中文摘要：

本文将企业创新模式分为探索式创新和利用式创新,通过风险偏好与创新模式选择的研究,探讨了公司治理结构与创新模式选择的关系。得到的结果是：国有企业相比非国有企业,更倾向于选择风险小,见效快的利用式创新模式;大股东持股比例与探索式创新模式选择显著负相关,这与发达国家的情形正好相反;高管持股的股权激励机制可以在一定程度上激励企业进行探索式创新,但需要一个持股临界值。这些结果反映出非国有控股和高管持股的企业更有动机进行探索式创新,政府政策应为其搭建出必要的制度基础。

英文摘要：

This paper considers the two main types of innovations-the exploratory innovation and the exploitative innovation.It examines the relationship between corporate governance structure and selection of technology innovation pattern in the terms of risk preference and technology innovation pattern choices.The conclusions are： State-owned enterprises prefer exploitation innovation with low risks and quick returns than nonstate-owned ones.Holding proportion of large shareholders is negative correlated with the favor of exploration innovations significantly which is contrary to the cases in developed countries.To some extent,stock-based incentive mechanism of executive ownership can boost the business exploration innovation within the threshold 0.1%.All the above indicate that non-state holding enterprises and those with executive ownership are more prone to be the exploration innovation.Therefore,the government should create corresponding institutions for them.