高管团队特征对融资约束的影响——基于创新要素配置的中介效应  

The Impact of Top Management Team Characteristics on Financing Constraints——Mediation Effect Based on the Allocation of Innovation Factors

作　　者：宋雅妹 李竹梅[1] SONG Yamei;LI Zhumei(School of Economics and Management,Taiyuan University of Technology,Jinzhong 030600,China)

机构地区：[1]太原理工大学经济管理学院,山西晋中030600

出　　处：《技术与创新管理》2023年第4期435-445,共11页Technology and Innovation Management

基　　金：山西省软科学研究项目“山西省上市公司融资约束、研发投入与市场表现研究”(2019041002-2)。

摘　　要：利用2014—2021年我国沪深A股上市公司数据,通过固定效应模型实证检验高管团队特征对融资约束的影响及其机制。研究发现:高管团队特征对企业融资约束起负向抑制作用,即高管团队中女性占比越低、平均年龄越大、平均受教育水平越高、薪酬差距越大,越能够缓解融资约束,该结论在替换被解释变量、缩减样本量等稳健性检验之后依然成立。机制检验表明:创新要素配置在高管团队特征与企业融资约束之间起部分中介作用,高管团队特征通过影响企业创新要素配置,提升企业创新能力和竞争优势、提高企业价值、吸引投资者关注等,能够向市场传递积极信号,以缓解企业融资约束。这不仅丰富了相关文献,还在一定程度上为我国上市公司加强高管团队建设、以及通过创新要素配置促进企业外部融资提供证据支持。Using the data of listed companies of Shanghai and Shenzhen A-share from 2014 to 2021,the impact and mechanism of top management team characteristics on financing constraints is empirically identified through a fixed effects model.The research indicates that top management team characteristics have a negative inhibitory effect on corporate financing constraints,that is,the lower the proportion of women in the executive team,the older the age,the higher the level of education,and the larger the pay gap,the more able to alleviate financing constraints.The conclusion is still valid after robustness tests such as replacing the explained variable and reducing the sample size.Mechanism tests show that innovation elements allocation plays a partial mediating role between top management team characteristics and financing constraints.Top management team characteristics can affect innovation elements allocation,enhance innovation capabilities and competitive advantages,enhance corporate value,and attract investors’attention.They can send positive signals to the market to alleviate corporate financing constraints.This paper not only enriched relevant literature,but also provided evidence support for Chinese listed companies to strengthen the executive team building and promote external financing through innovative element allocation.

关 键 词：高管团队特征 融资约束 创新要素配置 中介效应 固定效应模型 

分 类 号：F275.1[经济管理—企业管理]