数字普惠金融、动态能力与创业企业成长绩效

摘要/Abstract

摘要： 数字普惠金融能够优化金融资源配置、改善企业融资环境，对促进创业企业发展具有重要作用。然而，现有研究缺乏对数字普惠金融如何影响创业企业成长绩效的探讨。本研究基于资源依赖理论和动态能力理论，以2011—2022年中国创业板上市公司为样本，实证分析数字普惠金融对创业企业成长绩效的影响，并考察动态能力对二者关系的中介作用以及管理者角色的调节效应。研究结果表明，数字普惠金融对提升创业企业成长绩效具有显著的正向影响，动态能力对上述二者之间的关系具有显著的中介作用。同时，管理者角色显著调节数字普惠金融与创业企业动态能力以及数字普惠金融与创业企业成长绩效的关系。具体而言，在CEO-董事长两职合一的情境下，数字普惠金融对创业企业动态能力以及数字普惠金融对创业企业成长绩效的促进作用更为显著；CEO-TMT权力距离越大，数字普惠金融对创业企业动态能力以及数字普惠金融对创业企业成长绩效的促进作用越弱。基于实证研究结论，从数字普惠金融、动态能力以及CEO-董事长两职合一与CEO-TMT权力距离方面提出促进创业企业成长的对策建议。

关键词: 数字普惠金融, 动态能力, 成长绩效, 中介作用, 调节效应

Abstract: Digital inclusive finance can optimize the allocation of financial resources and improve the financing environment for firms, so it plays an important role in promoting the development of entrepreneurial firms. However, existing researches lack exploration of how digital inclusive finance affects entrepreneurial firms’ growth performance. Based on resource dependence theory and dynamic capabilities theory, this paper empirically analyzes the influence of digital inclusive finance on entrepreneurial firms’ growth performance by taking the data of Chinese GEM firms from 2011 to 2022 as the research sample, and investigates the mediating effect of dynamic capabilities on the above relationship and the moderating effect of managerial role. The empirical analysis results indicate that digital inclusive finance can significantly promote entrepreneurial firms’ growth performance, and dynamic capabilities have a significant mediating role in the above relationship. Simultaneously, managerial role plays significant moderating roles in the relationship between digital inclusive finance and dynamic capabilities, and between digital inclusive finance and the growth performance of entrepreneurial firms. Specifically, in the context of the CEO’s dual role integration, the positive effect of digital inclusive finance on dynamic capabilities and on the growth performance of entrepreneurial firms are stronger, the greater the CEO-TMT power disparity, the weaker the positive role of digital inclusive finance in promoting dynamic capabilities and the growth performance of entrepreneurial firms. Based on the empirical research results, this paper further puts forward some countermeasures and suggestions to promote entrepreneurial firms’ growth performance from the aspects of digital inclusive finance, dynamic capabilities, CEO’s dual role integration and CEO-TMT power disparity.

Key words: digital inclusive finance, dynamic capabilities, growth performance, mediating effect, moderating role

李武威, 刘洋豪, 曹勇. 数字普惠金融、动态能力与创业企业成长绩效[J]. 管理评论, 2026, 38(2): 135-148.

Li Wuwei, Liu Yanghao, Cao Yong. Digital Inclusive Finance, Dynamic Capabilities and Growth Performance of Entrepreneurial Firms[J]. Management Review, 2026, 38(2): 135-148.

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