中文摘要：

以2007—2009年深市上市公司为研究对象,基于企业生命周期理论,将其划分为成长期、成熟期和衰退期3组,分别从R＆D投入与当期企业绩效、R＆D投入产出效应的滞后期及R＆D投入的累计效应3方面进行了实证研究。研究表明,不同生命周期阶段的企业,R＆D投入对企业绩效影响程度不同,成长期企业的R＆D投入对当期绩效的影响显著,并存在长期的累计效应;成熟期企业R＆D投入所产生的累积效应时期相对较短;而对于衰退期企业,实证结果均不显著。研究成果为处在不同生命周期阶段企业的R＆D投入决策提供了参考。

英文摘要：

This paper uses the Shenzhen listed companies as the research objects, which are classified as growth, maturation and decline phase three group based on the Enterprise Life Cycle theory, then made an empirical study on the relationship between R＆D investment and the current enterprise performance, lag phase, accumulative affection of R＆D input-output effect. Research result shows that R＆D investment make different performance for different enterprises life cycle. Enterprises at growth phase has a significant positive impact on enterprise performance, and have a long accumulative affection; R＆D investment of enterprises at the mature phase has a short accumulative affection and have same affections on enterprise performance in other aspects with the enterprises of growth phase; all the results are not significant for the enterprises at the decline phase. With looking into the empirical analysis, suggestions about R＆D investment strategies are proposed for the enterprise at different life cycles.