Abstract: The industry difference of R & D is significant, the two types of agency conflicts investment opportunities and cash flows generated by different industries have an important effect on investment in R & D expenses.This paper finds that: (1) agency conflict is smaller and R & D is greater in growing industry. Agency conflict is greater and R & D is smaller in maturity and fading industry. Agency conflict is greater and R & D is smaller when separation of control rights and cash flow rights is greater. Agency conflict is smaller and R & D is greater when managerial ownership is greater.(2) Compared to the mature and growing, the state-owned property eases the negative effects in recession industry. (3) The separation of ownership and management holdings effect on R & D. This discovery provides better understanding in industry factors and economic consequences of agency conflicts.

Key words: R &, D Investment

摘要： 不同行业间研发费用投入具有显著差异，不同行业发展阶段下投资机会和现金流量产生的两类代理冲突对研发费用投入具有重要效应。实证研究发现：（1）越是成长期行业，代理冲突越小，研发费用投入越大。越是成熟期和衰退期行业，代理冲突越大，研发费用投入越小。控制权和现金流权分离度越小、股权制衡度越强、管理层持股比例越高，代理冲突越小，研发费用投入越大。（2）相比于成熟期和成长期行业，衰退期行业中国有产权缓解了其与研发费用投入的负效应。（3）产权性质和市场化进程下两权分离度、股权制衡与管理层持股对研发费用投入产生了异质效应。此发现有助于深入理解研发费用投入强度的行业因素以及特殊环境下代理冲突引起的经济后果。