高科技成长型企业R&D投入与绩效的关系——基于企业生命周期视角的实证研究

The Relationship between High-Tech Growing Companies' R&D Investment and Performance——An Empirical Research Based on Corporate Life Cycle Perspective

以118家在深市中小板上市的高科技成长型企业为研究对象,对高科技成长型企业R&D投入与其绩效的关系进行了实证分析。研究发现R&D投入对企业销售增长和销售利润具有显著正相关性,引入企业年龄这个调节变量后,回归结果显示R&D投入与销售增长的正相关性在逐渐减小,而R&D投入对销售利润的正相关性在缓慢加强。该研究结果表明,企业生命周期理论对高科技成长型企业技术策略的制定具有重要意义,高科技成长型企业在其发展的不同阶段都要保持必要的R&D投入,以支撑企业的成长性和盈利性。

Based on the data of 118 high-tech growth companies that are listed on the Shenzhen SME Board,the paper investigates the relationship between R&D investment and firm performance.The regression analysis show significant positive effects of R&D on growth and profitability.After introducing the adjustment variable of company age,the growth effect is negative and the impact on profitability is positive.This research stream supports the idea that the company life cycle could play a significant role for formulating technology strategies,which suggests that different stages in the development of high-tech growth companies call for specific levels of R&D intensity to sustain growth and profitability.