Study Of Influencing Factors Of The High-tech Enterprises In China R & D Expenditures

With the rapid development of international science and technology in the 21st century, and the competition among enterprises all over the world is more furious, countries have fully realized that, in order to increase international market share, cultivate a core competence, they must start from the technical innovation. Core competencies, is the power source which make the enterprise out of competitors. In order to improve their market position in the international arena, the world's major enterprises have increased funding for R&D expenditure into the ranks of world competition. Corporate R&D expenditure is the basic impetus of productivity. In the same time, the hige-tech enterprises can not live without the R&D. High-tech industries, is the high technology intensive group which based on the lastest technological achievements. Technological innovation is the prerequisite of High-tech enterprise exists, otherwise the high-tech enterprises will lose their foundations. Today, the domestic high-tech enterprises is lack of motivation of independent innovation, R&D input-output ratio is low. These common problem has seriously affected the sustainable development of enterprises. Therefore, under the circumstance, R&D investment has a very important practical significance for all high-tech enterprises. At present, relative to developed countries, China's overall situation is still at a relatively low-level. Comprehensive, in-depth research on the impact of the internal and external factors on corporate R&D investment, has an important Significance for the enterprises to improve their technological innovation capability and core competitiveness.Firstly, based on characteristics of high-tech enterprises, theoretical literature and domestic enterprises research and development status, through the questionnaire survey, scientific statistical methods, the paper selected consumer demand, market structure, government R&D spending as external factors, and chose firm size Technological innovation, sales, human capital, capital structure as the internal factors. Secondly, the paper constructe the multiple linear regression model. it takes science and technology statistics and enterprise financial data as support, and use STATA10.0 tested the regression analysis of the factors on high-tech enterprises in China R&D activities of different input size. The empirical results show, (1) the imperfect market system is the essence of the reasons for R&D spending. (2)random effects model can be simulated external factors and internal factors on the impact of R & D investment. (3) In the external factors, consumer demand is proportional to R&D intensity. The degree of market competition and the government investment are inversely proportional to R&D investment intensity. Among them, the impact of the government R&D expenditure on business R&D investment is the highest. (4)In internal influence model, the patent grants and the number of R&D personnel are positively correlated to R&D expenditures, but the impact is a lesser extent. Enterprise scale is positively correlated to R&D expenditures, capital structure has negative correlation with it. Specially, enterprise sales revenue is proportional to R&D expenditures. But it is inversely proportional to R&D investment intensity. It shows that the total amount of R&D investment is increasing with the growth of the revenue, while it not match the correspongding proportion. This makes the difference between the two models.Based on these conclusions, the paper gives the following suggestions:(1) firm size, sales revenue, the state can create a fair competitive environment, and establish a legal mechanism constraint system of business operation, in order to bring good environment for enterprise development. (2) enterprises should attach great importance to scientific and technological personnel, and the total number of patents data. Relative to the international advanced level, its development is far to keep up with the progress of science and technology R&D investment. (3) The enterprise can improve the ratio of their rights and liabilities to reduce the proportion of capital structure, which can lead to the growth of R&D investment. Government should be gradually transforming the existing investment pattern. Finally, there are still many deficiencies on this paper, such as data sample is somewhat less. In the follow-up study, it can increase the accuracy of the diclosure with the large number of the data sample. Further more, In the large sample size, the model can reserch other factors, such as Incentive mechanism, whether it is a listed company and so on.