过度自信调节下董事会人力资本与企业R & D投入关系研究

结合资源依赖理论及冲突理论，以2013-2014年中国创业板149家企业为样本，运用回归分析法考察了董事会人力资本对企业R&D投入的影响，探讨了管理者过度自信在这一过程中的调节作用。结果显示：董事会人力资本广度与企业R&D投入强度显著负相关；②董事会人力资本深度与企业R&D投入强度显著正相关；③管理者过度自信对董事会人力资本深度和广度与企业R&D投入之间的关系皆具有显著的负向调节作用，即管理者过度自信程度越高，董事会人力资本深度对企业R&D投入的促进效用越小，其广度对企业R&D投入的消极作用越强。

The Effect of Board Human Capital and Manager Overconfidence on R & D Investment

By employing the data of listed GEM firms from 2013 to 2014 and the regression model ,the research ,combined with resource dependence view and conflict theory ,not only empirically examined the effects of the board human capital on the firm R&D investment ,but also explored the moderating role of managerial overconfident in this process .The results showed that the breadth of board human capital is negatively related with R&D investment ,the depth of board human cap‐ital is positive related with R&D investment ,and at the same time ,managerial overconfidence moderates this relationship . The study suggest that :With the improvement of managerial overconfidence ,the negative effect of the breadth of board human capital on the firm R&D investment will be stronger ,while the positive effect of the depth of board human capital on the firm R&D investment will be reduced .