This study aims to establish antecedents of corporate entrepreneurship based on the discovery theory and creation theory of entrepreneurship proposed by Alvarez and Barney (2007), and to examine the effects of corporate entrepreneurship on innovation performance and financial performance. Research hypotheses were developed through a review of prior studies on corporate entrepreneurship, and empirical analysis for hypothesis testing was conducted based on a total of 296 survey responses collected from domestic small and medium-sized enterprises. The results showed that both environmental scanning and management support had a significant positive effect on corporate entrepreneurship. Additionally, corporate entrepreneurship had a significant positive effect on innovation performance outcomes and served as a full mediator in the relationships between environmental scanning and innovation performance as well as between management support and innovation performance. Finally, innovation performance was found to have a significant positive effect on financial performance. These findings indicate that corporate entrepreneurship is an important factor in improving firms' innovation performance, and suggest that financial performance can also be achieved through innovation performance outcomes based on corporate entrepreneurship. Furthermore, the results demonstrate that discovery theory and creation theory can provide a theoretical foundation for entrepreneurship research.