以2009-2011年我国深圳创业板上市企业为研究对象,从会计业绩和市场业绩等角度,实证考察了其R&D投资的经济绩效.结果显示:创业企业的R8D投资整体上并未呈现出积极的经济效果；R&D投资的经济效果具有明显的行业特征,制造业创业企业的R&D投资对其经济绩效具有一定的积极影响,但该影响具有滞后性；信息技术业创业企业的R&D投资对其当期和滞后一期的经济绩效均未产生积极影响,表明信息技术业创业企业的R&D投资存在一定程度的非效率行为.%This paper uses the data of listed firms in GEM in Shenzhen Stock Exchange during 2009-2011 to study the economic performance of R&D investment. The result shows as follows:entrepreneur firm's R&D investment overall does not show a positive economic effect;the economic effect of R&D investment takes on a obvious industrial feature;R&D investment of entrepreneur firms in manufacturing industry has a positive impact on economic performance,and this effect shows the characteristics of lag-time; R&D investment of entrepreneur firms in information technology industry does not have a positive impact on current and lagging economic performance, which indicates that the inefficient R&D investment behaviors exist in information technology industry to some extent.
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