Abstract: Taking companies listed on the SME and GEM boards of the Shenzhen Stock Exchange from 2010— 2017 as the research sample, the discrepancies in the impact of corporate venture capital investment and the corporate dual innovation was explored, and the factor of the reputational trust of venture capital institutions was introduced to consider its regulative effect on the two factors mentioned above. The results show that the corporate venture capital is more conducive to exploratory innovation, meanwhile, reputation trust has a positive regulatory effect on them. After conducting the endogenous and robustness tests, the results are still valid. Based on the further research on the mechanism of failure tolerance and technical bond, it is found that compared with the independent venture capital, the corporate venture capital has higher failure colerance, and higher failure tolerance is more conductive to enterprise exploratory innovation. The technical bond between companies and their parent companies can promote the development of exploratory innovation, but it makes no difference to exploitative innovation.