基于资源基础理论和社会网络理论，构建“资源支持-资源配置”“创新同群-竞争合谋”共同影响的框架，探究连锁股东对企业研发投入的影响。以2007~2022年A股上市公司为样本进行实证检验，研究发现：连锁股东与企业研发投入呈倒U形关系。调节机制检验表明：冗余资源和市场势力弱化连锁股东与研发投入之间的倒U形关系，运营效率和数字化转型强化连锁股东与研发投入之间的倒U形关系。异质性分析表明：相较于国企、处于市场化水平较低地区的企业，连锁股东与研发投入的倒U形关系在民企、处于市场化水平较高地区的企业中更为凸显。

Based on the resource-based view and social network theory, this paper constructs an analytical framework that integrates “resource support-resource allocation” and “innovation peer effect-competitive collusion effect” to investigate the impact of cross-owners on corporate R&D investment. Using a sample of A-share listed companies from 2007 to 2022, the findings reveal that the relationship between cross-owners and corporate R&D investment is inverted U-shaped. The moderation analysis indicates that redundant resources and market power weaken the inverted U-shaped relationship between cross-owners and corporate R&D investment, whereas digital transformation and operational efficiency strengthen this relationship. The heterogeneity analysis reveals that the inverted U-shaped relationship between cross-owners and corporate R&D investment is more pronounced in private enterprises and firms located in regions with higher levels of marketization, compared to state-owned enterprises and firms in regions with lower marketization levels.