随着互联网的发展与普及，越来越多新兴行业快速崛起，传统企业所面临旳外部环境也发生了巨大变化。新时代背景下，以往的经验失去借鉴的价值，企业未来目标难以锚定，同时市场需求变化巨大且技术日新月异，企业家们面临的是充满不确定性的世界。在这样的新环境中，如何站稳脚跟、实现企业的可持续发展成为了一个极为重要的命题。CEO作为企业的领头人，是必须面对外部环境并为企业发展做出决策的人，其做出的关于企业未来发展的决策在一定程度上可以决定企业的存亡。研究发现，自恋对CEO决策有重要影响。因此，本研究聚焦于CEO自恋，探讨其与效果逻辑子维度——可承担损失的关系。

本研究基于竞争与崇拜的视角，研究了首席执行官的自恋与公司可承担的损失行为之间的关系。此外，这项研究包括两个强有力的调节变量，即感知的环境不确定性和组织冗余。研究数据来自126家中国企业（每家公司一名CEO和一名最高经理），通过两次调查，利用收集的数据，研究模型得到了支持。使用SPSS25.0及AMOS 24.0进行数据分析。结果表明：（1）CEO崇拜型自恋与可承担损行为失呈正相关关系；（2）在感知不确定性较低的情况下，面对可能会遭受损失的投资项目，CEO崇拜型自恋者更有可能进行负担得起的投资；（3）组织冗余较高的情况下，CEO崇拜型自恋者更有可能进行负担得起的投资。在此基础上，本研究提出了企业管理实践和未来研究方向的建议。

With the development and popularization of the Internet, more and more emerging industries have risen rapidly, and traditional enterprises have also seen a huge change. In this new context, the past experience lost the value of the reference, and the market demand changes rapidly. Entrepreneurs are facing the uncertain world. In such a new environment, how to stand firm and achieve sustainable development of the company has become an extremely important proposition. As the leader of the company, CEO is a person who must face external environments and make decisions for corporate development which can determine the departure of enterprises. Privos studies have found that narcissism has an important impact on CEO’s decision. Therefore, this study focused on CEO narcissism adn exploring its relationship with affordable losses.

Based on the rivalry-versus-admiration perspective, the study investigates the relationship between CEO narcissism and firm’s affordable loss behaviors. Moreover, this study includes two powerful moderators to the process, namely, perceived uncertainty and organizational slack. Using data collected from 126 Chinese enterprises (one CEO with one top manager each firm) by two waves, we get support for our models. SPSS25.0 and AMOS 24.0 were used for data analysis. The results suggest: (1) CEO’s narcissistic admiration is positively related to affordable loss behaviors in the firm; (2) Under low perceived uncertainty, CEOs high in narcissistic admiration are more likely to take affordable loss investments.; (3) Under high organizational slack, CEOs are more likely to take affordable loss investments. Management implications are interpreted.