金融关联对企业数字化创新的影响研究  

Research on the Impact of Financial Connection on Enterprise’s Digital Innovation

作　　者：刘东阁 庞瑞芝[2] LIU Dongge;PANG Ruizhi(Shandong University of Finance and Economics,Jinan,China;Nankai University,Tianjin,China)

机构地区：[1]山东财经大学中国经济研究院 [2]南开大学经济与社会发展研究院,天津市300071

出　　处：《管理学报》2025年第2期316-325,共10页Chinese Journal of Management

基　　金：国家社会科学基金资助重点项目(21AJY012);福建省社会科学基金资助项目(FJ2024C074)。

摘　　要：基于非正式制度视角,考察金融关联对企业数字化创新的影响。研究表明:金融关联对企业数字化创新存在明显抑制效应,且这种抑制效应对于数字化发明专利、数字化生产、服务流程创新以及在资本密集型行业、非高新技术行业、高融资约束企业和国企中更大;银行关联对企业数字化创新存在明显抑制作用,证券关联和监管关联的影响不显著,说明金融关联对企业数字化创新的抑制效应主要源于银行关联;金融关联、银行关联均通过加剧管理层短视、企业金融化和资金寻租成本而抑制企业数字化创新;股权治理、法治环境改善能缓解金融关联对企业数字化创新的抑制作用,但董事会、机构投资者没有发挥治理作用。Based on the perspective of informal institution,this paper examines the impact on financial connection and enterprises digital innovation.The results show that financial connection has a significant inhibitory effect on enterprises digital innovation,and the inhibitory effect is even greater for digital invention patents,digital production,and in capital-intensive industries,non-high-tech industries,highly financing-constrained enterprises,and state-owned enterprises.Bank connection have a significant inhibitory effect on enterprises digital innovation,while the effects of securities institution connection and regulatory institution connection are not significant,indicating that the inhibitory effect of financial connection on enterprises digital innovation mainly comes from bank connection.Financial connection and bank connection inhibit enterprises digital innovation by increasing myopia of management,degree of financialization and the cost of fund rent-seeking for capital.Equity governance and improvement of legal environment can alleviate the inhibitory effect of financial connection on enterprises digital innovation,but boards of directors and institutional investors have not played a governance role.

关 键 词：数字化创新 金融关联 管理层短视 企业金融化 资金寻租成本 

分 类 号：C93[经济管理—管理学]