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.

摘要： 高层管理者在创新方面的认知是否会影响企业的创新投入？本文依据2010年在中国沪深A股上市的制造业公司为研究样本，通过由文本分析法所测定的企业高管在创新相关方面的认知程度，以管理自由度为调节变量，实证研究了高管认知与创新投入之间的关系。研究结果表明，高层管理者在创新方面认知程度的提升会带来企业创新投入的显著增长，同时，我们将管理自由度的两个代理变量——公司年龄，是否国有的调节作用加以检验，结果表明，当高管享有较高的管理自由度时，其认知对企业战略的影响效果将更为明显；本文也讨论了研究结论的理论和管理实践意义。

关键词: 高管认知, 创新投入, 管理自由度, Heckman两阶段模型