高管金融关联、融资约束与企业技术创新效率--基于数字普惠金融的调节作用  

Executive Financial Connection,Financing Constraints and Corporate Technological Innovation Efficiency:Based on the Moderating Role of Digital Financial Inclusion

作　　者：叶红雨[1] 魏顺 YE Hong-yu;WEI Shun(School of Management,University of Shanghai for Science and Technology,Shanghai 200082,China)

机构地区：[1]上海理工大学管理学院,上海200082

出　　处：《经济论坛》2022年第5期117-129,共13页Economic Forum

基　　金：国家自然科学基金项目“基于技术创新能力的中国制造业并购协同机理及实现路径研究”(71371124)。

摘　　要：文章采用2015—2020年中国创业板上市公司数据,构建一个有调节的中介模型,实证检验高管金融关联、融资约束与企业技术创新效率的相互关系、融资约束在高管金融关联与企业技术创新效率之间的中介作用以及数字普惠金融在高管金融关联与融资约束之间的调节作用。研究结果表明:高管金融关联能够显著提高企业技术创新效率;高管金融关联能够显著缓解企业面临的融资约束问题;企业技术创新效率随着融资约束的缓解而提高;高管金融关联能够通过融资约束的中介作用来影响企业技术创新效率,即融资约束在两者之间起到部分中介作用;数字普惠金融及其覆盖广度、使用深度分变量能够显著正向调节高管金融关联对融资约束的缓解作用。Based on the data of Chinese GEM listed companies from 2015 to 2020,this paper constructs a moderated mediation model to empirically examines the relationship among executive financial connection,financing constraints and corporate technological innovation efficiency,the mediating role of financing constraints between executive financial connection and corporate technological innovation efficiency,and the moderating role of digital inclusive finance between executive financial connection and financing constraints.The results show that:Executive financial connection can significantly improve the efficiency of corporate technological innovation;executive financial connection can significantly alleviate corporate financing constraints;the efficiency of corporate technological innovation can improve with the easing of financing constraints;executive financial connection can affect the efficiency of corporate technological innovation through the mediating role of financing constraints,namely financing constraints play a partial mediating role between the both;digital inclusive finance and its coverage and depth of use as its branch variables can moderate the alleviation role of executive financial connection on financing constraints significantly and positively.

关 键 词：高管金融关联 数字普惠金融 融资约束 技术创新效率 有调节的中介模型 

分 类 号：F273.1[经济管理—企业管理]