Taking manufacturing listed enterprises as samples, this paper discusses whether social capital can inhibit the crowding-out effect of zombie enterprises on innovation of healthy enterprises. The results show that for every 1% increase in zombie enterprises, the number of invention patents of healthy enterprises decreases by 0.41%. The innovation crowding-out effect of zombie enterprises is mostly borne by non-state-owned enterprises, the innovation of state-owned enterprises has not been affected. Healthy enterprises accumulate different types of social capital to inhibit the crowding-out effect of zombie enterprises on innovation. Linking social capital of non-state-owned healthy enterprises has the strongest inhibitory effect on innovation crowding-out effect, followed by the combining social capital, the bridging social capital has the smallest effect.