中文摘要：

以2009年底以前在深市中小板和创业板上市的制造业企业为样本,以企业利润率代表其盈利能力,分别以滞后一期和滞后二期的R＆D资金投入强度和R＆D人员投入强度为被解释变量,实证分析了中小企业盈利能力对其R＆D投入的影响。研究证明,企业盈利能力对滞后一期和滞后二期的R＆D资金投入的影响均为正,说明企业盈利能力越强,其R＆D资金投入越多;盈利能力对R＆D人员投入的影响也为正,但对滞后二期的影响比滞后一期显著,说明企业R＆D人员投入的增长需要较长周期。

英文摘要：

This paper analyses empirically the impact of SMEs＇ profitability and their R＆D Investment, taking the manufacturing companies in the Shenzhen SME Board and Growth Enterprise Market by 2009 as samples, profit margins as profitability and R＆D investment intensity and personnel intensity of lag one and lag two as explanatory variables. The result shows that SMEs＂ profitability has positive impact on the R＆D investment of lag one and lag two, indicating that the higher the corporate profitability, the more its R＆D investment. The impact of profitability on R＆D personnel intensity is positive too. However, the impact of the lag two is significantly more than lag one, indicating that R＆D personnel investment＇s growth requires a longer period.