中文摘要：

业绩消极反馈导致决策者倾向于冒险创新还是风险规避，这仍旧是一个没有解决的重要问题。本文将消极反馈状态下的企业家可感知能力及其所决定的可修复水平纳入决策行为模型，从理论上探讨了落差状态下的修复能力对决策行为的影响以及外部制度环境、组织冗余资源的调节作用。基于中国民营上市公司数据，本文的研究得到以下结论：消极反馈与企业家创新精神存在一种倒U型的关系，即在可修复水平与期望水平的落差区间企业家会随着落差程度的增加增强其冒险创新的动力，但在生存水平与可修复水平的落差区间企业家则随着落差程度的增加而降低其冒险创新的动力，；企业所处的制度环境和企业拥有的冗余资源具有显著的调节作用，即相对不完善的制度环境降低了决策者的可感知能力，进而降低了他们冒险创新的程度，较高的冗余资源提高了决策者的修复能力，进而增强了他们冒险创新的程度。

英文摘要：

The path of firm development is keeping learning and evolving, and learning is the results of constant comparison. The reference point of comparison is the result that the decision-makers with bounded rationality turn continuous measurement into discrete measurement and simplify the decision evaluation results. But how to determine the reference point is still in the exploratory stage. The emphasis on the behavioral theory is that the expectation of firm level is widely recognized as a reference of decision point. The firm decision- makers tend to adjust the corresponding solution and the rules based on the gap between the actual performance and expectation. Whether decision-makers prefer to risk-taking or risk- avoiding when performance is below their aspiration level is still an unsolved issue. Drawing on the perspectives of the behavior theory of firm, this paper incorporates entrepreneur＇s perceived competence and repairing point into the model of decision making, explores the influence of entrepreneurs＇ repairing competence when performance below aspiration level on their decision making, and discusses the moderating effect of external institutional system and organizational slack. Based on the panel data of private listed companies in China, we made following conclusions： There is an inverse U-shaped relationship between the innovation and the performance below historical or social aspiration. In the range of repairing point and aspiration, the greater negative gap between performance and historical or social aspiration results in entrepreneurs more inclined to risky innovation. But once the gap between performance and aspiration is beyond the range of capable repairing and get close to the survivor point, the greater aspiration gap and less innovation. Besides, institutional system moderates the relationship between aspiration gap and innovation. That is, relative imperfect institutional environment hampered the capacity of sensory perception of entrepreneurs which further reduce their