The Aim—this paper is to investigate whether there is a certain kind of organizational modes for cooperative technological exploitation. In recent years, an important objective of cooperative R&D alliances built by independent organizations is to explore a new market or to exploit the existing one. Whether the objective can be achieved or not is tightly related to the governing efficiency of the R&D alliance, and the latter in turn depends on the suitable organizational mode. The Method--this paper selects 39 Heating Ventilating and Air Conditioning companies listed in Shanghai and Shenzhen Stock Exchange according to some certain criteria, and collects their collaborative R&D cases since their listing, and then analyzes the impact of technological exploitation objective to the selection of cooperative R&D organizational modes in light of LOGIT model. The result—this paper shows that the equity mode is prior to the non-equity one no matter the R&D alliance is to explore a new market or exploit the existing market.