中文摘要：

采用创业板企业2010~2014年数据为研究对象,实证分析研发投入与企业绩效的关系,探讨冗余资源对于二者关系的调节效应。结果表明,我国创业板企业研发投入强度与当期绩效显著负相关,而与滞后一至三期企业绩效显著正相关。考虑企业冗余资源的影响,进一步研究发现,沉淀性冗余资源和非沉淀性冗余资源对研发投入强度与企业绩效的关系分别具有负向和正向的调节效应,说明沉淀性冗余资源不利于企业研发绩效的提升,而非沉淀性冗余资源则可以有效促进企业进行创新研发,提高研发效率,最终提升企业绩效。

英文摘要：

We examine the relationship between R＆D intensity and firm performance, as well as the moderating effect of slack resources on the R＆D intensity and firm performance based on data of compa- nies of GEM in the year of 2010 to 2014. We find that the R＆D intensity has a negative impact on the current performance of the enterprise, and has a significant positive impact on the performance of three lag period. Considering the influence of slack resources, We further find absorbed slack resources nega- tively affects the relationship between R＆D investments and performance, and unabsorbed slack re- sources has a positive effect on the relationship between R＆D investments and performance. The results indicate that absorbed slack resources is not conducive to the improvement of the R＆D efficiency, while unabsorbed slack resources can effectively promote innovation development, improve the efficiency of R＆D and ultimately improve firm performance.