An Empirical Research Of The Relationship Between R＆D And Corporate Growth In Listed Pharmaceutical Industry

With the rapid development of economic globalization，China’s enterprises graduallyrealize R&D activities is the basis and key factor to improve the core competitiveness ofenterprises. Especially for the Pharmaceutical industry which is the rapid development andhigh technical industry, product research and development as the leading technologyinnovation to the development of the pharmaceutical industry is playing the decisive role. Butbecause of China’s capital market is not perfect and the R&D investment non mandatorydisclosure principles, investment in research and development on enterprise growth is positivesimulative effect also lacks empirical results support.In this paper, based on former research, through to the enterprise technology innovationtheory and enterprise growth theories, to A shares of listed companies as samples, using theannual report data of2008-2010years, using principal component analysis, descriptivestatistics analysis and the regression analysis method, to explore business R&D expenditureand the growth of enterprises relationship.This paper uses the Factor Analysis evaluate of the growth of listed pharmaceuticalindustry company. extract three principal components, were named, the gain ability of theenterprise, the enterprise operating capability and enterprise development potential. Then basedon the R&D expenditure in two dimensions: R&D expenditure intensity, the proportion ofR&D and technical personnel, set up the regression hypothesis, and research with regressionanalysis method. The conclusions drawn in this paper: the single stage R&D expenditureand the growth of enterprises have a significant positive correlation; there have a significantpositive correlation between the R&D of three years of accumulation and the growth ofenterprises; Research and development and the proportion of technical personnel withoutsignificant correlation with enterprise growth; enterprise R&D expenditure on the growth ofenterprises has the effect of short-term effect and hysteresis effect.Finally, there have a depth of analysis based on the research results, and draw the relevantresearch implications, study limitations and the next research direction.