Abstract: With the acceleration of the pace of opening up and the expansion of foreign investment scale, FDI has contributed significantly to Chinas economic development and corporate innovation. Taking Ashares listed companies of Shanghai and Shenzhen from 2008 to 2021, this paper investigates the impact of FDI on the dual innovation of enterprises and the moderating role of entrepreneurship between the two. The results show that the FDI is conducive to dual innovation, especially exploratory innovation. Entrepreneurship plays a positive regulatory role in it. Furthermore, the impact of FDI on dual innovation and the regulatory effect of entrepreneurship vary according to industries and the life cycle stage of the enterprises. Relevant recommendations are suggested to the government, enterprises and entrepreneurs, providing theoretical guidance and practical reference for enterprises to improve the quality of foreign capital utilization and achieve highquality development.

Key words: foreign direct investment; dual innovation; exploratory innovation; development innovation;entrepreneurship