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以深圳证券市场2009-2014年创业板上市公司为研究样本,检验了市场环境和公司研发投资之间的关系。实证检验的结果显示:宏观治理环境、创新氛围和辅助创新条件与研发投资显著正相关,表明改善市场创新环境能促进公司创新。进一步,在区分公司类型和公司年龄的情况下,研究表明,相比较非制造业的上市公司,制造业上市公司的市场环境与研发投资之间显著正相关;相比较高年龄的上市公司:低年龄上市公司的市场环境与研发投资之间显著正相关。
Taking Shenzhen Stock Exchange 2009-2014 GEM listed companies as a sample, we test the relationship between market environment and company R & D investment. Empirical test results show that: the macro-governance environment, the atmosphere of innovation and auxiliary innovation conditions and R & D investment significantly positively correlated, indicating that improving market innovation environment can promote the company’s innovation. Further, under the condition of distinguishing the type of company and the age of the company, the research shows that there is a significant positive correlation between the market environment and R & D investment of listed companies in manufacturing industry compared with that of non-manufacturing listed companies. Compared with the listed companies of higher age: There is a significant positive correlation between the market environment of low-age listed companies and R & D investment.