I 摘要 在我国进入经济新常态的背景下，改革发展已成为新时代的主题，技术创新 作为推动改革的先锋力量，无疑成为企业获得更好，更有效发展的根本途径。改 革开放几十年以来，我国制造业发展迅速，对我国经济发展与社会稳定做出巨大 贡献，一直在国民经济中占有重要地位。由于其多处于成长期，市场竞争激烈， 技术创新更为重要。经济转型的新阶段，大力推动创新型企业的发展，更有效的 促进社会经济的持续增长。在宏观和微观层面技术创新都有长远的意义和重要性。 商业信用融资作为企业短期融资的一种重要手段，对于企业的技术创新活动 起着重要推动作用。另外，高管团队特征对企业技术创新有着紧密的联系。对上 市企业来说，一方面，融资问题是约束企业发展的瓶颈，当然也是企业技术创新 的关键。另一方面，高管是企业经营的核心人员，掌握着企业的战略决策权力， 是推动企业技术创新的主要力量。本文基于商业信用融资和高管团队特征的视角， 理论阐释商业信用融资和高管团队特征对技术创新的影响机理以及高管团队特征 在商业信用融资与技术创新之间起到的调节作用。 本文以2012-2018年501家制造业企业作为研究样本进行实证分析。首先，对 技术创新、商业信用融资与技术创新以及高管团队特征与技术创新相关的国内外 文献进行了梳理与总结。其次，基于技术创新理论、信贷配给理论和高阶梯度理 论进行分析他们之间的关系，并提出本文的研究假设。再次，运用回归分析法和 主成分分析法对商业信用融资与技术创新的关系及高管团队特征与技术创新的关 系进行实证验证，并进一步利用层次回归分析方法，分析高管团队特征对商业信 用融资与技术创新的调节作用进行验证。最后，进行稳健性检验并提出政策建议。 研究结果表明：（1）商业信用融资对企业技术创新有显著的正向影响。（2） 高管团队教育背景、高管团队规模、团队海外背景和技术背景对企业技术创新有 正相关关系；而高管团队平均年龄对技术创新成负相关关系。（3）高管团队教育 背景、高管团队规模和高管成员的海外背景对商业信用融资与技术创新的关系具 有正向调节作用，但高管团队平均年龄和高管成员的技术背景对商业信用融资与 技术创新的关系具有负向调节作用。 关键词： 商业信用融资;高管团队特征; 技术创新;主成分 Abstract II Abstract In the context of China's entry into the new normal of the economy, reform and development have become the theme of the times, and technological innovation as a pioneer force to promote reform has undoubtedly become the fundamental way for enterprises to achieve better and faster development. Since the reform and opening up for more than 40 years, China's manufacturing industry has developed rapidly, making great contributions to the development of the national economy and social stability, and has always occupied an important position in the national economy. Because it is mostly in the growth stage, market competition is fierce, and technological innovation is even more important. In the new stage of economic transformation, vigorously developing innovative enterprises is conducive to the sustainable growth of society and economy. Technical innovation has long-term significance and importance at the macro level and the micro level. In modern enterprises, Trade Credit, as an important means of short-term financing of enterprises, plays an important role in the technological innovation of enterprises. In addition, the characteristics of the senior management team are closely related to the technological innovation of enterprises. For listed companies, on the one hand, the issue of financing is a bottleneck restricting the development of the company, and of course, it is also the key to enterprise technology innovation. On the other hand, executives are the core personnel of an enterprise's operations. They hold the strategic decision-making power of the enterprise and have become the main force driving technological innovation of the enterprise. Based on the perspective of Trade Credit and the characteristics of executive team, this paper theoretically explains the influence mechanism of the characteristics of Trade Credit and executive team on technological innovation and the moderating effect of the characteristics of executive team. This article takes 501 manufacturing companies from 2012 to 2018 as research samples for empirical analysis. First, the domestic and foreign literature related to technological innovation, Trade Credit and technological innovation, and the characteristics of the executive team and technological innovation were reviewed. Secondly, based on technology innovation theory, credit rationing theory and high-level Abstract III echelon theory, the reasons for the correlation between Trade Credit and technology innovation, the characteristics of executive team and technology innovation are analyzed, and the hypothesis of empirical research in this paper is analyzed. Thirdly, use regression analysis and principal component analysis to verify the relationship between the Trade Credit and technological innovation of listed manufacturing companies and the relationship between the characteristics of senior management teams and technological innovation, and further use the hierarchical regression analysis method to analyze the characteristics of senior management teams. The moderating role of Trade Credit and technological innovation is verified. Finally, a robustness test and policy recommendations are made. The research results show that: (1) Trade Credit has a significant role in promoting technological innovation. (2) The size of the senior management team, the education level of the senior management team, the overseas background and technical background of the senior management members have a significant role in promoting technological innovation; and the average age of senior management has a negative correlation with technological innovation. (3) The size of the senior management team, the education level of the senior management team and the overseas background of the senior management members have a positive regulating effect on the relationship between Trade Credit and technological innovation, but the average age of the senior management and the technical background of the senior management members have a significant impact on commercial credit. The relationship between financing and technological innovation has a negative regulatory effect. Key Words: Trade Credit; Executive Team Characteristics; Technological Innovation; Main Component 目 录 IV 目 录 摘要 ......................................................................................................................................... I Abstract ....................................................................................................................................... II 目 录 ....................................................................................................................................... IV 第1章 绪论 .............................................................................................................................. 1 1.1研究背景及意义 ........................................................................................................... 1 1.1.1研究背景 ............................................................................................................ 1 1.1.2研究意义 ............................................................................................................ 2 1.2研究内容与研究方法 ................................................................................................... 3 1.2.1 研究内容 ........................................................................................................... 3 1.3创新之处 ....................................................................................................................... 5 第2章 文献综述 ...................................................................................................................... 6 2.1技术创新 ....................................................................................................................... 6 2.2商业信用融资与技术创新 ........................................................................................... 7 2.3高管团队特征与技术创新 ......................................................................................... 10 2.4文献述评 ..........