依托创业管理理论和企业成长理论,构建了一个跨层次被调节的中介作用模型.运用2010-2015年创业板上市公司数据,通过Mplus软件检验了投资挤占、资源冗余、行业周期性与企业绩效之间的关系.实证结果表明,创业企业投资挤占能够显著降低企业绩效,而资源冗余在其中起中介作用.按流动性进一步分析资源冗余发现,投资挤占会造成低流动资源冗余的增加和高流动资源冗余的减少进而负向影响创业企业绩效.最后,对于周期性行业中的创业企业,行业周期性会加剧企业投资挤占与低流动资源冗余的正向关系,同时又会减弱投资挤占与高流动资源冗余之间的负向关系.%Based on Entrepreneurial Management Theory and Enterprise Growth Theory as a theoretical framework, we set up a two-level first-stage moderated mediation path analytical model.Using the newness of entrepreneurial firms from 2010 to 2015, we examine the relationship among the investment extrusion, slack resources, industry's cyclical behavior and business performance.The empirical findings indicate that the investment extrusion significantly reduces the entrepreneurial enterprise's performance, while the slack resource plays a role of bridge between investment extrusion and enterprise's performance.Furthermore, we find that investment extrusion increases the low-discretion slack and decreases the high-discretion slack so that the enterprise's performance will be reduced.Finally, the positive relationship between investment extrusion and low-discretion slack is more significant in enterprises that belong to cyclical industry, and the negative relationship between investment extrusion and high-discretion slack is less significant in enterprises that are free from cyclical industry.
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