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

摘要： 随着我国对外开放程度不断提高和引资规模持续扩大，外资为经济提质增量贡献了重要力量，也为企业创新发展提供了有力支撑。从双元创新视角出发，以2008—2021年沪深A股上市公司为研究样本，实证检验外商直接投资对企业双元创新的影响，同时考察企业家精神的调节作用。外商直接投资对企业双元创新具有显著的正向影响，且对探索式创新的促进作用更为凸显；较好的企业家精神可以显著增强外商直接投资对企业双元创新的促进作用。进一步研究发现，外商直接投资对企业双元创新的影响以及企业家精神的调节效应，会因企业所处行业和企业生命周期阶段的不同而存在差异。基于研究结果，从政府、企业和企业家三个方面提出建议，为企业引资致新、推动企业高质量发展提供理论指导和实践借鉴。