基于中国2014—2019年40家种业上市公司的平衡面板数据，运用个体固定效应模型，探讨研发投入对企业绩效的影响，以及供应链集中度对二者关系的调节作用。结果表明：研发投入对当期和滞后1期的企业绩效具有显著负向影响，相关系数分别为0.054、0.022，对滞后2期和3期的企业绩效具有显著正向影响且该影响呈逐渐增加趋势，相比前1期相关系数分别增加0.036、0.011；供应链集中度在1%的显著水平上正向调节研发投入与当期企业绩效的关系。

Based on the balanced panel data of 40 listed seed companies in China from 2014 to 2019, the paper utilizes the entity fixed effect model to explore the impact of R&D investment on the enterprise performance and the moderating effect of supply chain concentration on the relationship between the two. The results show that R&D investment has a significant negative effect on the enterprise performance in the current year and the lag period 1, and the correlation coefficients are 0.054 and 0.022 respectively. It has a significant positive influence on the lag period 2 and 3, and the impact tends to increase, gradually, with the correlation coefficients increasing by 0.036 and 0.011 respectively compared with that in the previous period; supply chain concentration positively moderates the relationship between R&D investment and current enterprise performance at the significant level of 1%.

F270.3；F306