本文采用2009-2013年1145家创业板上市公司的Pool数据实证分析了企业内部晋升激励对企业研发投入的影响，结果显示：企业内部高管晋升激励与研发投入显著负相关；员工晋升激励与企业研发投入显著正相关。进一步研究发现，企业成长性不会显著调节高管晋升激励与研发投入之间的关系，但企业成长性会显著调节员工晋升激励与企业研发投入之间的关系。

this paper investigated the impact of promotion incentive on R&D strategy with a pooled data sample of the 1145 publicly listed Chinese ChiNext companies for the period 2009-2013. The results showed that the top managers’ promotion incentive was significantly negative to R&D and the staffs’ promotion incentive was significantly positive to R&D. Further evidence showed the growth could moderate the relationship between staff promotion incentive and R&D.