| As two important inputs for technological innovation,not all enterprises pay the same attention to R&D spending and personnel.Some of enterprises value them both or both not or only one,which result in different combinations of input preferences.In many studies of the relationship between R&D investment and innovation performance,different combinations of input preferences represents different patterns of resource utilization,few scholars do research on the impact of different combinations of input preferences on innovation performance.Enterprises'development has some periodic characteristics,which influence the input of R&D resources,thus affecting the performance output.This paper aims to study whether the impact of R&D investment on innovation performance under different technical innovation investment preferences is the same;if not the same,what kind of difference exists?Embedding the relationship between the R&D investment and innovation performance on enterprise life cycle,is also one content of this study.Firstly,this paper introduced literature review about the relevant studies between R&D investment and innovation performance,then defined the concepts of R&D investment and so on.According to R&D intensity preference,we established a two-dimension technology innovation investment preference combination based on R&D expenditure investment intensity and R&D personnel investment intensity,which are double strong type,single strong type ?,single strong type ? and double weak type.According to the cash flow method,the enterprise life cycle was divided into growth,maturity and decline in three stages.Secondly,selected 7 industries listed company in the Shenzhen Small and medium-size Enterprise board for research objects including Pharmaceutical manufacturing industry and so on.The data covered 489 observations of 163 companies from 2011 to 2013.Thirdly,discussed the R&D investment on innovation performance overall,under four kinds of technology innovation investment preference combination and under three life stages of growth,maturity and decline using the panel data model.The conclusions of this paper are as follows:(1)R&D investment had a significant positive effect on innovation performance.(2)Different combinations of technological innovation investment preferences,R&D investment had different impact on innovation performance.R&D expenditure investment intensity and R&D personnel investment intensity both had shown the most significant positive effect on innovation performance in enterprises of single strong type I(high R&D expenditure investment intensity and low R&D personnel investment intensity).R&D expenditure investment intensity had a positive impact on innovation performance significantly,but R&D personnel investment intensity had no significant impact on innovation performance in enterprises of double strong type.R&D personnel investment intensity and innovation performance showed significant positive correlation,nevertheless R&D expenditure investment intensity has no significant impact on innovation investment in enterprises of single strong type II(low R&D expenditure investment intensity and high R&D personnel investment intensity).Neither R&D expenditure investment intensity and R&D personnel investment intensity had significant impact on innovation performance in enterprises of double weak type.(3)R&D expenditure investment intensity was positively correlated with innovation performance in all periods of growth,maturity and decline stage.R&D personnel investment intensity was positively correlated with innovation performance only in the decline stage.On the basis of these conclusions,this study provided some inspirations about R&D resources investment for enterprises,and explained the limitations of this paper and future research directions. |
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