Through the management on organizational slack to adjust its amount as well as structure,an enterprise can enhance the positive influence of organizational slack while reducing its negative impact.Thus,it is necessary to study the structure rather than only the amount of organizational slack.Combining several theories,we conducted qualitative theoretical analysis and quantitative empirical analysis.After reviewing the literatures in the researches on organizational slack and corporate performance,this study builds a conceptual model of organizational slack and corporate performance.Meanwhile,by compiling the secondary data,this study ultimately got 2,044 data from 553 enterprises during the period of 2008-2011.It draws out the following basic conclusions:1) It is an inverted U-shaped relationship between the unabsorbed slacks and corporate financial performance of the listed companies;2) The absorbed slack of the listed companies has a negative correlation with their financial performance;3) It is an inverted U-shaped relationship between slack flexibility and listed companys financial performance,which means that it respectively exists an optimal slack ratio of the listed companys corporate financial performance; 4) Slack flexibility will mediate the relationship between organizational slack and corporate financial performance.This study expands the previous study of the relationship between organizational slack and corporate performance,and the new-constructed "slack flexibility" concept offers a bridge to go further study on CFP.