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资金与研发能力是目前多数高新技术企业关注的重点。通过对企业特征分析发现:中小高新技术企业由于成立时间较短表现出的目标不明确、资源缺乏、研发能力不足、政策依赖性等特征影响研发绩效。风险投资在满足企业资金需求基础上对企业研发能力与研发绩效有促进作用,但投资者短视行为与企业研发即投入之后效应之间的矛盾损害企业长期利益。基于此,提出中小高新技术企业要注重研发积累提升企业研发能力与研发绩效,并且实施激励措施预防和控制投资者短视行为。
The funds and R & D capabilities are the focus of most high-tech enterprises. Through the analysis of the characteristics of enterprises, it is found that the characteristics of small and medium-sized high-tech enterprises such as lack of clear objectives, lack of resources, lack of R & D capabilities and policy dependence, affect the R & D performance due to their short establishment time. Venture capital can play a catalytic role in research and development capability and R & D performance on the basis of meeting the capital needs of enterprises. However, the contradiction between the short-sighted behavior of investors and the effect of R & D and investment of enterprises detracts from the long-term interests of enterprises. Based on this, it is proposed that small and medium-sized high-tech enterprises should pay attention to R & D accumulation to enhance R & D capability and R & D performance, and implement incentive measures to prevent and control investors’ short-sighted behavior.