| In the era of low-carbon economy, the high-tech development model supported by technological innovation has become the inevitable choice for the sustained development of resources-based enterprises, and the improvement of technological innovation performance for resources-based enterprises has become the determinants whether Chinese economy can realize low-carbon development. With the increasing of complexity and uncertainty of technological innovation, the resources owned by single enterprise can't meet the needs of technological innovation, however, top managerial social capital that can acquire external rsources has become the key factor for technological innovation. Therefore, exploring the impact of top managerial social capital on technological innovation performance has become important academic subject. However, the overview of related research shows that although the existing research had confirmed that top managerial social capital had active role on technological innovation performance, the research based on the sample of resources-based enterprises is not exist, the research on mechanism and context of how top managerial social capital impacts technological innovation performance are still inadequate, and the measurement scales about relevent variables have still some limitations.This study takes 201 resources-based enterprises as the research sample, from 10 areas with rich natural resource, including Inner Mongolia, Shanxi and Gansu etc., takes social capital theory, resource-based view theory and technological innovation theory as theoretical basis, integrates research methods such as literature research, questionnaires, interviews and analysis of mathematical statistics etc., focuses on the basic research topic of "how top managerial social capital impacts technological innovation performance", explores the following three questions:(1) This study develops and perfects variables measurement scales. On the basis of refering to relative research results and commenting advices from academic experts and business experts, this study develops measurement scales of technological innovation performance and environmental regulation, and perfects measurement scales of top managerial social capital and resource acquisition. Frameworks of demensions are established, including top managerial social capital with "political social capital—commercial social capital—public social capital", resource acquisition with "information resource acquisition—knowledge resource acquisition—capital resource acquisition", technological innovation performance with "technological innovation economic performance—technological innovation ecological performance", environmental regulation with "command-control environmental regulation—incentive environmental regulation—voluntary environmental regulation". (2) This study reveals the mechanism of top managerial social capital on technological innovation performance. Through introducing the mediator of resource acquisition, the study opens the "black-box" of the mechanism of top managerial social capital on technological innovation performance, establishes thetheoretical framework of "top managerial social capital—resource acquisition—technological innovation performance", applies structural equation modeling to testify the mediating role, thus reveals the mechanism of top managerial social capital on technological innovation performance. (3) This study explores the mechanism of top managerial social capital on technological innovation performance in different contexts. This study introduces the moderator of top managerial stockholding between top managerial social capital and resource acquisition, and the moderator of environmental regulation between resource acquisition and technological innovation performance, applies multiple linear regression analysis to testify the moderating role, thus explores the mechanism of top managerial social capital on technological innovation perfonnance in different contexts.Through above study, some conclusions are as follows:(1) Variables measurement scales have high reliability and validity. This study tests the reliability and validity of variables measurement scales with research methods, such as reliability analysis, exploratory factor analysis and confirmatory factor analysis etc. Through small sample pre-test and large sample test, frameworks of demensions of variables are consistent with Chinese contexts, and variables measurement scales have high reliability and validity. (2) Top managerial social capital indirectly influences technological innovation performance through the complete mediating role of resource acquisition, and the impact is multi-dimensional. In detail, political social capital indirectly influences technological innovation performance through the complete mediating role of information resource acquisition and capital resource acquisition; Commercial social capital indirectly influences technological innovation performance through the complete mediating role of information resource acquisition and knowledge resource acquisition; Public social capital indirectly influences technological innovation performance through the complete mediating role of information resource acquisition, knowledge resource acquisition and capital resource acquisition. (3) Top managerial stockholding and environmental regulation play moderating role in the mechanism of top managerial social capital on technological innovation performance. In detail, top managerial stockholding plays positive moderating role between top managerial social capital and resource acquisition; Incentive environmental regulation and voluntary environmental regulation play positive moderating role between resource acquisition and technological innovation performance, but command-control environmental regulation has no positive moderating role between them.Through above empirical results, resources-based enterprises can know how to improve technological innovation performance through training and development of top managerial social capital, effective promote of top manager equity incentive, and reasonable use of policy tools of environmental regulation, which will provide theoretical guidance and policy recommendations on realizing the change from extensive development model with high material consumption, high energy consumption, high emission and high pollution to high-tech development model supported by technological innovation.
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