Abstract: The formulation of business strategy affects the overall development of the company. Using a sample of Chinese listed firms for 2007-2016, we examine whether business strategy affects corporate innovation. We find that more radical business strategy is associated with higher level of corporate innovation. Further analysis suggests that the positive correlation between business strategy and corporate innovation becomes more significant when the companies are private or in highly competitive products market. Moreover, management incentive and risk tolerance appear to be underlying channels through which business strategy affects corporate innovation. Through the analysis of the impact of business strategy on corporate innovation, this paper plays a reference role for the management to make business activity plan and encourage corporate innovation.

Key words:  business strategy , corporate innovation , management incentive , risk tolerance , ownership , product competition

摘要： 公司战略的制定影响公司整体发展方向。本文以2007—2016年中国A股上市公司为研究样本，研究战略激进度对公司创新的影响。研究发现公司战略激进度越高，创新成果越多。进一步研究发现，在民营企业和产品竞争较强的情况下，公司战略激进度对创新的影响更显著。此外，管理层激励和失败容忍度在战略激进度对公司创新的影响中发挥了中介作用。通过分析战略激进度对公司创新的影响，对管理层进行经营决策、治理层激励创新有一定的借鉴意义。

关键词: 战略激进度 , 公司创新 , 管理层激励 , 失败容忍度