Abstract:     Sequential focus on exploratory innovation and exploitative innovation is the basic path of enterprise innovation. Sequential innovation means the leap between exploratory and exploitative innovation. What is the impact of this leap on enterprises? In recent years, it has been gradually concerned by scholars. Previous studies have shown that innovation leap is conducive to the improvement of enterprise performance, but whether it is the leap from exploitative to exploratory innovation (positive leap) or the leap from exploration to exploitative innovation (negative leap), it has a significant positive impact on enterprise failure. This research conclusion makes enterprises in a dilemma: sequential focus on ambidextrous innovation is the basic path of enterprise innovation, but the leap between exploitative and exploration may make enterprises fall into the abyss of failure. However, what is the universality of this conclusion? Is the conclusion still valid in China? If it is true, how to resolve the dilemma? All these are theoretical problems worthy of further study. Moreover, the discussion of this issue has much realistic meaning for the current Chinese enterprises.
     Based on the data of A-share listed companies from 2006 to 2018, this paper uses panel logistic regression model to study the impact of the leap between exploratory and exploitative innovation on enterprise failure, and the moderating effect of social relationship network. The results show that: (1) Different from the existing research results, the leap from exploitative to exploratory innovation has a negative impact on enterprise failure. The possible reasons are: on the one hand, enterprises will actively overcome the impact of structural inertia on the positive leap under the promotion of environmental change and the traction of cognitive inertia. On the other hand, under the background of advocating reform and innovation and China′s unique economic system which is "the market plays a decisive role in resources allocation and the role of the government is better played ", enterprises will get more external support to carry out positive leap. So it will reduce the risks enterprises faced in innovation, and thus reduce the possibility of failure. (2) Different from the existing research results, the leap from exploration to exploitative innovation has no significant impact on enterprise failure. The possible reason is that the market competition is becoming increasingly fierce. The negative effects of negative leap, such as missed opportunity window and lack of external resource support, cannot be underestimated, which may offset the positive effects brought by negative leap; (3) When the social relationship network is lower than a certain threshold, it has a significant negative moderating effect on the relationship between positive leap and enterprise failure. When the social relationship network is higher than the threshold, the impact of the positive leap on enterprise failure is not significant, and the moderating effect of social relationship network no longer exists. (4) Social relationship network has no moderating effect on the relationship between the negative leap and enterprise failure.
     Finally, according to the research results, this paper puts forward the following practical suggestions: (1) The government should actively play the role of "visible hand" to make up for market failure, and save the enterprises that are in trouble to carry out exploratory innovation from the perspective of national interests. (2) Enterprises should be fully aware of the difficulties that may exist in the positive leap, so as to prevent "death before success". (3) Enterprises should be cautious when they make a negative leap, and should not miss the window of opportunity, especially in the increasingly fierce market competition. (4) Enterprises should build a rich social relationship network to provide information for innovation, alleviate financing constraints, and weaken the negative impact of organizational inertia, so as to improve the positive impact of positive leap on the survival and development of enterprises. Of course, it is not that the more social relationship network, the better. As for the shareholder relationship network, enterprises should introduce institutional investors prudently and try to avoid trading institutional investors who only focus on immediate interests. (5) In order to reach the strategic consensus of innovation leap, enterprises should first lobby the shareholders with rich social relationship network.

Key words:  exploratory innovation, exploitative innovation, social relationship network, leap, enterprise failure