中文摘要：

期望落差导致决策者倾向于冒险创新还是规避风险，这仍旧是没有解决的重要问题．创新是决策者的冒险动机与冒险能力共同作用的结果，并且这种作用还将受到企业内部冗余资源以及外部竞争威胁的制约．基于中国民营上市公司数据，主要得到以下几方面的结论：期望落差所引致的冒险动机与可感知冒险能力的动态变化，最终导致了企业决策者随着企业期望落差的递增而提升创新投入，但拐点之后其冒险创新的动力则逐渐减弱；组织冗余在期望落差与企业创新之间起到显著的正向调节作用，即充足的冗余资源提高了落差状态下的企业创新投入；竞争威胁则在期望落差与企业创新之间起到显著的负向调节作用，即企业面临的竞争威胁程度越高则越有可能降低它在期望落差状态下的创新投入；最后，冗余资源与竞争威胁还显著地影响到企业创新投入的曲率及斜率的动态变化．

英文摘要：

Whether decision makers are inclined to be risk-taking or risk averse when firm performance is be- low the level of aspiration is still an unsolved issue. This article incorporates decision makers＇ perceived tom- petence and motivations into the model of decision making , which indicates that the risk-taking behavior is a result of interaction of perceived competence with motivations. Simultaneously, such interaction is constrained by organizational slack and competitive threats. Based on data of Chinese private listed companies, several main conclusions are drawn. Firstly, the relationship between negative attainment discrepancy and R＆D in- vestments is rise-fall reverse U-shaped, which is caused by both the motivation and competence in the poor performance situation. Secondly, organizational slack has significant positive moderating effects, that is, a- bundant organizational slack increases firm＇ s R＆D expenditures. Thirdly, competitive threats have negative moderating effects on the relationship between negative attainment discrepancy and R＆D investments, which means that a decision maker is more likely to reduce R＆D investments when a firm suffers from more external competitive threats. Finally the curvilinear relationship , organizational slack and competitive threat change both the curvature and slope of between negative attainment discrepancies and R＆D investments.