Based On R & D Investment Of The Corporate Life Cycle And Enterprise Performance

The enterprises show different operating characteristics and face with different problems in different stages of the life cycle. Technological innovation as the source of competitive advantage and the stable impetus of growth, exist in all the process of the enterprises life cycle. R & D activities as the main way to achieve technological innovation will also play different roles in the different life cycle stages. The past study on the relationship of R & D investment and firm performance ignore the difference of the life stages. Witch can only get a very vague representative consequence, lack of accuracy and applicability.Based on the theory of life cycle, technology innovation and enterprise core competitive power, this study selects the 99 Shenzhen listed companies of 2007-2009 period as the research object, which are classified as growth, maturation and decline phase three group, then made an empirical study on the relationship between R&D investment and the current enterprise performance, lag phase, accumulative affection of R&D input-output effect.Research result shows that R&D investment of the enterprises at growth phase has a significant positive impact on enterprise performance, exists 1 year lag phase and have a long accumulative affection; R&D investment of enterprises at the mature phase has a short accumulative affection and have same affections on enterprise performance in other aspects with the enterprises of growth phase; all the results are not significant for the enterprises at the decline phase.Finally, with looking into the empirical analysis, suggestions about R&D investment strategies are proposed for the enterprise at different life cycles.