摘要：在可持续发展战略的指导下，企业需要以长期目标为导向，实现永续发展。然而，企业的高层管理者常常存在短视行为。基于高层梯队理论和社会心理学的时间导向理论，探讨管理者短视与企业创新模式选择之间的关系。采用2010—2020年沪深A股上市公司年报文本构建出管理者短视和创新模式选择指标并对其进行实证检验，结果发现：管理者短视会抑制以探索式创新为主的创新模式选择，在经过一系列的内生性检验和稳健性检验之后，结果依然稳健。企业绩效水平、行业竞争程度及经济政策不确定性是管理者短视与企业创新模式选择的重要情景变量，当企业绩效水平高于行业平均水平，行业竞争程度较高时，管理者短视对以探索式创新为主的创新模式选择的抑制作用得到缓解；当经济政策不确定性较高时，管理者短视对以探索式创新为主的创新模式选择的抑制作用会被强化。当企业处于成长期、公司治理水平较高及企业采用两权合一时，管理者短视对于以探索式创新为主的创新模式选择的抑制作用更大，另外，民营企业管理者短视行为对于企业创新模式选择的影响更加显著。进一步，管理者短视还会影响企业的未来创新效率，其影响机制主要是通过减少企业的研发投入来影响企业未来的创新效率。

Abstract: Under the guidance of sustainable development strategy, enterprises need to orient towards long-term goals to achieve sustainable development. However, short-sighted behaviors often exist in the top management of enterprises. Based on the theory of upper echelons and the time orientation theory in social psychology, this study explores the relationship between managerial myopia and the choice of innovation modes in enterprises. We construct the managerial myopia index and the innovation mode selection index based on the annual report texts of A-share listed companies in 2010-2020 and conduct an empirical test. The research results show that managerial shortsightedness inhibits the choice of exploratory innovation mode. This conclusion is robust after a series of endogeneity and robustness tests. Enterprise performance level, industry competition level, and economic policy uncertainty are important contextual variables that affect the relationship between managerial shortsightedness and the choice of innovation modes in enterprises. When the enterprise performance level is higher than the industry average and the industry competition level is high, the inhibitory effect of managerial myopia on the choice of exploratory innovation mode is mitigated. When economic policy uncertainty is high, the inhibitory effect of managerial myopia on exploratory innovation mode is strengthened. The inhibitory effect of managerial shortsightedness on the choice of exploratory innovation mode is stronger when the enterprise is in the growth stage, has higher corporate governance level, and has a two-tier system. In addition, managerial shortsightedness behavior has a more significant impact on the innovation mode selection of private enterprises. Furthermore, managerial shortsightedness also affects the future innovation efficiency of enterprises, mainly by reducing R&D investment.