This study examines the role of top management team (TMT) social networks in enterprise digital innovation, focusing on the moderating effect of financing constraints. Using a sample of A-share listed companies in China from 2010–2018, the research finds that internal TMT relationship stability has an inverted U-shaped relationship with digital innovation, while external TMT alumni networks positively affect digital innovation. The interaction between TMT relationship stability and alumni network also positively influences digital innovation. Financing constraints do not moderate the relationship between TMT relationship stability and digital innovation, but they negatively moderate the relationship between TMT alumni network and digital innovation. These findings extend the literature on TMT social networks and digital innovation by considering the perspective of attention allocation. The study highlights the importance of TMT in digital innovation due to their roles in recognizing strategic potential, articulating strategic relevance, and resource allocation. However, few studies have empirically explored the role of TMT in digital innovation. Recent studies have focused on individual TMT characteristics, such as background, dispersion, and cognition. TMT social networks are crucial for digital innovation as they provide access to scarce information, resources, and funds, which are vital for environmental scanning and cultivating digital innovation. TMT members act as spokespersons and key decision-makers, bridging internal and external communication networks and commanding the most social networking resources in organizations. Different types of social networks channel information in different ways, influencing the focus of attention of decision-makers. The attention-based view (ABV) emphasizes that decision-makers' actions depend on the issues they focus on. In the context of social networks, people only acquire information from their communication partners if they pay attention to it. The study uses ABV to explore the relationship between TMT social networks and digital innovation, showing that different types of social networks influence attention allocation strategies, which in turn determine strategic direction and resource distribution in digital innovation.This study examines the role of top management team (TMT) social networks in enterprise digital innovation, focusing on the moderating effect of financing constraints. Using a sample of A-share listed companies in China from 2010–2018, the research finds that internal TMT relationship stability has an inverted U-shaped relationship with digital innovation, while external TMT alumni networks positively affect digital innovation. The interaction between TMT relationship stability and alumni network also positively influences digital innovation. Financing constraints do not moderate the relationship between TMT relationship stability and digital innovation, but they negatively moderate the relationship between TMT alumni network and digital innovation. These findings extend the literature on TMT social networks and digital innovation by considering the perspective of attention allocation. The study highlights the importance of TMT in digital innovation due to their roles in recognizing strategic potential, articulating strategic relevance, and resource allocation. However, few studies have empirically explored the role of TMT in digital innovation. Recent studies have focused on individual TMT characteristics, such as background, dispersion, and cognition. TMT social networks are crucial for digital innovation as they provide access to scarce information, resources, and funds, which are vital for environmental scanning and cultivating digital innovation. TMT members act as spokespersons and key decision-makers, bridging internal and external communication networks and commanding the most social networking resources in organizations. Different types of social networks channel information in different ways, influencing the focus of attention of decision-makers. The attention-based view (ABV) emphasizes that decision-makers' actions depend on the issues they focus on. In the context of social networks, people only acquire information from their communication partners if they pay attention to it. The study uses ABV to explore the relationship between TMT social networks and digital innovation, showing that different types of social networks influence attention allocation strategies, which in turn determine strategic direction and resource distribution in digital innovation.