关键词: 战略差异, 生命周期, 企业创新产出, 融资约束

Abstract: The factors that affect enterprise innovation output have always been the focus of academic and practical circlesThis paper takes China's A-share listed companies from 2013 to 2018 as the research sample to investigate the impact of corporate strategy deviance on corporate innovation output in different life cycle stagesThe research finds that corporate strategy deviance is significantly and negatively related to the innovation output of enterprisesWith the increase of corporate strategy deviance，the innovation output of enterprises decreases significantlyIn different life cycle stages of enterprises，the impact of corporate strategy deviance on innovation output presents different characteristicsCompared with maturity stage，the inhibitory effect of corporate strategy deviance on innovation output is more obvious in growing enterprisesFurther research finds that the corporate strategy deviance have an impact on the innovation output of enterprises through financing constraintsThe research results have referencing significance for enterprises to formulate appropriate enterprise strategies in different life cycle stages

Key words: strategy deviance, life cycle, innovative output of enterprises, financing constraints