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.

摘要： 企业文化影响企业行为。研发投资作为企业最重要的决策之一，其受企业文化的影响及其情境因素尚缺乏广泛的经验证据。通过构建企业创新文化、研发投资以及制度环境和两职合一的理论模型，以2009-2013年创业板上市公司数据，运用多元回归方法实证检验了企业创新文化与研发投资的关系以及制度环境和两职合一的调节作用。研究结果表明：（1）企业创新文化能够从价值观念、制度以及企业行为实践等方面影响企业进而促进研发投资；（2）制度环境负向调节了上述关系，即相比于制度环境好的地区，制度环境差的地区创新文化对企业研发投资影响更大；（3）两职合一正向调节了上述关系，即董事长、总经理两职合一的企业，创新文化对研发投资的促进作用更强。