中文摘要：

笔者以深圳中小板高新技术企业为样本，研究了企业不同生命周期阶段研发投资3个维度的绩效及其相互关系。研究结果表明：研发投资与研发投资技术绩效在企业生命周期3个阶段均为正相关关系，成熟期更显著；研发投资与研发投资财务绩效在成熟期是正相关关系，在衰退期是负相关关系；研发投资技术绩效与研发投资财务绩效以及研发投资技术绩效与研发投资价值绩效在企业生命周期3个阶段均为正相关关系，衰退期表现最弱；研发投资财务绩效和研发投资价值绩效在成长期和成熟期为正相关关系，在衰退期却没有显著相关关系。

英文摘要：

Taking the small and medium high-tech corporations of Shenzhen securities market as samples, the authors studied the technology performance, financial performance and value performance of R＆D investment in the different stages of corporate life cycle and their mutual relationship. The result shows： R＆D investment is positively related to technology performance in all the three stages of corporate life cycle,and the relationship is more obvious in the mature stage; R＆D investment is positively related to financial performance in the mature stage and they are negatively related in the decline stage; the technology performance and financial performance of R＆D investment and the technology performance and value performance of R＆D investment are both positively related in the three stages of corporate life cycle and the positive relationship is the weakest in the decline stage; the financial performance and value performance of R＆D investment are positively related in the growth and mature stages and show no obvious relationship in the decline stage.