Abstract：According to Agent theory, transaction cost economics and strategic management theories, this paper regards innovation strategy as the function of environmental dynamism and capital structure, moreover, it also introduces variables such as size, profit ability and density of stockholder's ownership. Based on the multi-variable regression model, this paper uses the data of 35 listed energy enterprises from the year 2000 to 2003, and has an empirical study of the influential factors of their innovation strategy. We get the result that variables of capital structure, profit ability and density of stockholder's ownership have a significant relationship with innovation strategy, while variables of environmental dynamism and size have not.
2005, Vol. 23 
