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has been cited by the following article:

• TITLE: Board Governance, Financing Constraints and Technological Innovation: Empirical Evidence from Parent Companies of Enterprise Groups

  AUTHORS: Jun Zhou, Jinxiao Yang

  KEYWORDS: Enterprise Group, Corporate Governance, Financing Constraints, Technological Innovation, The Mediation Effect

  JOURNAL NAME: iBusiness, Vol.14 No.1, March 10, 2022

  ABSTRACT: Based on the sample of A-share group listed companies and their parent companies from 2015 to 2019, this paper empirically analyzes the relationship among board governance, financing constraints and technological innovation using the intermediary effect model. The results show that improving the board governance level of the parent company can significantly improve the innovation capability of enterprise groups. The financing constraint plays a partial intermediary role in the relationship between the board governance of the parent company and technological innovation, that is to say, the improvement of the board governance of the parent company can effectively alleviate the financing constraint problem faced by enterprise groups to a certain extent, and then enhance the group’s technological innovation ability. Therefore, in order to improve the technological innovation ability of enterprise groups, enterprise groups should further optimize the governance level of the board of directors of the parent company, reduce operating costs, and relieve the financing pressure faced by enterprise groups in the process of innovation.