Abstract: Technical innovation theory is used to study the relation between research & development innovation and performance of Chinese photovoltaic companies, and financial leverage is incorporated into model to further study variances between state-owned and private companies, providing decision-making references for photovoltaic companies to make R&D investment strategies and to make performance plans. This paper, based on 100 stock A-listed photovoltaic companies' panel data from 2016 to 2020, uses Hausman test and random effect to study the adjustment of financial leverage and equity nature with R&D input intensity as independent variable and companies' performance as dependent variable. The results show an upside-down “U-shaped” relation between them, increase of input can promote companies' performance when input is insufficient; however, this promotion may become adverse as R&D input increases. Financial leverage plays a negative role that their relation can be weakened as financial leverage coefficient rises. The upside-down “U-shaped” relation exists both in state-owned and private companies, outstandingly in the latter. An appropriate R&D input intensity largely promotes photovoltaic companies'performances, subject to their capital allocation. Photovoltaic companies should consider their R&D input according to their overall strategy, which makes appropriate R&D input strategy from input & output and capital operation. Private companies complying with marketized operation have a well stimulating mechanism. Stateowned companies' performance can be promoted if private equity is adopted appropriately. 

Key words: R&D input intensity, companies' performance, financial leverage, equity nature

摘要： 基于技术创新理论分析我国光伏企业研发创新与绩效之间的关系，并将财务杠杆纳入模型中，进一步研究在国有企业和非国有企业中研发投入强度和企业绩效之间的关系是否存在差异，为光伏企业制定研发投入战略和绩效提升计划提供决策支持和数据参考。选取2016—2020年沪深A股100家光伏上市企业的面板数据，根据Hausman检验结果，采用随机效应进行实证分析，以光伏企业研发投入强度为自变量，以企业绩效为因变量，揭示财务杠杆和股权性质的调节效应。结果表明：研发投入强度与光伏企业绩效呈倒“U”型关系，即在企业研发投入不足时，增加投入可以正向促进企业绩效，但这种促进作用会随着研发投入的增加而降低，并逐渐演变为负向影响；财务杠杆在其中起负向调节的作用，随着财务杠杆系数的升高，二者关系被削弱；在国有企业和非国有企业中研发投入和企业绩效均呈显著倒“U”型关系，这种关系在非国有企业中更为明显。合理的研发投入强度对光伏企业绩效增长有重要影响，而影响程度与企业资金配置有关， 因此企业在考虑投入研发时应从总体战略出发，根据当前的投入产出和资金运转情况制定合适的研发投入战略。非国有企业遵循市场化运作，其激励机制较为完善，适当在国有企业中注入非国有股份，可以激发企业活力，提升企业绩效。

关键词: 研发投入强度, 企业绩效, 财务杠杆, 股权性质