| Since 2006,China has put forward independent innovation strategy in order to enhance the soft power of scientific and technological innovation.In recent years,China has achieved leapfrog development in the field of innovation,and the number of patent applications for various scientific and technological achievements is among the highest in the world.For a country,a nation,innovation is the soul to achieve rapid progress and the source of inexhaustible power,for enterprises to obtain survival and open up the necessary conditions,mining and upgrading innovation is very necessary.However,innovation activities have the characteristics of complexity and high risk,which are not only influenced by macro industry,financing,tax,finance and other policy factors,but also by internal decision-making of enterprises.Innovation activities are the result of internal governance and investment decision-making of enterprises.CEO is the decision maker and executive subject of enterprise innovation,and the role played in the whole process of enterprise innovation can not be ignored.CEO risk aversion preference may be transmitted to the enterprise level,resulting in enterprises to choose low-risk projects with low risk degree and fast rate of return rather than to carry out high-risk activities such as R & D,which is bound to cause the enterprise R & D level of the short board.It can be seen that the innovation level of enterprises may be affected by the irrational factors such as manager heterogeneity.In this case,how to select senior managers and improve the level of enterprise innovation has become a concern of scholars.In recent years,some studies have shown that the heterogeneity of executives will affect the internal governance of enterprises and the investment decisions of companies.CEO is the direct decision-making subject of enterprise investment behavior,and their decisionmaking behavior is significantly affected by personal characteristics.In particular,the results of behavioral finance research show that due to the uncertainty of the environment,the incompleteness of information and the limited existence of individual ability,various psychological characteristics of managers,such as overconfidence,psychological accounts and risk preference,can affect the investment decisions of enterprises.Innovation as an important investment decision of enterprises,rational artificial hypothesis traditional principal-agent theory and information asymmetry theory can not explain the enterprise behavior well,scholars gradually began to pay attention to the impact of manager heterogeneity on enterprise innovation.Based on the theory of high-level echelon and behavioral finance,external environmental factors can affect individual thinking mode and behavior,while the traumatic effects of poverty experience in childhood are more lasting and far-reaching.CEO may be affected by values,cognitive structures and ways of thinking as a result of early experiences,and continue to affect their adulthood.Innovation activities themselves have the characteristics of large investment risk,long investment cycle and uncertain output,so enterprises should bear certain risks in investment decision-making.The level of risk-taking has always been a major concern of corporate finance and the whole capital market.Scholars at home and abroad study the factors that affect the level of enterprise risk bearing from the aspects of economic uncertainty,asset specificity,equity pledge of large shareholders,industrial policy support and property right nature.The high willingness of enterprises to take risks will actively increase capital expenditure and carry out innovation investment,which will bring rapid development to enterprises,otherwise,it will reduce innovation investment.At present,most of the literature focuses on corporate governance and enterprise investment decision,and the research on the impact of enterprise innovation performance and enterprise risk bearing level on enterprise innovation is still relatively lacking.With reference to the above problems,this paper uses the idea of natural experiment,takes the famine of 1959-1961 all over the country as the explanatory variable,and takes the A listed companies of China from 2004-2016 as the sample,and discusses the influence of CEO famine experience on the innovation level of enterprises through the combination of theoretical analysis and empirical research.Empirical analysis of this paper CEO famine experience will inhibit the level of enterprise innovation.The results of empirical research show that: CEO famine is negatively correlated with the level of innovation output,we further study the influence path and find that on the one hand CEO famine experience will reduce the overconfidence of executives,on the other hand CEO famine will affect the level of enterprise risk taking and then affect the innovation output of enterprises.The innovation of this paper lies in: first,the domestic research on CEO famine experience is relatively few,mostly from the CEO famine experience,research on the impact of famine CEO on enterprise risk-taking,financial decision-making,investment level and other activities,most of the attention CEO early experience on corporate governance and investment decision-making,lack of research on enterprise innovation output.Through the research of patent authorization and patent authorization classification,this paper further discusses the factors that affect the innovation output of enterprises,focusing on the innovation performance of enterprises.Secondly,introducing intermediary mechanism to —— the level of risk taking,it is found that the level of risk taking has a regulating effect on enterprise innovation,and complements and perfects the relevant research on the level of risk taking.Based on the theory of highlevel echelon and the theory of behavioral finance,this paper analyzes the influence of managers' early famine experience on the innovation output of enterprises from the perspective of incomplete rationality.Thirdly,most of the research on overconfidence in corporate finance focuses on the influence of corporate level,but few people pay attention to the research on the antecedents of overconfidence.Starting with the antecedents of CEO overconfidence,this paper studies the influence of overconfidence on managers from the experience of famine. |
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