本文在风险管理与技术创新关系理论的基础上，探讨了基于全局动态演化视角的整合风险管理和技术产品创新之间的作用机制。研究重点分析了董事会直接参与风险监控和利用外部审计进行风险监控对于董事会风险监控有效性的影响机制，以及对于整合风险管理和技术产品创新之间关系的调节效应。通过分析1178家中国企业的调查面板数据发现，董事会直接参与风险监控对于整合风险管理与技术产品创新的关系起着正向调节作用，而董事会利用外部审计进行风险监督会削弱了整合风险管理对于技术产品创新的正向关系。本研究结论表明，董事会直接有效地进行创新风险监控有利于技术产品创新的成功，该结果对于世界新兴经济区域内企业运用系统的风险管理方法进行技术产品创新具有重要的实践意义。

This study extends risk management theory by exploring the role of board of directors in the relationship between integrated risk management and product innovation in China. We focused on two specific factors that reflect the effectiveness of a board’s risk oversights: a board’s direct involvement in risk oversights vs. its utilization of external audit in risk oversights, and examined their moderating effects on the relationship between integrated risk management and product innovation. Panel data from a survey of 1,178 Chinese firms was analyzed to test the hypotheses. The results show that a board’s direct involvement in risk oversights moderates the positive effect of integrated risk management on product innovation success. Its use of external audit in risk oversight similarly weakens the relationship. This study has an important message for managers regarding how an effective board contributes to the innovation benefits associated with risk management in product innovation. The results also have important implications for emerging economy firms pursuing an integrated approach to risk management in product innovation.