The innovation-oriented economy focuses on the protection of intellectual property rights.For new ventures,the key to breaking through the innovator's dilemma is to achieve the dynamic balance of ambidexterity innovation.Therefore,the effectiveness of innovation strategies of enterprises should not only give full play to the leading role of intellectual proper-ty rights but also overcome short-term technological difficulties to catch up.The results show that:(1)Intellectual property protection has a positive effect on exploratory innovation but shows a negative effect on exploitative innovation;(2)Based on the strategic cognition view,different types of entrepreneurial orientation have differentiation mediation effects,which opens the theoretical black box of intellectual property rights to innovation strategy formation,namely"IPR positive effect-R&D orientation-exploratory innovation",and"IPR negative effect-T&I orientation-exploitative innovation";(3)Further combined with the institutional environment,the synergistic and complementary effects of marketization process and credit environment on the positive and negative effects of intellectual property protection are explored.Therefore,it is mean-ingful for the completeness of organizational strategic management theory but also helpful for new ventures to choose appro-priate innovation development strategies based on the actual situation.
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