled by the manager,avoiding the manager to divert funds to personal uses such as personal consumption,thereby alleviating agency conflicts.In addition,reasonable cash dividends can suppress the irrationality of the manager and make the manager face less Be more rational and cautious when making innovation decisions,and promote the increase of corporate innovation performance.In order to avoid the instability of the conclusions of the article and increase the universality of the conclusions,the article also replaced the main variables and performed a series of robustness tests.The results of the robustness tests show that the above conclusions are still valid.The research in this article not only enriches the theoretical basis of corporatecash dividends and innovation performance,but also clarifies the mechanism of cash dividends in depth,and in the current new economic environment in China,how to restrain managers and reasonably protect the interests of companies and shareholders Provides useful lessons.Finally,according to the research conclusions of this article,this article believes that it is necessary to strengthen the company's internal control,balance the payment of cash dividends and improve the incentive mechanism for management to ensure the improvement of the company's innovation performance and promote the sustainable development of the company. |
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