面对多变的经济形势，创新策略的抉择对中小企业的短期生存和长期成长起着重要作用，本文为中小企业创新策略的制定提出了建议。企业创新可被分为两种模式：以研究有突破意义技术为目标，瞄准未知市场的探索性创新；以利用挖掘现有技术为目标，满足现有客户需求的开发性创新。本文通过对2009-2018年中国上市中小企业数据的回归分析，总结了两种创新模式及双元性创新平衡维度对企业绩效的作用。结果显示探索性创新与企业绩效呈“U”型关系，且具有时滞性，故企业应保持长期、强度高的探索性创新活动。而企业绩效与开发性创新呈正相关关系，意味着企业可以根据自身需求进行创新投资。双元性创新平衡维度与企业绩效呈负相关关系，这意味着中小企业应注意发展某种创新模式，而不应一味追求平衡。

With a more than dynamic economic situation, the choice over innovation strategies plays a vital part in the short-run survival and long-run growth of small and medium enterprises, and this study gives some suggestions on the issue. The corporate innovation can be divided into two types: the exploratory innovation to make breakthroughs and to serve potential markets, and the exploitative innovation to make better use of current technologies and to satisfy the needs of existing customers. Through the regression analysis of Chinese listed small and medium enterprises from 2009 to 2018, this study summarizes the effects of two types of innovation and the balance dimension of innovation ambidexterity on corporate performance. The result shows that the exploratory innovation has a “U” shape relationship with corporate performance, along with a time-lagging effect. Therefore, enterprises should keep a continuous and strong investment in this kind of innovation. The exploitative innovation is positively correlated with corporate performance, and enterprises could invest according to their specific needs. In the meanwhile, the balance dimension of innovation ambidexterity shows a negative correlation with corporate performance, suggesting that small and medium enterprises should develop one kind of innovation with preference, rather than simply chase the balanced development of two kinds of innovation.