An Empirical Study on the Influence of Corporate Life Cycle on R&D Investment

Using the RD investment data of the listed companies of our country from 1999 to 2006 as samples,the author makes an empirical test of the influence of enterprise life cycle on the intensity of RD investment.The findings show that enterprise life cycle is an important influencing factor of the intensity of RD investment.In general,the intensity of RD investment in the foundation period is obviously higher than in the maturation period,but in stated-owned listed companies the tendency is not notable.Both state-controlled listed companies and non-state-controlled listed companies will cut RD investment when they're in decline.The author thinks that the unsustainable RD investment may be the reason why many companies fail to develop contiunously.