摘要：China’s economic development is strongly constrained by existing resources, and the implementation of low-carbon economy and sustainable development requires enterprises to improve their Innovation and R&D capability. As an important participant in the decision-making and execution of the company, the managerial discretion of top managers is related to the overall direction of the organization Taking Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as the research objects, this paper empirically studies the choice of managerial discretion on enterprise innovation mode, and constructs the mediation model of corporate governance level. The results show that the promotion of executive decision-making power can increase the investment in exploratory innovation but weaken exploitative innovation, and the level of corporate governance plays a partial mediating role in the influence of managerial discretion on exploratory innovation. This paper elaborates the research on the influence of managerial discretion on enterprise innovation mode, which is helpful for enterprises to adjust the size of managerial discretion according to their actual needs, pay attention to the level of corporate governance, and make enterprises better control the choice of dual innovation.
