Abstract: From the perspective of entrepreneurial enterprises knowledges heterogeneity(EEKH), the paper utilizes unbalanced panel data consisting of 471 corporate venture capital (CVC) observations from 62 companies listed in the Shanghai and Shenzhen motherboards during the period from 2000 to 2011, and it adopts negative binomial regression model to conduct an empirical study on the relationship between EEKH and corporate investor’s knowledge creation (KC) and the moderating effect of absorptive capacity and investor involvement on that relationship, Further study is also conducted to examine the relationship between EEKH and KC under different CVC program governance structures (CVCPGS). Some conclusions were drawn from the research: A U-shaped relationship could be found between EEKH and KC; and it could be positively moderated by investors’ absorptive capacity and involvement intensity. Further research also shows that an inverted U-shaped relationship could be found between EEKH and KC on holding CVCPGS, while a U-shaped relationship on non-holding CVCPGS. Therefore, established firms are supposed to choose CVC portfolio carefully, improve their absorptive capacity and establish interactive participation management mechanism after investment so as to achieve high involvement relationship. They are also supposed to carefully design CVC programs and take corresponding management and investment strategies.