控股股东社会资本、创新意愿与技术创新的关系——兼议股权资本和产权性质的情境效应

从控股股东这一资源提供者的角度出发，放宽控股权等于控制权的假设前提，深入探究控股股东社会资本对企业技术创新的作用路径与内在机理。研究发现：控股股东的社会资本增强了其谋取控制权私有收益的动机和能力，会抑制企业的技术创新水平，但其创新意愿会削弱这一负向影响；此外，上述传导关系在低股权资本和非国有样本中更加显著。研究揭示控股股东社会资本这一隐性权力与企业技术创新不足间的内在关系，并在此基础上理清不同情境下的差异性影响，以期丰富技术创新微观层面的影响因素，并为政府和监管部门对相关信息披露政策的补充和完善提供参考。

Relationship Between Social Capital of Controlling Shareholders, Innovation Willingness and Technological Innovation

From the perspective of controlling shareholder as a resource provider, this paper loosens the premise that controlling right is equal to control right, and probes into the function path and internal mechanism of controlling shareholder''s social capital to enterprise''s technological innovation. It is found that the controlling shareholders'' social capital enhances their motivation and ability to obtain the private income of control rights, and will restrain the level of technological innovation of enterprises, but their willingness to innovate will weaken this negative influence; in addition, the above-mentioned conduction relationship is more significant in low-equity capital and non-state-owned samples. In this paper, the internal relation between the hidden power of the controlling shareholder''s social capital and the deficiency of the technological innovation of the enterprise is revealed, and the influence of the difference in different situations is clarified on the basis of the research, with a view to enriching the influencing factors of the micro-level of technological innovation, and provide reference for the government and the regulatory authorities to supplement and finish the relevant information disclosure policy.