关键词: 高管团队风险偏好, 失败再创新行为, 再创新绩效, 中介效应

Abstract: Using the listed Chinese pharmaceutical manufacturing companies from 2011 to 2019 as a sample, this paper investigates the relationship between the risk preference of top management team (TMT), the re-innovation behavior after innovation failure, and re-innovation performance. It is found that TMT risk preference positively affects the re-innovation performance in the technological development stage, but negatively affects the re-innovation performance in the achievement transformation stage after the failure. The brand-new innovation after failure plays an intermediary role in both the risk preference of TMT and the performance of two-stage re-innovation after failure. However, supplementary innovation after failure has no intermediary role. Meanwhile, the influence of TMT risk preference on the two-stage re-innovation performance after failure is more significant than that of two-stage re-innovation after success. The intermediary role of brand- new innovation after failure is more significant than that after success. The purpose of this paper is to provide a theoretical basis and decision-making reference for enterprises to build a reasonable TMT, ameliorate their re- innovation behavior after failure, and improve the performance of re-innovation.

Key words: TMT Risk Performance, Re-innovation Behavior after Failure, Re-innovation Performance, Intermediary Effect