Abstract: Private enterprises are the mainstay of technological innovation, but the lack of R&D investment is the main challenge for their technological innovation activities. Basing on the Chinese Private Enterprises data, the research empirically studies the impact of social capital and corporate governance on Chinese private enterprise’s R&D investment. Moreover, explore the interaction between them. Regression analysis revealed that: political relational capital, associational relational capital plays significant negative effects, corporate governance plays significant positive impact on R&D investment. Political relationship can significantly weaken the impact of stock concentration on the R&D investment. It provides important theory evidence for private entrepreneurs and government to make decision for R&D investment.

摘要： 民营企业是我国技术创新的主体，研发投资不足是民营企业技术创新活动的主要难题。本文以第七次全国民营企业抽样调查数据为样本，实证分析了社会资本、公司治理对民营企业研发投资强度的影响，并探索这两者之间交互作用。回归分析结果发现：民营企业家政治关系、行会关系均对其研发投资强度有显著的消极影响，公司治理完备性对其研发投资强度均有显著的积极影响；交互作用中，政治关系明显削弱股权集中度对研发投资强度的影响。本研究提示了民营企在社会转型期的研发投资影响的部分规律，对提升民营企业的研发投资有较强理论价值与实践意义。

关键词: 社会资本 , 公司治理 , 民营企业 , 研发投资强度 , Social Capital, Corporate Governance, Private Enterprise, R&D Investment Intensity