Abstract: Exploratory innovation and exploitative innovation are very important ways for enterprise to adapt to changes and realize the sustainable development. How to get the two innovations has become a research hotspot in recent years. Since employees' voice behavior is often the first step for enterprise innovation, the paper explores the relationship between employees' voice behavior and enterprise innovation. The results show that employee voice behavior has a positive influence on the performance of the enterprise in which exploratory innovation and exploitative innovation partially play a mediating role. Moreover, enterprise ownership has a significant moderating effect, which means the impact of employee voice behavior in the former enterprise on exploratory innovation is weaker than the latter.