中文摘要：

关于冗余资源作用争议的解决需要结合具体情境进行分类研究。近年来的全球性金融危机是一种典型的环境变化，文章以此为背景，利用我国1107家A股上市公司2006—2009年的面板数据，对冗余资源的缓冲作用进行检验，并证实：非沉淀冗余资源在正常时期发挥更大的效用，而沉淀冗余资源在金融危机时期发挥更大的效用；相比正常时期，金融危机情境下的投资效果变差，非沉淀冗余资源的存在会进一步恶化投资效果，沉淀冗余资源所起的作用恰好相反。这说明环境变化致使冗余资源的作用发生改变，只有沉淀冗余资源才具有缓冲作用，而非沉淀冗余资源的存在则会增加投资的盲目性，在金融危机情境下更是如此。

英文摘要：

The resolution of the dispute over the role of slack resources needs studying under specific conditions. This paper takes the global finan- cial crisis in recent years as the background which is a typical environmental change, and employs the panel data of 1,107 Chinese A-share listed compa- nies from 2006 to 2009 to test the buffer effects of slack resources. It con- firms that unabsorbed slack resources play a greater role in normal period and absorbed slack resources in crisis period. In comparison to normal peri- od, investment results become worse under financial crisis, which are fur- ther worsened by unabsorbed slack resources but are improved by absorbed slack resources. It indicates that environmental changes give rise to the changes in the role of slack resources, namely only absorbed slack resources have the buffer effects and unabsorbed slack resources could increase invest- ment blindness, especially in crisis period.