文化创意企业通过研发投资推进技术创新，使具有自主知识产权的原创性研究和发明转化为企业可利用的、有价值的创意产品，以满足消费者特定的精神需求。以112家在中小板和创业板上市的文化创意企业为样本，考察研发投资决策影响因素和以研发周期为视角的研发投资绩效规律。实证分析发现，基于企业内在特征的企业规模、控制权和“关系型”债务水平对研发投资决策有显著正向影响。以专利和新产品销售收入表示的不同研发周期研发绩效均与研发投资显著正相关。在研究阶段，政府直接补贴有利于促进专利增长；在开发阶段，税收优惠政策有利于增加企业新产品销售收入。%Cultural and creative enterprises to promote technological innovation through R&D investment ,with independent intellectual property rights so that original research and inventions into business can take advantage of valuable creative products to meet the spiritual needs of specific consumers .In this paper ,based on 112 listed in the small board and the gem of the cultural and creative enterprises as the research object ,research investigated factors affecting investment deci‐sions and the performance of R&D investment in the development cycle perspective .The empirical analysis found that :based on the intrinsic characteristics of the enterprise scale ,control ,and the "relational"debt level has a significant posi‐tive influence on R&D investment decisions .In different stages of the development cycle ,R&D performance in patents and new product sales represented have a significant positive correlation with R&D investment .Direct government subsi‐dies promote research phase patent grow th and the development stage of new tax incentives increase enterprise's new prod‐uct sales .
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