Using the data of Chinese A-share listed companies from 2010 to 2013 based on innovation drive perspective,this paper studies the impact of the life cycle on R&D investment level.The empirical results show that the life cycle is one of the important factors of R&D investment level which is significantly ne-gative correlation to the enterprises' R&D investment intensity.That is,with the progressive life cycle,the enterprises' R&D investment intensity decreased.The R&D investment intensity of the state-owned enterprises is significantly higher than the private enterprises.Further research results show that the R&D investment intensity of the enterprises in growth stage increased obviously,while in mature and decline stage,the R&D investment intensity decreased significantly.The trend in the category of private enterprises is obvious,but is not in the category of state-owned enterprises.Choosing to cut R&D investment level in the enterprises' mature stage,this may be one of the important reasons why domestic private enterprise's life cycle is too short to last.
Key words
Life cycle /
State-owned enterprise /
Private enterprise /
R&D investment
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