Abstract: Based on institutional theory，this paper theoretically discusses and empirically examines the functional mechanisms of firm institutional capital on radical innovation, their potential heterogeneities, and their contingencies upon external environment as well. The empirical results of the survey data from 165 paired firm samples and 5 firm cases in China show that: First, Financial aid has a higher positive effect on radical innovation than the policy support does; business tie has a higher positive effect on radical innovation than the political tie does. Second, institutional efficiency negatively moderates the relationship between policy support political tie and radical innovation, but positively moderates the relationship between business tie and radical innovation. This research provides some theoretical implications for firm’s radical innovation and their institutional capital utilization.

摘要： 基于制度理论，探索了企业制度资本影响突破性创新的相对直接效应，并进一步探讨了制度执行对以上关系的情境约束机制。通过对中国165家生物医药企业问卷调研和5家企业访谈调研的实证分析发现：财务资助比政策支持对突破性创新的正向促进作用更大；商业联系比政治联系对突破性创新的正向促进作用更大；同时，制度执行减弱了政策支持和政治联系与突破性创新的正向关系，却增强了商业联系与突破性创新的正向关系。该研究为中国医药产业突破性创新的实现以及企业制度资本的配置和利用提供了理论参考。