【摘要】 在对研发投资周期性特征相关理论综述的基础上,结合2008年金融危机对中国经济的影响,以2006—2009年深圳中小板的216家企业为样本,考察了我国上市企业在金融危机期间所采取的研发投资策略及其影响因素。得出以下结论:(1)深圳中小板上市公司在金融危机期间仅有22%的企业采取了减少研发投资(顺周期)的策略,这支持了机会成本效应理论(;2)现金流量比较充裕的企业在金融危机期间会采取研发投入的逆周期行为;(3)参与研发合作的企业在金融危机期间会采取研发投入的逆周期行为;(4)研发强度大的高新技术企业在金融危机期间会采取研发投入的逆周期行为;(5)产品竞争激烈的企业在金融危机期间会采取研发投入的顺周期行为。更多还原

【Abstract】 This paper reviews theory of the cyclicality of R&D,considers the effect of financial crisis on Chinese economy,takes 216 small-medium enterprise of Shenzhen stock market for sample,checks the R&D investment strategy and its affecting factors chosen by the listed company in China and draws the following conclusions:(1) only 22% of sample chosen the strategy of reducing R&D investment(pro-cyclicality behaviors) and back the theory of opportunity cost;(2) the company with rich cash flow would choose the anti-cyclicality behaviors;(3) the company with taking part in R&D coloration would choose the anti-cyclicality behaviors;(4) the high-tech company with high R&D intensity would choose the anti-cyclicality behaviors;(5) the company under high product competitive pressure would choose the pro-cyclicality behaviors.更多还原