As one of the important issues of corporate governance, agency cost induced excessive on-the-job consumption has aroused widespread concern. This paper takes the A-share listed companies from 2007 to 2019 as the sample to investigate the impact of the differences in the level of social capital among provinces on the excessive on-the-job consumption. The results show that:social capital significantly increases the excessive on-the-job consumption. Further research shows that:in the dimension of corporate governance, by increasing the proportion of institutional investment and shareholding, the proportion of short-term debt financing, and expanding the proportion of independent directors and the size of the board of supervisors, we can restrain the negative effect of social capital aggravating the excessive executive perks, while in the dimension of corporate governance environment, strengthening the internal governance environment of enterprises and speeding up the process of marketization can also weaken the “boost” of social capital to the excessive executive perks. The above conclusions provide a useful supplement for the debate on the pros and cons of social capital, and also highlight the governance substitution effect of informal institution and formal institution, and provide some reference for enterprises to improve the level of internal governance and governments to optimize institutional environment and governance rules to restrain the negative effects of social capital.