How to balance exploration and exploitation during the process of product innovation? This research intro-duced organizational life cycle theory, testing how exploration and exploitation in organizational learning impact product innovation in new ventures and established firms, respectively. The research with empirical analysis on 243 valid ques-tionnaires found the following conclusion: in new ventures, exploitative learning has a significant positive effect on firms' product innovation;but the relationship between exploratory learning and product innovation is non-significant. In established firms, in contrast, exploratory learning is significantly beneficial for firms' product innovation; relationship between exploitative learning and product innovation is a converted-U shape.%企业在产品创新过程中,探索式学习与利用式学习应如何平衡?引入组织生命周期理论,对两种学习在初创企业和成熟企业中影响产品创新的机理进行研究。通过243份有效问卷的实证分析发现:初创企业中,应用式学习促进企业的产品创新,探索式学习与产品创新是倒U型关系;成熟企业中,探索式学习促进企业的产品创新;利用式学习与产品创新是倒U型关系。
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