关键词: 高管认知, 创新投入, 管理自由度, Heckman两阶段模型

Abstract: Does top manager cognition affect the corporate innovation investment? The research sample being applied in this article is based on the listed manufacturing companies in Shanghai and Shenzhen A-share stock market in China. In this study the relationship between top manager cognition and innovation investment is investigated empirically, the degree of cognition relates to innovation is measured by the content analysis method and managerial discretion is also included in our discussion as the moderating variable. Research results indicate that the enhancement of top manager cognition relates to innovation will bring the increase of corporate innovation investment, besides, when CEO has higher discretion, managerial cognition will have a more apparent effect on the corporate strategy, this finding is concluded by using firm age and ownership as two proxy variables of managerial discretion. Implications to theory and practice are also discussed.