利用我国2007至2015年沪深A股上市公司数据,实证检验管理者乐观情绪对企业成长性的影响.研究发现,管理者乐观情绪的存在对企业成长性具有显著正向提升作用.考虑到研发活动对企业成长性提升的重要意义以及其固有风险性与存在乐观情绪的管理者的冒险精神相匹配,本文进一步从企业研发支出的角度探讨管理者乐观情绪对企业成长性影响的传导机制.发现管理者乐观情绪对企业研发支出具有正向影响,同时研发支出对企业成长性具有正向影响.研究结果表明,企业的研发支出在管理者乐观情绪与企业成长性的关系中发挥了部分中介作用.%Based on the data of Shanghai and Shenzhen A-stock listed companies from 2007-2015, this paper makes an empirical test for the impact of managerial optimism on the growth of enterprises. The study finds that the existence of managerial optimism will help to enhance enterprise growth. Considering the importance of R & D activities to enhance the growth of the enterprise, and the match of the inherent risk in R & D activities and the existence of the managerial optimism, this paper further discusses the transmission mechanism of managerial optimism influence on enterprise growth from the perspective of corporate R & D expenditure. It is found that the optimism of managers has a positive impact on the R & D expenditure, while R& D expenditure has a positive impact on the growth of the enterprise. The results show that R& D expenditure plays a partial intermediary role in the relationship between managerial optimism and corporate growth.
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