关键词: 流动性冗余, 双元创新, 中小企业, 成长抱负, 空间距离

Abstract: In the midst of the Covid-19 pandemic, small and medium enterprises（SMEs）have faced considerable challenges due to external factors such as diminished market demand and disrupted supply chain. These pressures are compounded by their internal resource constraints, compelling SMEs to effectively utilize their available slack resources in response to the ongoing crisis. Discretionary slack, an important type of organizational slack, plays a crucial role in maintaining business continuity and responding to external shocks, especially for SMEs. This form of slack resource can provide adaptability and flexibility for SMEs, allowing them to invest in innovation and explore new opportunities without jeopardizing their opera-tions. However, our understanding of how resource-constrained SMEs leverage their limited discretionary slack effectively remains underdeveloped. Base on it, the research question of the study is to investigate how SMEs leverage their limited discretionary slack to engage in innovation and then improve performance in the context of crisis, such as the global Covid-19 pandemic. Drawing on the resource-based view, the study focused on discretionary slack, seeking to explore the underlying mechanisms and boundary conditions that affect the performance of SMEs. Utilizing a two-wave survey dataset from 159 Chinese SMEs collected during the Covid-19 pandemic, the study employed multiple linear regression analysis to test the hypotheses, ultimately leading to the following conclusions:under the crisis situation,（1）discretionary slack is positively related to short-term and sustainability performance of SMEs;（2）Exploratory innovation mediates the effects of discretionary slack on both short-term and sustainability performance, while exploitative innovation mediates the effect of discretionary slack on sustainability performance of SMEs;（3）Growth aspiration not only moderates the relationship between discretionary slack and exploratory innovation, but also moderates the mediation path of exploratory innovation;（4）Geographical distance to the epicenter not only moderates the relationship between discretionary slack and exploratory innovation, but also moderates the mediation path of exploratory innovation; These results indicate that:（1）managers of SMEs should actively monitor internal slack dynamics, enhance their capacities to utilize and manage excess resources effectively, and develop comprehensive crisis emergency plans in advance.（2）In response to unexpected crises, managers of SMEs should prioritize exploratory activities, allocating increased resources to support innovation endeavors. By actively developing new products and services, they can more effectively navigate and overcome such crises.（3）It's crucial to focus on fostering and motivating the aspiration levels of senior managers. By maximally stimulating their drive and determination, these enterprises can effectively surmount challenges.（4）For SMEs situated in or near areas heavily impacted by crises, it is advisable to allocate a greater portion of their discretionary slack towards exploratory innovation activities. This strategic allocation can better capitalize on the comprehensive performance enhancement benefits offered by exploratory innovation. In addition, future research can delve deeper into other internal mechanisms by which discretionary slack affects the performance of SMEs in crisis contexts. Such investigations would aim to thoroughly elucidate the interaction between discretionary slack and various contextual factors, thereby enhancing our understanding of how to optimize its effectiveness.

Key words: discretionary slack, ambidextrous innovation, SMEs, growth aspiration, geographical distance to the epicenter