Whether mixed equity can improve the innovation quality of company is closely related to the choice of company innovation strategies. Using the sample data of A-share listed companies from 2004 to 2017, based on the "Mutual Promotion" and "Mutual Impede" effects on company innovation after heterogeneous equity mixing, verified the impact of mixed equity on company innovation strategy selection. The results show that mixed equity affects the choice of company innovation strategies through the "Mutual Promotion" effect, which means mixed equity can promote company innovation, and company prefer substantive innovation to strategic innovation. The results remain robust after using lagged variables, Heckman’s test, PSM (Propensity Score Matching), the multi-period PSM-DID (Propensity Score Matching-Differences in Differences), substitution variables and changing databases. The above conclusions provide a useful policy reference for deepening the reform of mixed ownership and improving the quality of company innovation from the perspective of strategy selection.