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以2009~2012年中国创业板高新技术上市公司的面板数据作为样本,使用会计和市场业绩计量指标,研究了高新技术企业业绩与R&D投入之间的关系。结果表明高新技术企业业绩与其R&D投入强度之间存在倒U型关系,随着R&D投入强度的增加,公司业绩先逐渐上升而后逐步下降。进一步的研究还发现:(1)实现最高市场业绩时的R&D投入强度要高于会计业绩最高时的R&D投入强度;(2)与业绩下降时相比,上升阶段业绩对R&D投入强度的敏感性更高;(3)市场业绩对R&D投入强度的敏感性高于会计业绩对R&D投入强度的敏感性。因此,企业需根据其要实现的会计或市场业绩权衡R&D投入强度。基于市场业绩的激励政策更有利于企业加大R&D投入,提高研发投资活动效率。
Taking the panel data of high-tech listed companies in China GEM from 2009 to 2012 as a sample, the paper uses accounting and market performance measurement indicators to study the relationship between high-tech enterprise performance and R & D investment. The results show that there exists an inverted U-shaped relationship between the performance of high-tech enterprises and the intensity of their R & D investment. As the intensity of R & D investment increases, the performance of the companies gradually increases first and then declines gradually. Further research also found that: (1) R & D investment intensity when achieving the highest market performance is higher than R & D investment intensity when accounting performance is the highest; (2) Sensitivity of rising stage performance to R & D investment intensity when performance is declining Higher; (3) Market performance is more sensitive to the intensity of R & D investment than to the sensitivity of accounting performance to the intensity of R & D investment. As a result, companies need to weigh the intensity of R & D investment against the accounting or market performance they want to achieve. Incentives based on market performance are more conducive to enterprises to increase R & D investment, improve the efficiency of R & D investment activities.