中文摘要：

本文以我国2007~2012年高新技术上市公司为研究样本,检验了研发支出与企业绩效的敏感性以及这种敏感性的不对称特征。研究结果发现随着我国产业升级的不断加快,我国上市公司的研发支出与企业绩效呈现显著的敏感性,同时这种敏感性存在不对称特征,研发支出上升时企业业绩会显著上升,而当企业研发支出下降时企业业绩并不会显著下降,即存在粘性特征,并且研究发现这种粘性会受到企业家自身的专业认知与企业成长阶段的影响。本文在研发支出周期性特征的基础上发现研发绩效存在的粘性特征,丰富了研发支出相关文献的同时,为企业的研发决策提供了借鉴思路。

英文摘要：

Using China＇ s high- tech listed companies from 2007 to 2012 as research samples, we examined the sensitivity of R＆D- performance and the asymmetric characteristics of the sensitivity. We found out that performance is rather sensitive to R＆D investment and the sensitivity is asymmetric, namely the performance will increase as R＆D investment rises and will keep stable as R＆D investment decreases, and this means R＆D performance is sticky. We also found out that the stickiness will be affected by the entrepreneur＇ s professional cognition and enterprise＇ s growth stage. Our research enriches the related literatures about R＆D and provides references for the decision - making of enterprises on R＆D.