Abstract: Appropriate slack resources have an important impact on corporate technological innovation. Taking the listed companies from 2006 to 2017 as a research sample, we deeply explore the direct effect of financial slack, personnel slack and time slack on innovation performance and further reveal the moderating effect of time slack. The results are as follows. First, financial slack and personnel slack are in an inverted U-shaped relationship with corporate innovation performance, while time slack is positively related to corporate innovation performance. Second, as time slack increases, the inverted U-shaped curve of financial slack and personnel slack becomes steeper, while the vertex of the curve of the financial slack moves to the right, and the vertex of the curve of the personal slack moves to the left. In addition, this paper further explores the impact of corporate ownership and R&D intensity on the above results and deeply discusses the interactive effects of financial slack and personnel slack on corporate innovation performance and the reasons why excessive resource slack is not always better. This research not only helps to deepen the understanding of the relationship between organizational slack and innovation performance in academia but also provides guidance for organizational resource management and innovation practice.

Key words: financial slack, personnel slack, time slack, innovation performance