Abstract: Taking the data of A-share listed companies from 2007 to 2015 as the sample, we analyze the relationship between management equity incentive and ambidextrous innovation investment. The results show:Equity incentive has different effects on ambidextrous innovation investments. Equity incentive can significantly improve the level of investment in exploratory innovation investment, while the promotion effect on the exploitative innovation investment is not obvious. The research shows that the state-owned shares weaken the positive correlation between equity incentive and exploratory innovation investment. On the contrary, the high level of marketization strengthens the positive impact of them. These regulatory relationships, however, have not been found in the exploitation sample group.

Key words: equity incentive, ambidextrous innovation, nature of property right, marketization