External Social Capital and Innovation of Technological SMEs : Based on the Mediating Effect Model of Bank Loans

摘要

This paper tracks and investigates the SME board of Shenzhen Stock Exchange and some non-listed technology SMEs, and uses OLS models to analyze the impact of two types of external social capital on the three stages of technological innovation. The main conclusions are as follows: (1) The more the stocks of relational capital and structural capital are, the more beneficial the innovation of technological SMEs as a whole, except for the impact of relational capital on the market-oriented stage of new products. (2) The impact of relational capital on R& D investment can replace structural capital; the impact of structural capital on patent output can replace relational capital. (3) Both types of capital can effectively promote bank loans, and the relational capital plays a stronger role. And in the impact of two types of capital on patent output, bank loan plays a part of the intermediary effect.