董事长自恋人格特征与研发投资：潜在风险、防御机制与创新绩效

R&D investment is an essential investment behavior of enterprises. The managers are rational in research hypothesis on existing R&D investment. Although a certain amount of research results are given on the basis of this hypothesis, it is difficult to analyze the intrinsic motivation of managers on R&D investment. Narcissistic personality is a universally irrational characteristic, which is the internal driving force of managers’ behavior.In this study, the author carries out a research about the path of effect on R&D investment, influence factors, and regulating factors from narcissistic characteristic of board chairman based on irrational assumption, theory of upper echelon, theory of sunk costs, theory of financing constraints and theory of externality. Specifically, the influence of narcissistic characteristic on innovative performance; the potential risk during the process of R&D investment under narcissistic characteristic of board chairman; defensive mechanisms can be used to improve the effect of board chairman’s narcissistic characteristic on creative performance. The innovative point of this study is to carry out a research on investment decisions from the perspective of board chairman’s narcissistic characteristic and build a theoretical framework about the influence of the board chairman’s narcissistic characteristic on R&D investment. These studies not only expand the hypothesis on the R&D investment, but also provide new ways to launch decisions about R&D investment of listed companies, improve the governance structure, as well as promote the development of the capital market.

研发投资是企业一项重要的投资行为。现有研发投资的研究假设管理者是理性的，虽然在此假设基础上，产生了一定的研究成果，但是难以分析管理者研发投资的内在动机。自恋人格特征是管理者普遍存在的一种非理性特征，是管理者行为的内在驱动力。本课题从非理性假设出发，以高阶梯队理论为基础，运用沉没成本理论、融资约束理论和外部性理论，研究董事长自恋人格特征影响研发投资的路径、经济后果、影响因素和调节因素。具体为:研究董事长自恋人格特征影响研发投资的路径；董事长自恋人格特征对创新绩效的影响；董事长自恋人格特征进行研发投资时存在的潜在风险；哪些防御机制能够提高董事长自恋人格特征对创新绩效的影响。本课题创新点是：从董事长自恋人格特征研究研发投资决策，并构建了董事长自恋人格特征影响研发投资的理论框架。这些研究既拓展了研发投资的研究假设，又为上市公司进行研发投资决策、完善治理结构和促进资本市场发展提供了新的思路。

自恋型董事长普遍存在于企业中。研发投资是企业提高创新能力、增加竞争力、实现可持续发展的重要手段。然而，现有相关文献鲜有对自恋型董事长如何影响企业创新的研究。.项目基于高阶梯队理论和行为一致理论，构建了自恋型董事长影响企业研发投资的理论框架，研究了自恋型董事长影响研发投资的经济后果，及如何通过制度约束自恋型董事长对企业的消极影响等问题。另外，项目基于委托代理框架，研究了如何通过制度安排降低企业代理问题，提高企业创新。.项目研究的主要结论包括：①自恋型董事长会增加研发投资；②自恋型董事长对研发投资的影响是通过沉没成本、融资约束和溢出效应起到了传导作用；③自恋型董事长会降低研发投资的产出；④所得税率降低会提高企业全要素生产率；⑤董事长的自恋性特征会促使企业承担社会责任；⑥在管理者代理成本低组和控股股东代理成本低组，税收规避增加了企业现金持有价值。.通过项目研究：发表期刊论文和会议报告论文10篇，完成培养研究生2名，获得安徽省社会科学奖二等奖等。项目研究丰富了非理性管理者相关研究，并为如何促进企业创新提供了理论指导和经验证据。