Abstract: Corporate culture influences corporate behavior. As one of the most important decisions of corporates, the affect corporate culture has on R&D investment and its situations haven’t been researched widely. This paper constructs a model that involves innovation culture, R&D investment, institutional environment and duality, then uses the data of listed company in Growth Enterprises Market during 2009~2013 to investigate the relationship between corporate innovation culture and R&D investment and the moderate effect of institutional environment and duality with the method of multiple regression. Conclusions are as follows :(1)innovation culture can promote R&D investment from three perspectives of values, relations and behavior;(2) institutional environment has a negative moderate effect on the above relationship. It is said that corporate innovation culture promotes R&D investment more in worse institutional environment regions;(3)duality moderates the above relationship positively, which means that innovation culture advances R&D investment more in corporates with duality.