高管过度自信、研发投入跳跃与企业绩效——来自中国上市公司的经验证据

基于间断平衡理论和高阶梯队理论，以2007-2017年中国沪深两市902家制造企业为样本，实证分析研发投入跳跃对企业绩效的影响以及高管过度自信的调节作用。结果显示：研发投入正向跳跃和负向跳跃均有助于提升企业绩效，高管过度自信正向调节研发投入跳跃与企业绩效间的关系。引入高管过度自信这一重要高管特征作为调节变量，有助于重新认识管理者心理偏差对企业创新行为和绩效的影响，较好地弥补了研发投入跳跃对企业绩效影响机制的研究空缺，丰富了创新间断平衡理论研究。研究表明，企业应重视高管心理特征的影响并结合自身实际情况，合理选择研发投入策略以改善企业绩效。

Executive Overconfidence,R&D Investment Leap and Firm Performance

Based on the theory of punctuated equilibrium and upper echelon theory,using the panel data of 902 manufacturing enterprises in Shanghai and Shenzhen A-shares from 2007 to 2017,this study empirically analysis the impact of positive and negative leap in R&D investment on firm performance and the moderating effect of executive overconfidence.Results show that both positive and negative leap in R&D investment can significantly improve firm performance.The executive overconfidence positively moderates the relationship between the leap in R&D investment and firm performance.This study fills the research gap between R&D leap on firm performance by uncovering the mechanism,contributing to the innovation punctuated equilibrium theory.It also generates novel practical insights for managers to further leverage the psychological characteristics of executives on improving firm innovation and performance.