Abstract:The argument that entrepreneurial self-efficacy is a contributing factor in the identification of innovation opportunities may exaggerate its benefits of entrepreneurial self-efficacy and ignore its potential costs. Therefore, this peper focuses on the dark side of entrepreneurial self-efficacy in the process of opportunity identification, and introduce information scanning frequency into the process of innovation opportunity identification. Based on the survey data of 145 Chinese entrepreneurs, a moderated mediation model is constructed to investigate the relationship among entrepreneurial self-efficacy, information scanning frequency, entrepreneurial experience and innovation opportunity identification. The results show that entrepreneurial self-efficacy has a negative effect on the information scanning frequency, and the reduction of information scanning frequency is not conducive to identifying innovation opportunities; information scanning frequency plays a negative mediating role in the relationship between entrepreneurial self-efficacy and innovation opportunity identification, and entrepreneurial experience is able to alleviate the negative mediation effect of information scanning frequency. Based on this, it is suggested that managers of new enterprises should correctly view the mechanism of entrepreneurial self-efficacy on innovation opportunity identification, and entrepreneurs should actively scan information and make better use of entrepreneurial experience. This inspires entrepreneurs to better identify innovation opportunities in practice.