高管团队异质性视角下数字金融对中小企业创新的影响

The Influence of Digital Finance on theInnovation of Small and Medium-SizedEnterprises from the Perspective of theHeterogeneity of TMT

摘要: 本文选取2011~2020年度新三板上市中小企业数据为研究样本，通过匹配北京大学数字金融指数及其覆盖广度、使用深度和数字化程度三个子维度指数验证数字金融对中小企业创新的影响，并引入高管团队异质性作为调节变量，通过Herfindal-Hirschman指数法构建高管团队异质性指标，探究高管团队异质性在其二者之间的调节作用。本文的实证结果如下：1) 数字金融及其三个子维度对企业创新均具有显著的促进作用。2) 高管团队异质性对数字金融和企业创新之间的调节效应存在差异，年龄和性别异质性发挥负向调节效应，教育水平和职业背景异质性发挥正向调节效应。

Abstract: This paper selects the data of small and medium-sized enterprises listed on the new third board from 2011 to 2020 as the research sample, verifies the impact of digital Finance on the innovation of small and medium-sized enterprises by matching the digital finance index of Peking University and its three sub dimension indexes of coverage, use depth and digitization degree, and introduces the heterogeneity of senior management team as the adjustment variable, constructs the hetero-geneity index of senior management team through the Herfindal Hirschman index method, and ex-plores the regulatory role of executive team heterogeneity between them. The empirical results of this paper are as follows: 1) Digital finance and its three sub dimensions have a significant role in promoting enterprise innovation. 2) There are differences in the regulatory effects of the heteroge-neity of senior management team on digital finance and enterprise innovation. The heterogeneity of age and gender plays a negative regulatory effect, and the heterogeneity of education level and professional background plays a positive regulatory effect.