| In the background of the integration of the world economy, economic globalization and knowledge economy has been highly developed, the degree of competition among enterprises is increasing, which makes it more and more attention to how each enterprise to make their own in this fierce competitive environment in remains strongly momentum of development. Now, a growing number of companies have realized the research is to improve its core competitiveness of key enterprises, but also based on their own survival and rapid development of core strength. Scientific and technological innovation as the core competitiveness of enterprises to maintain the fundamental, has gradually become the driving force to accelerate the development of their own lies, technological innovation can promote enterprise development of a more competitive market for new products, improve profitability at the same time, and constantly enhance their competitive advantage.Our government in order to encourage enterprises to conduct R&D activities to develop and issued a series of related policies and regulations, such as the "PRC Enterprise Income Tax Law Ordinance," Article95requires an enterprise to develop new technologies, new products, new processes research and development activities for the purpose of generating a series of charges in the new technology into their intangible assets should be preceded by150%of actual costs plus the net; business R&D of new technologies into the part of intangible assets, according to Ying included in intangible assets for150%of the cost of post-amortization of intangible assets."PRC Enterprise Income Tax Law" Article28, for some of the initial creation, the need to support national key high-tech enterprise class, given the initial tax exemption and reduction of15%enterprise income tax. In addition, the state has introduced some kind of high-tech enterprises and the development of specific projects to give a direct subsidy to encourage policy and so on, although the state that encourage enterprises to conduct R&D activities, but due to a number of R&D activity itself unstable factors, such as:high input, a long time, high-risk, corporate decision makers tend to be less emphasis on corporate R&D activities, relatively speaking, they are more popular in some of the short-term projects to improve profit margins, therefore, compared with developed countries, R&D investment of Chinese enterprises is still low.At present, the R&D investment enterprise issue has become a bottleneck to improve the level of China’s scientific and technological innovation, the competitiveness of enterprises, and hinders the enterprise’s long-term sustainable development level. Enterprise is the main body of investment in research and development, from the angle of enterprise sustainable growth of investment in research and development ability, can improve the development of consciousness, let enterprises to fully understand the importance of R&D, and then through the reasonable level of research and development investment to improve the performance of enterprises, and promote the enterprise sustainable growth ability. Manufacturing industry is the traditional industry of our country, although the rapid development, but because of their own limitations, lack of technological innovation ability and so on, into the bottleneck period, facing the increasingly fierce market competition, many enterprises are facing out of the market, more liabilities than assets, or even go bankrupt edge predicament, manufacturing and R&D investment has has become the government, enterprises, experts and the parties concerned. If through empirical method that enterprises through increased investment in research and development is helpful to improve the ability of sustained growth of enterprises, then no doubt can guide the manufacturing enterprises to actively increase their investment in research and development; at the same time, because of the manufacturing industry in the society at the present stage of our country, is crucial to the degree of the contribution to the GDP, increasing R&D investment has continued growth for manufacturing enterprises ability, for China’s rise from "big manufacturing country" to "development goals to create power" will also have important practical significance to realize. Therefore, to research and development of manufacturing enterprises into the starting point for research, to research into the enterprise sustainable growth ability is very important. Based on the manufacturing enterprise R&D investment impact on enterprise sustainable growth ability as the research topic, summarizes the related literature in infrastructure investment and domestic and foreign research and development impact on corporate performance, introduces the factors of production theory, input-output theory, life cycle and technological innovation theory and enterprise growth theory, Then in the manufacturing process of A shares of listing Corporation disclosure of R&D expenditure data2008-2011annual financial data as the study sample, removed the ST company, there are missing values and outliers, finally get the751Sample Firms, variable selection by the R&D investment and sustainable growth ability to collect the data of these companies, a multiple regression model, Using SPSS19.0software to carry out regression analysis on the model, empirical study found that the effect of manufacturing industry listing Corporation R&D intensity of the current enterprise sustainable growth ability with enthusiasm, and R&D investment impact on enterprise sustainable growth ability has a certain lag, performance for the R&D input lag phase, two and three phase of sustainable growth ability of the enterprise has a positive role in promoting, and compared the sustainable growth period enterprise ability more. Conclusion based on theoretical research and empirical, this.paper put forward that enterprises should establish the R&D activities in the subject position of enterprises from the enterprise internal factors, pay attention to R&D personnel, reasonable increase R&D investment intensity, to ensure continuity of R&D investment; from the enterprise external factors suggested that the government should increase support to R&D investment enterprises, including increase financial support, and actively cultivate scientific research personnel for enterprises, establish and perfect the relevant R&D policies and regulations and a series of measures to improve enterprise performance, finally discusses the shortcomings and areas in need of further study. |
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