As an unique resource, technology is the soul of the technology enterprises. For high-tech enterprises, technology acquisition modes occupy an important position in the enterprise strategy, which will be restricted by the enterprise scale, life cycle, region and other factors, and then influence the performance of R&D investment. Connecting to Resource-Based View and Transaction-Cost Theory, this paper uses the data of 236 high technology enterprises from two industries of CSRC (2012—2016) to examine the moderator effect of technology acquisition modes. Based on the data collected from annual reports and questionnaire inquiry, the paper adopted Fixed Effects Model and found that increasing R&D investment contribute to corporate performance. Moreover, technology acquisition modes play the role of moderator and strongly affect the R&D productivity. To sum up, from the point of increasing enterprises' factor productivity, a technology enterprise should attach importance to the influence of the choice of technology acquisition mode on the performance of R&D input, and then choose the proper type according to the characteristics of the enterprise itself.%技术作为一种独特的资源, 是科技企业的灵魂所在, 对于高新技术企业而言, 技术获取方式在企业战略中占有重要地位, 选择何种获取方式会受到企业规模、生命周期、地域等因素的制约, 进而对研发投入绩效产生影响.文中联系资源基础理论和交易成本理论, 以高新技术企业为研究对象, 深入考察技术获取方式对企业绩效的调节机制.通过收集证监会两个行业共236家企业2012—2016年度的年报数据和问卷调研数据, 设计技术自主化程度指标来定量界定不同技术获取方式, 并采用固定效应模型的方法.结果表明:对于高新技术企业而言, 增加研发投入有利于提高企业绩效;技术获取方式起到调节作用, 会影响到研发投入的产出效率.因此, 从提高企业要素生产率的角度而言, 科技企业应当重视技术获取方式的选择对研发投入绩效的影响, 根据企业自身的特点选择匹配性的技术获取方式类型.
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