结构洞对企业产品创新有着重要的影响，但对其具体的作用机理尚缺乏全面和深入的研究。通过引入知识搜索和知识转移理论，本文提出并实证检验了结构洞对产品创新绩效的作用机理。研究发现：结构洞与产品创新绩效之间呈倒U型关系；知识搜索和知识转移都有助于企业产品创新，但结构洞有利于知识搜索却不利于知识转移；结构洞对知识搜索和转移的这种不同影响是形成结构洞与产品创新绩效之间倒U型关系的原因。研究结论为企业更有效地利用结构洞提供了理论指导。

Structural holes have great impacts on product innovation, but the specific mechanism of action is still in mystery. Based on the perspective of knowledge search and transfer, this paper proposed and validated the conceptual model of the influence of structural holes on productive innovation performance. Results show that there is inverted U-shape relationship between structural holes and product innovation. In addition, although knowledge search and transfer both have positive effects on product innovation performance, structural holes is conducive to knowledge search but not for knowledge transfer. The different roles played by structural holes in this process are the reasons for the formation of inverted U-shape relationship between structural holes and product innovation performance. The conclusion of this study provides theoretical guidance for enterprises to have more effective use structural holes.