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.
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