摘要：在构建创新型国家的当今中国，企业开发式学习和利用式学习的平衡是管理理论和实践中的焦点问题。在全国10个城市110家企业进行问卷调查，得到677份有效问卷。结构方程模型分析结果表明，利用式学习和开发式学习是企业学习的两个方面，而不是一个连续体的两个端点。多层回归分析结果表明，利用式学习和开发式学习对财务绩效有显著的积极影响；二者对财务绩效有显著的交互作用：在高利用式学习条件下，开发式学习对财务绩效有显著的积极影响，但在低利用式学习条件下，开发式学习对财务绩效没有显著影响；利用式学习和开发式学习的差对财务绩效没有显著影响。这启发我国企业要在保持高水平的利用式学习的条件下，再提高开发式学习的水平。  

    Abstract: Today, there were few systematic empirical researches directly linking the balance of the two learning with organizational performance. Six hundred and seventy seven employees from 10 cities in China answered the questionnaire. The results of Confirmatory Factor Analysis (CFA) showed that exploration learning and exploitation learning were two sides of enterprise leaning rather than two end point of a continuum. The results of Hierarchical Regression Analysis (HRA) showed that exploration learning and exploitation learning were significantly positively related to finance performance. And the results also showed that there were positive and significant interaction effects between exploration learning and exploitation learning for finance performance. And the difference between exploitation learning and exploration learning was non-significantly related to the finance performance. The main implication was that Chinese enterprises should improve the level of exploitation learning before strengthening exploration learning.