企业研发投入、资源特征与创新绩效关系研究

基于资源基础观，探讨了企业“资源池”中财务资源特征与技术资源特征如何与研发投入行为匹配以提升创新绩效，以创业板355家企业为样本开展泊松回归分析，研究发现：R&D投入与创新绩效存在倒U型关系；财务资源特征——资产流动性对R&D投入与创新绩效存在正向调节作用，起着“加速剂”作用；由于组织技术路径依赖，技术资源特征——技术积累程度对R&D投入与创新绩效存在负向调节作用，起着“缓冲剂”作用；资产流动性与技术积累程度提高会促进研发投入与创新绩效关系的阈值提高，促进更多研发投入有效转化。探讨了企业研发投入行为与资源特征的匹配，可为促进创新绩效提升提供理论支撑。

The Relationship among R&D Investment,the Feature of Resources and Innovation Performance

The study use the data of 355 firms from second board market to examine how the resources features financial resource(asset liquidity)and technical resource( the degree of technology accumulation) affect the relationship between R&D investment and innovation performance based on the RBV. First, the result shows that relationship between R&D investment and innovation performance is inversed "U" shape. Second, the result shows that asset liquidity moderate the relationship between R&D investment and innovation performance positively, and play the accelerator role. While, as the organizational inert and path dependency, the technology accumulation moderate the relationship between R&D investment and patent of invention negatively, and play the role of buffer. Asset liquidity and technology accumulation can enhance the threshold value of R&D investment, facilitate the effective transformation of R&D investment. The study discusses the fit between R&D investment and the resources features, reveals the mechanism of the resources features on the process of R&D investment, and provides suggestions for improving innovation performance.