Technological diversification in new high-tech enterprise has positive or negative influence on exploratory innovation is controversial. Solving this question is helpful to concrete implement of innovation-driven development strategy in our country. This paper takes key enterprises in National Torch Program as research samples affirmed by Ministry of Science and Technology

State-owned Assets Supervision and Administration Commission of the State Council and All China Federation of Trade Unions from 2010 to 2017

analyzing technological diversification’s influence in new high-tech enterprise on exploratory innovation of listed companies of key enterprises in National Torch Program. Result tells that relationship between technological diversification in new high-tech enterprise and exploratory innovation presents inverted U shape. In specific scope

exploratory innovation has positive influence on technological diversification. However

technological diversification has negative influence on exploratory innovation when it develops to some extent. Absorbing ability of enterprises has obviously positive regulating effect on inverted U shape relationship between technological diversification and exploratory innovation.