【摘要】 企业是研发创新的微观主体,R&D投资绩效必然对其后续R&D投资偏好形成有效的激励。本文以1999～2006年中国上市公司为研究对象,在对样本选择偏误进行检验的基础上,实证分析了R&D投资对公司盈利能力的影响。研究发现,中国上市公司R&D投资绩效爆发性较好而持久性较差,R&D投资对公司盈利能力的显著正向作用力只能持续三年左右,产权性质是公司R&D投资绩效的重要影响因素,有助于降低公司代理成本的机制将有助于提高R&D投资绩效。更多还原

【Abstract】 As the micro foundation of innovation,firm’s R&D investment performance will have effective incentive on ensuing R&D investment. This paper studies the influence of R&D investment on corporate profit ability for Chinese listed companies in 1999-2006. It is found that the R&D investment has only short-run influence on firm’ s profit ability for about 3 years. The property right nature is an important factor in determining the R&D investment performance,and it will reduce agency cost so as to increase investment performance.更多还原