中文摘要：

笔者基于创新驱动视角,以2010—2013年间我国A股上市公司的数据,实证检验了生命周期对于企业R＆D投入水平的影响。实证结果表明：生命周期是企业R＆D投入的重要影响因素,与企业R＆D投入强度显著负相关,即随着生命周期的递进,企业的R＆D投入强度逐渐降低。国有企业的R＆D投入强度整体显著高于民营企业。进一步的研究结果显示：成长期企业的R＆D投入强度明显加大,而成熟期和衰退期企业的R＆D投入强度明显减弱。此趋势在民营企业类别中显著,但在国有企业类别中并不明显。选择在企业的成熟期即开始削减R＆D投入水平,这或是国内大部分民营企业生命周期较短、不能基业长青的重要原因之一。

英文摘要：

Using the data of Chinese A-share listed companies from 2010 to 2013 based on innovation drive perspective, this paper studies the impact of the life sults show that the life cycle is one of the important factors cy of cle on R＆D investment level. The empirical reR＆D investment level which is significantly negative correlation to the enterprises＇ R＆D investment intensity. That is, with the progressive life cycle, the enterprises＇ R＆D investment intensity decreased. The R＆D investment intensity of the state-owned enterprises is significantly higher than the private enterprises. Further research results show that the R＆D investment intensity of the enterprises in growth stage increased obviously, while in mature and decline stage, the R＆D investment intensity decreased significantly. The trend in the category of private enterprises is obvious, but is not in the category stage, this may state-owned enterprises. Choosing to cut R＆D investment level in the enterprises＇ mature be one of the important reasons why domestic private enterprise＇s life cycle is too short to last.