连锁董事网络、商业信用与数字技术创新

Chain Director Network,Business Credit and Digital Technology Innovation

数字技术是推动企业高质量发展和构建现代经济体系的关键驱动力。本文以2009~2022年沪深A股上市公司的数据为样本,检验连锁董事网络对企业数字技术创新的影响及其作用机制。研究发现,连锁董事网络可以通过获取信息、知识、关系、声誉等网络资源优势缓解数字技术创新的信息不对称以及商业信用问题。进一步发现,连锁董事网络通过商业信用融资显著提升企业突破性创新和渐进性创新。此外,连锁董事网络对企业数字技术创新的影响主要存在于东部地区、管理层激励高以及政府补贴高的企业。本文通过理论探讨与实证分析拓宽了相关研究领域,为企业和政府提供重要的启示。

Digital technology is a key driver for promoting high-quality corporate development and building a modern eco⁃nomic system.Using data from Shanghai and Shenzhen A-share listed companies from 2009 to 2022 as samples,this study exa⁃mines the impact of interlocking directorate networks on corporate digital technology innovation and their mechanisms of action.The study finds that interlocking directorate networks can alleviate information asymmetries and commercial credit issues in digital tech⁃nology innovation by leveraging network resources advantage such as information,knowledge,relationships,and reputation.Fur⁃ther findings indicate that interlocking directorate networks significantly enhance firmsradical and incremental innovations through commercial credit financing,with their impact on digital technology innovation mainly present in enterprises in the eastern region,with high management incentives and substantial government subsidies.This paper broadens the field through theoretical discussion and empirical analysis,providing important insights for businesses and governments.