管理层乐观偏向、学术背景与研发投入
金融学
2024届
于志颖
仓勇涛
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上海外国语大学
硕士学位论文
管理层乐观偏向、学术背景与研发投入
院系：国际金融贸易学院
学科专业：金融学
姓名：于志颖
指导教师：仓勇涛
2024年5月
Shanghai International Studies University
ENGLISH TITLE
Optimistic management bias,academic background,and
research and development investment
By
Zhiying Yu
Under the Supervision of Professor Yongtao Cang
May 2024
摘要
企业的决策制定过程中，管理者的情绪状态对整体业务发展至关重要。尤其
是管理者的乐观情绪，在决策过程中扮演着关键角色。心理学研究揭示了人类决
策过程中的非理性因素，其中乐观倾向是其中最为突出的之一。企业管理者更容
易陷入乐观情绪之中，具有乐观态度的管理层通常更愿意承担风险。研究发现，
这种乐观态度在一定程度上能够积极推动企业增加对研发的投入，即管理层越乐
观，企业趋向于在研发领域投入更多资源。然而，本文发现，这种关系受到高管
团队学术背景的显著调节。高管团队的学术背景能够为决策过程引入更多的理性
和客观性，有效地抑制由于管理层乐观情绪可能导致的不合理的研发投入。
本文选取2010-2021年中国沪深A 股上市公司样本，基于高层梯队理论，从
公司MD&A 文本信息中提取管理层乐观偏好变量，实证检验了管理层乐观偏好
对公司研发投入的影响，以及高管团队学术背景在降低管理层经营乐观情绪激励
研发过度投入方面的作用，研究发现：(1)高管团队学术背景有助于使管理层更
为理性和客观，有效地遏制了管理层乐观情绪可能带来的研发投入的不合理情况；
(2)这种影响在年轻化、高薪酬和高科技公司的高管团队中尤为显著。这些研究
发现为企业提高投资效率和加强高管团队建设提供了重要的启示。
本研究发现管理层乐观对创新投资有的影响。乐观态度推动创新投资，因为
乐观的管理者更愿意承担风险，追求创新和突破。这种心态有助于企业推动技术
革新和提升市场竞争力。在这方面，高管团队的学术背景发挥了重要作用。学术
背景丰富的高管通常具有较强的分析能力和批判性思维，能够更客观、理性地评
估创新项目的潜在价值和风险。他们能够有效抑制管理层乐观可能带来的冒进行
为，确保企业在追求创新的同时，不会因为盲目乐观而忽视潜在的风险。因此，
企业应该注意管理层乐观心理特质带来的潜在风险，并积极引入学术背景丰富的
管理层。通过这样的举措，可以有效缓解乐观可能导致的风险，保持创新投资决
策的合理性和有效性，从而推动企业在创新方面的稳健发展。
关键词：管理层乐观偏向程度，研发投入，高管团队学术背景，MD&A
II
Abstract
In the decision-making process of enterprises,the emotional state of managers is
crucial for overall business development.Particularly,the optimism of managers plays
a key role in the decision-making process.The essence of managerial optimism lies in
their tendency to overly favor their own abilities and overestimate the accuracy of
information,leading to overestimation of returns and underestimation of risks.This
emotional bias is prominently displayed in investment decisions within enterprises,
including overestimating project net present value,overinvesting in research and
development activities,and adopting aggressive debt financing strategies.
Psychological research reveals the irrational factors in human decision-making
processes,among which optimism bias stands out prominently.Due to the influence of
control,business managers are more prone to optimistic moods.Management with an
optimistic attitude is generally more willing to take risks.Studies have found that this
optimism tends to positively drive increased investment in research and development;
the more optimistic the management,the more the company tends to invest more
resources in the field of research and development.
However,our research finds that this relationship is significantly moderated by the
academic background of the executive team.The academic background of the executive
team is believed to introduce more rationality and objectivity into the decision-making
process,effectively suppressing inefficient research and development investment that
may result from managerial over-optimism.
This study selects samples of Chinese A-share listed companies from 2010to 2021.
Based on the upper echelon theory,it extracts variables of managerial optimistic
preferences from the company's MD&A text information,empirically tests the impact
of managerial optimistic preferences on research and development investment,and
examines the role of the academic background of the executive team in reducing
managerial optimism and stimulating excessive investment in research and
development.The research finds that:(1)The academic background of the executive
team helps make management more rational and objective,effectively curbing the
irrational situation of research and development investment that may arise from
managerial optimism;(2)This effect is particularly significant in executive teams that
are younger,receive higher compensation,and belong to high-tech companies.These
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