Abstract：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.
刘东阁，庞瑞芝. 金融关联对企业数字化创新的影响研究[J]. 管理学报, 2025, 22(2): 316-.
LIU Dongge，PANG Ruizhi. Research on the Impact of Financial Connection on Enterprise’s Digital Innovation. Chinese Journal of Management, 2025, 22(2): 316-.
