企业作为国家创新体系中的重要主体，对国家创新能力的提升发挥着举足轻重的作用。然而，企业创新活动相比于其他活动研发周期长、收益不确定性高、存在较高风险。因此，学者们对如何调动高管积极性以提升企业创新能力展开了大量研究。其中，在探讨股权激励对企业创新的激励效应时，大多数文献都将创新视为同质整体，对二者的直接关系展开研究。然而，根据双元创新理论，企业创新活动可分为探索式创新和利用式创新，两种创新活动在利益目标、风险大小、预期收益等方面均存在差异。因此，考虑到创新活动的异质性后，高管股权激励是否会对企业的探索式创新与利用式创新产生不同的影响？这种影响又是通过何种途径实现？

在此背景下，本文结合委托代理理论、激励理论、高层梯队理论，以 2014-2019 年 A股上市公司为样本，运用 PSM 样本匹配、多元回归等方法，从双元性创新视角出发，检验高管股权激励对双元创新投资的影响效应，并引入风险承担、团队稳定性作为中介变量考察股权激励对双元创新投资的影响机制。在此基础上，进一步考虑产权性质、市场化水平对二者关系的影响。研究发现：（1）从影响效应来看：实施股权激励能够提升企业双元创新投资水平，且随着激励强度的增加，股权激励与探索式创新投资呈现倒 U型关系，与利用式创新投资呈现正向线性关系。（2）从影响机制来看：股权激励是通过风险承担效应、“金手铐”效应两个可能的渠道影响企业探索式创新投资。对利用式创新投资而言，股权激励能够通过“金手铐”效应提高团队稳定性进而提高利用式创新投资水平，但股权激励的风险承担效应对利用式投资的中介作用不显著。（3）产权性质的进一步影响：相比于国有企业，非国有企业股权激励对探索式创新投资的激励作用更强，倒 U 型曲线更加平缓。对利用式创新投资而言，股权激励的促进效应在国有企业中更加显著。（4）市场化水平的进一步影响：市场化水平高的地区，股权激励对探索式创新投资的激励作用更强，倒 U 型曲线更加平缓。对利用式创新投资而言，股权激励的促进效应在市场化水平低时显著。

最后根据实证结论，提出上市公司在拟定股权激励方案时应结合创新战略需求，政府应优化市场创新环境为股权激励发挥激励作用提供保障，政府也应积极深化国企改革以激发国企探索式创新的动力。

As the main body of national technological innovation, enterprises play a vital role in enhancing national innovation capability. However, innovation activities are different from other strategic activities of enterprises. Innovation activities have a long cycle, high uncertainty of results, and usually face higher risks. Therefore, how to effectively motivate corporate managers to improve corporate innovation investment has received extensive attention from scholars. When discussing whether equity incentives can enhance corporate innovation. Most literature treats innovation as a whole and examines the direct relationship between equity incentive and innovation. According to the ambidextrous innovation theory, the innovation activities of enterprises can be divided into exploratory innovation and exploitative innovation, and there are differences in risk status, expected return, interest orientation and so on. Therefore, after considering the heterogeneity of innovation activities,will equity incentives have different effects on exploratory innovation and exploitative innovation investment? And how does these effects achieved?

Under this background, this paper combines principal-agent theory, incentive theory and upper echelons theory, uses PSM sample matching and linear regression. Then , based on the data of A-share companies listed in China from 2014 to 2019, this paper examines the impact of executive equity incentives on enterprise ambidextrous innovation investment, and introduces risk-taking and management team stability as intermediary variables to examines the mechanism of equity incentives on enterprise ambidextrous innovation investment.On this basis, further consider the impact of the nature of property rights and the level of marketization on the relationship between equity incentives and ambidextrous innovation investment. Results show that: (1) From the perspective of impact effect: The implementation of equity incentives can improve the level of ambidextrous innovation investment. With the increase of equity incentive intensity, there is a significant inverted U-shaped relationship between equity incentive and exploratory investment, and a positive linear relationship with exploitative innovation investment. (2) From the perspective of the impact mechanism: Equity incentives influence enterprises' exploratory innovation investment through two possible channels: risk-taking effect and "golden handcuffs" effect. For exploitative innovation, equity incentives can improve exploitative innovation investment through the "golden handcuffs" effect. However, the intermediary effect of risk-taking effect on exploitative innovation investment is not significant. (3) Further impact of the nature of property rights: In non-state-owned enterprises, equity incentive has a stronger positive effect on exploratory innovation investment, and the inverted U-shaped curve is more gentle. For exploitative innovation, The positive effect of equity incentive on exploitative innovation investment is more significant in state-owned enterprises. (4) Further impact of marketization level: In areas with high marketization level, equity incentive has a stronger positive effect on exploratory innovation investment, and the inverted U-shaped curve is more gentle. For exploitative innovation investment, the positive effect of equity incentive on exploitative innovation investment is significant when the marketization level is low.

Finally, according to the empirical conclusions, this paper put forward some suggestions, such as the listed companies’ equity incentive plan should be formulated in combination with innovation strategy, the government should optimize the market innovation environment to provide guarantee for incentive effect of equity incentive, and the government ought to deepen the reform of state-owned enterprises，to stimulate state-owned enterprises to carry out exploratory innovation