| 管理者过度自信对高技术企业技术外部获取方式选择的影响研究 |
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| 引用本文： | 李星华.管理者过度自信对高技术企业技术外部获取方式选择的影响研究[J].运筹与管理,2018,27(6):194-199. |
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| 作者姓名： | 李星华 |
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| 作者单位： | 广西民族师范学院, 广西 崇左市 532200 |
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| 摘 要： | 企业管理者的业绩预测偏差是衡量管理者是否过度自信的一个重要体现,值得关注和研究。本研究采用我国2004~2013年高技术上市公司的相关数据,应用Ordered-probit模型实证分析了管理者过度自信对高技术上市公司技术外部获取方式选择的影响。研究结果表明:我国高技术上市公司以非股权技术联盟作为首要的技术外部获取方式,公司风险投资是最后的选择;同时,研究发现:在对技术外部获取方式进行选择时,管理者过度自信的高技术上市公司选择并购优先于合资和少数持股联盟,而管理者非过度自信的高技术上市公司选择少数持股联盟优先于并购和合资。该研究方法简单、高效、合理,是企业高管提升公司管理水平和科学获取技术外部的一种新的方法选择。
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| 关 键 词： | 管理者过度自信 技术外部获取方式 高技术上市公司 |
| 收稿时间： | 2017-02-13 |
Research on the Effect of Managerial Overconfidence on the Choice for the Modes of External Technology Sourcing of the High-Tech firms |
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| LI,Xing-hua.Research on the Effect of Managerial Overconfidence on the Choice for the Modes of External Technology Sourcing of the High-Tech firms[J].Operations Research and Management Science,2018,27(6):194-199. |
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| Authors: | LI Xing-hua |
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| Affiliation: | Guangxi Normal University for Nationalities, Chongzuo 532200, China |
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| Abstract: | The performance prediction bias of managers is an important reflection of whether managers are overconfident, which deserves attention and research.Based on the data on the high-tech listed firms during the period from 2004 to 2013, this paper empirically analyzes the influence of managerial overconfidence which is measured by the differences for the performance forecasting from the managers on the choice of the modes of external technology sourcing for the high-tech listed firms. The results show that Chinese high-tech listed firms give the first priority to non-equity alliances, with corporate venture capital investments in the last place for the choice of the modes of external technology sourcing. Simultaneously, compared to joint ventures and minority holdings alliances, the high-tech listed firms whose managers are overconfident give the priority to mergers and acquisitions; and compared to mergers and acquisitions and joint ventures, the high-tech listed firms whose managers are non-overconfident give the priority to minority holdings alliances.The research method is simple, efficient and reasonable,which is a new method for executives to improve the management level and acquire the technology external. |
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| Keywords: | managerial overconfidence the modes of external technology sourcing high-tech listed firms |
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