Abstract:Based on the theory of differential order pattern, this paper divides CEO sources into personal, relative, acquaintance and outsider CEOs according to their relationship. Taking private listed companies from 2007 to 2019 as samples, this study empirically examines the direct, intermediary and moderating effect of CEO differential order source on the corporate innovation output. The results show that the CEO differential order source has a significant negative impact on the innovation output of private listed companies, that is, the more distant the CEO differential order source is, the less the innovation output of private listed companies is; the innovation input plays an intermediary role in the influence of CEO differential source on innovation output; the profitability and cash holding level play an mediating role in the impact of CEO differential source on innovation output. Therefore, it is suggested that private listed companies should give priority to relative CEOs and acquaintance CEOs when hiring CEOs. In case of lack of relative CEO resources, acquaintance CEOs can be hired, which can further enhance the innovation output of enterprises; at the same time, enterprises should improve their profitability and cash holding level to lay the foundation for innovation activities.