Empirical Research Of The Evaluation And Classification Of Growth Of High-Tech Listed Company

The growth of high-tech company is very important for the development of economy and s&t of one nation. Therefore, the research on high-tech firm growth has become a widespread concern issue. There are so many factors that affect the firm growth.researchers do not agree each other because they think it from different views and aspects. As company are an organic whole, the growth of firm is impacted by the inner and the external factor. Inner factors are more direct and lasting in relation to the external environment, this is also the starting point for the paper that is through the study on company of inner factors to research the growth of firm.According of《listed company industry classify direct》and《china High-Tech productcatalog 2000》,and markedness degree of major operation>50%,the proportion of employee in R&D personel>15% criterion and so on. All listed company of shu-shen securities business is choosed . Finally it takes 105 listed High-tech company as stylebook company.It takes data of 105 technologic listed companiess 2003-2005 as stylebook.We use factor analysis and cluster analysis methods in this paper. Firstly, the relevant data of technologic listed companies firm growth is analyzed through factor analysis method, extracted four kinds of factors which affect the ability of firm growth, four abilities are: expansion capability, profitability, technology innovation capacity, lasting capacity. Secondly, the factor scores of the four kinds of ability factors which calculated according to factor analysis is as a new variable, to classify the listed companies and get five growth model through using cluster analysis method,four modeles is: expansion growth model,listed growth model,lasting -expansion growth model,simplicity innovation growth model,innovation-protitability growth model.Through the research, we can find that in the factor scores of five types of growth model and the corresponding mode the ability of technological innovation has played an important role in the high-tech listed companies for their stable development. Technological innovation is important impetus of high-tech listed companies.