CAJ | 학술논문

研发投入与企业绩效的关系一直备受国内外学者关注，但对该问题的研究并未得出一致结论。技术创新能力是高新技术企业内部能力的基础，不同技术创新能力水平下研发投入对企业绩效的影响存在显著差异。通过分析78家高科技上市公司2007－2013年面板数据，建立回归方程模型，探讨了在不同企业技术创新阶段研发投入与绩效的关系。实证研究表明，在成长期与成熟期，研发投入与绩效呈正向关系。其中，在成长期，该正向关系最显著；进入衰退期，二者之间不存在统计意义上的相关性。
연발투입여기업적효적관계일직비수국내외학자관주，단대해문제적연구병미득출일치결론。기술창신능력시고신기술기업내부능력적기출，불동기술창신능력수평하연발투입대기업적효적영향존재현저차이。통과분석78가고과기상시공사2007－2013년면판수거，건립회귀방정모형，탐토료재불동기업기술창신계단연발투입여적효적관계。실증연구표명，재성장기여성숙기，연발투입여적효정정향관계。기중，재성장기，해정향관계최현저；진입쇠퇴기，이자지간불존재통계의의상적상관성。
The relationship between Research and Development (R&D)expenditure and firm performance has always been the focus among researchers ,but there is less analysis from the point of technology innovation capability life cycle .Tech‐nology innovation capability is the base for inner ability of enterprises ,is one of the roots to form business advantages .In this paper ,w e measure technology innovation capability by using the patent application quantity ,and use patent grow th trend graph to define the stage of life cycle of technology innovation capability .We study the relationship between R&D expenditure and firm performance in different circle of technology innovation capability using panel data of 78hi‐tech listed companies from 2007 to 2013 .The result shows the effect of R&D expenditure on firm performance is different at different stages .In the growing stage and the mature stage ,R&D expenditure has a significant positive impact on firm perform‐ance ,and the impact is obviously significant in mature stage .But in the declining stage ,R&D expenditure has no impact on firm performance .