【摘要】 针对研发投入对高新技术企业财务绩效的影响问题，基于异质性和时滞性视角，以2015—2021年中国中小企业股份转让系统中的73家高新技术企业为研究对象，采用固定效应模型进行实证分析。研究表明：研发投入强度与高新技术企业财务绩效显著正相关；研发投入强度对高新技术企业财务绩效的影响存在滞后性；高新技术企业所处地区市场化程度不同其研发投入强度对企业财务绩效的影响存在差异；研发投入强度对初创期、成长期的高新技术企业财务绩效存在正向影响，对成熟期、衰退期、蜕变期的高新技术企业财务绩效无影响或有负向影响。研究结论为高新技术企业加大研发投入力度、提升企业财务绩效提供参考。更多还原

【Abstract】 Based on the perspective of heterogeneity and time lag, this study focuses on the impact of R&D investment on the financial performance of high-tech enterprises, using a fixed effects model to empirically analyze 73 high-tech enterprises in China’s small and medium-sized enterprise share transfer system from 2015 to 2021. The research results indicate that the intensity of R&D investment is significantly positively correlated with the financial performance of high-tech enterprises; There is a lag in the impact of R&D investment intensity on the financial performance of high-tech enterprises; The impact of R&D investment intensity on enterprise performance varies depending on the degree of marketization in the region where high-tech enterprises are located;The intensity of R&D investment has a positive impact on the financial performance of high-tech enterprises in the start-up and growth stages, while it has no or negative impact on the financial performance of high-tech enterprises in the mature, declining, and transforming stages. The research conclusion provides reference for high-tech enterprises to increase R&D investment and improve corporate performance.更多还原