Firm size and the effect of R&D on Tobin's q
研究发现研发投入对市场价值的影响因企业规模而异，大企业的研发估值效应略高于小企业，与Chauvin和Hirschey（1993）的结论一致。
Significant market value effects of research and development (R&D) are generally apparent, but aggregate evidence has the potential to obscure meaningful differences according to firm size. Consistent with findings reported by Chauvin and Hirschey (1993) for the late 1980s, valuation effects of R&D remain somewhat greater for larger as opposed to smaller firms.