Small and medium-sized enterprises (SME) are the fundamental force that promote the development of national economy and social stability. Their technological innovation has become the important parts in the national innovation. This paper takes the companies which listed in The SZSE SME board and the second board from 2005 to 2010 as the research objects, empirically analyzes the impact of the education background of their CEOs and the heads of R&.D department and other factors on the R&.D investment decisions. The results show that the education degree is significantly positively related to both of the R&.D investment amount and the investment strength. That is, the higher education degree of senior managers and the heads of R&.D department, the higher probability of making R&.D investment decision of higher amount and strength. The paper makes the conclusions and enlightenments at last.%中小企业是推动我国国民经济发展、促进社会稳定的基础力量,其技术创新已成为国家创新的重要组成部分.以2005-2010年深市中小企业板和创业板上市公司为研究对象,实证分析企业CEO和R&D负责人的教育背景等因素对企业R&D投资决策的影响.研究结果发现,CEO和研发负责人的学历水平对企业R&D投资金额和R&D投资强度均有显著的正向影响,说明企业高管以及R&D负责人的受教育程度越高,企业越有可能作出更高数额和更高比重的R&D投资决策.最后,得出了研究结论和相关启示.
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