中文摘要：

基于特质理论与现有文献的梳理,对公司特质的内涵进行分析,在此基础上构建了基于特质理论的研究框架,并对我国2007—2011年上市公司相关数据进行实证研究.研究发现,规模、成长性和市场占有率方面的公司特质对研发投入和公司价值之间的关系的影响是积极的,而自由现金流、外部资金依赖、劳动密集度和资本密集度方面的公司特质产生的影响是消极的.最后,为公司提高R＆D投入效率提供了政策建议.

英文摘要：

Based on the trait theories and the existing literatures, it analyzed the connotation of firm traits, and built a research framework according to the firm traits. The empirical study on Chinese listed companies during 2007 to 2011 reveals that the firm traits of size, growth phrase and market share positively affect the relationship between firm value and R＆D investment, while the other traits of free cash flows, external funds dependence, labor intensity and capital intensity exert negtive effects. Finally, it put forward the policy suggestions for firms to promote R＆D investment performance.