数字金融发展、高管背景特征与企业创新活力  

Digital Finance Development,Characteristics of Executive Background,and Enterprise Innovation Vitality

作　　者：余得生[1] 王姝婕 吕梦蕾 Yu Desheng;Wang Shujie;Lv Menglei(School of Economics and Management,East China Jiaotong University,Nanchang,Jiangxi Province 330013)

机构地区：[1]华东交通大学经济管理学院,江西南昌330013

出　　处：《财经理论研究》2024年第4期37-46,共10页Journal of Finance and Economics Theory

基　　金：江西省社会科学基金项目(21JL07);江西省研究生创新专项资金项目(YC2021-S474)。

摘　　要：文章选取2011—2018年我国中小板和创业板上市公司财务数据作为研究样本,探究数字金融发展与企业创新活力的关系,以及企业高管研发背景和任期背景的调节作用。结果表明,数字金融发展能够正向激发企业创新活力,其覆盖广度、使用深度和数字化程度发展均对企业创新活力存在促进效应。同时在其他条件不变的情况下,企业高管的研发背景会强化数字金融发展对企业创新活力的正向影响,而高管的任期背景会负向调节数字金融发展对企业创新活力的影响。进一步分析发现,高管背景特征对数字金融与企业创新活力关系的调节作用在非国有企业中显著,但在国有企业中该调节作用并不显著。This paper selects financial data of Chinese SME Board and China growth enterprise market listed companies from 2011 to 2018 as the research sample to explore the relationship between digital finance development and enterprise innovation vitality,as well as the moderating effects of executives'R&D background and tenure background.Results show that digital finance development can positively stimulate enterprise innovation vitality,with its coverage breadth,usage depth,and digitalization degree all having promoting effects on enterprise innovation vitality.Concurrently,under ceteris paribus conditions,executives'R&D background strengthens the positive impact of digital finance development on enterprise innovation vitality,while executives'tenure background negatively regulate the impact of digital finance development on enterprise innovation vitality.Further analysis reveals that the moderating effect of executive background characteristics on the relationship between digital finance and enterprise innovation vitality is significant in non-state-owned enterprises but not significant in state-owned enterprises.

关 键 词：数字金融发展 企业创新活力 高管背景特征 

分 类 号：F832[经济管理—金融学]