中文摘要：

研发投入对企业风险承担及持续价值创造至关重要，但前期经营风险（业绩波动）对研发投入决策的影响目前鲜有研究。文章以2006-2011年632个制造业上市企业作为样本，研究发现，企业研发强度对业绩波动的敏感程度受到媒体对企业关注程度的影响，而媒体报道语调的作用并不明显。研究结论为政府和企业如何从风险控制及媒体治理的视角推动研发投资提供一定启示。

英文摘要：

R ＆ D investment is essentially important for enterprise risk undertaking and value creation. Enterprise preliminary performances affect their R ＆ D investment decisions. However, few studies have been made on the effect of early operational risk （performance fluctuations） on R ＆ D investment decisions. Based on the samples of 632 Chinese listed manufacturing companies, this paper examined the mechanism of fluctuations in performance and media attention to emphasis on R ＆ D. it found that the sensitivity of R ＆ D intensity to performance fluctuations is affected by the degree of media attention on enterprise, but effect of the media tone is not obvious. The finding provides some inspiration to governments and enterprises on how to promote R ＆ D investment from the perspective of risk control and media governance.