| With the change of the world pattern, the accelerated development of economic globalization, The competition among enterprises is becoming increasingly fierce. Now there are more and more enterprises are aware of the foundation and the key to enhance their core competitiveness for the R&D input elements. According to the data of statistical yearbook of Chinese science and technology, R&D expenditure of major developed countries in Europe and America accounted for the share of GDP remained at a high level, our R&D investment is also increasing, to2010, R&D expenditure in China accounted for the level has been flat and the United Kingdom, the latest2011R&D costs accounted for the level of up to1.8%, which is the highest level in history.In addition, domestic and international literature also proved, technology innovation on China’s economy in recent years having attract worldwide attention result has an important role, which also indirectly confirmed our years of government for technological innovation and encourage investment in research and development of a positive attitude. However, the achievements of China’s economic development is created by the state-owned economy and private economy, On the one hand, the private economy on the growth of the national economy relative to the state-owned economy is on the rise, on the other hand, the majority of private enterprises for a long time the technology innovation subject consciousness is still relatively weak, all kinds of resources in the innovation is not enough attention, especially in the high-tech human resources have been the focus of scholars attention. It can be asserted that, private enterprises rely on the simple introduction of technology, or technology imitation, simple introduction of technology, or technology imitation has been unable to meet the needs of China’s economic development, more do not adapt to the international economic integration trend of history.In this context, in order to further understand the actual situation of investment in research and development of private enterprises in China, this paper for the study sample were studied through listed from2009to2011three years in Shanghai and Shenzhen high-tech private enterprises, research costs and high-tech R&D personnel as the main point of technology innovation research, research costs and high-tech R&D personnel as the main point of technology innovation research, combined with the capital structure, profitability, development capacity, has discussed the development of China’s private high-tech enterprises listed on the (R&D) input and the enterprise’s own growth correlation. We hope that through the empirical results can provide some decision-making basis for government and investors, and is conducive to private high-tech enterprises to deepen research and development (R&D) investment awareness, to enhance the core competitiveness of enterprises, and then in the new situation to better support our future sustained rapid economic growth in demand and the construction of a comprehensive well-off social objectives.From the perspective of private high-tech enterprises, this paper is based on empirical study, together with necessary explanation and instruction. There are5chapters in total, making the research on the relationship between R&D and growth from theoretical aspect as well as empirical aspect.The first part, the introduction, is a general overview of the full text. In this paper presents the background, the research significance, the research methods and the content framework, finally summarizes and reviews research results on the relation of R&D and the growth in and outside China.The second part is the related concepts and theoretical analysis. This part summarizes the relevant concepts and analyses the R&D of private high-tech enterprises and the growth situation in China. And finally elaborates the related theory of the relation of R&D and the growth and confirms R&D impacting on the growth process.The third part is the design of empirical research model. According to the literature review and theoretical basis, this part puts forward the hypothesis, selects the variables, illustrates the model of data source and establishes the research model.The fourth part is an empirical analysis of the results and conclusions. This part examines the above hypotheses and multiples regression method for panel data to study the R&D of private high-tech enterprises impacting on Enterprise Growth. Finally it analyses the empirical results.The fifth part is the paper summarizes and policy recommendations. It summarizes the theoretical and empirical analysis, and puts forward relevant policy suggestions.The empirical results found:First, R&D investment and growth of private high-tech listed companies are related to a certain extent, the R&D investment and its market value growth is not significant, there is a positive correlation with the growth of financial value. In addition, the high-tech R&D personnel and enterprise’s market value and financial value has significant positive correlation. I think the R&D of private high-tech enterprise itself into output capacity is weak, and it is relate to Information disclosure of the truth and integrity.Second, according to lag model, R&D investment and private high-tech enterprise of our country’s growth is not strong hysteresis effect; But high-tech R&D personnel and enterprise’s growth there is a significant positive correlation effect; Effect of one year lag period is more significant, influence of behind the two-year is weakened.Third, there is a significant negative correlation between the capital structure of the private high-tech enterprise of our country and the growth of market value, but negative correlation with the growth of enterprises financial value is not significant. I think the reason may be the private enterprises do not tend to use debt financing to increase the value of the enterprise, the enterprise may rely more on stock financing and more inclined to internal financing.Fourth, private high-tech enterprise of our country’s profit level and the growth of market value and financial value is not obvious. On the contrary, the private high-tech enterprises overall human resources and the growth of market value and financial value are significant. This indirectly reflects the private enterprises to obtain sustainable development, then the enterprise managers should pay more attention to human resources and the human system.Fifth, the scale factors of the private high-tech enterprises have some negative effects on their growth, it also shows that the larger private enterprises compared to smaller private firms reaction speed in the management, R&D investment and R&D personnel is slow. It affects the growth of enterprises.In addition, regional factors and its growth is not related.Finally, according to the conclusion of this article and the results of empirical research, the article gives a summary and policy4aspects of suggestions:First, the government should create a favorable external environment for the enterprise technology innovation and improve the enthusiasm of private enterprises for independent innovation. The state-owned economy in the present always has playing a leading role in the structure of China’s national economy, while the private enterprises are the external and internal pressure in the background. On the one hand, they produce innovative desire and requirements; On the other hand, they face greater constraints because of their size, financing ability and patter of the limitation. At the same time, innovation activities has high risk and uncertainty. So the majority of private enterprises, especially the innovation behavior of private high-tech enterprise performance is also relatively cautious. Therefore, I suggest that the government can implement the positive fiscal policy and increase investment in technology innovation.In order to protect the rights and interests of the enterprise technological innovation, the government should improve the intellectual property legal.Finally, the government can also increase funding efforts and other methods to improve the enthusiasm of private enterprises for independent innovation.Second, Private high-tech enterprises should optimize the internal mechanism and enhance their own R&D of input-output ratio. As everyone knows, enterprises from R&D to output need to pass through the intermediate process complex, sometimes even to appear fully through the long time. In this process, enterprises need a set of internal technical innovation mechanism to better let R&D investment into practical productive forces. Therefore, as for the internal mechanism, I suggest the private enterprise really build into a complete set of personnel training, using, evaluation and incentive mechanism. This arouses and inspires the working enthusiasm of the staff and high technology research and development personnel. Enterprises realize output is an important institutional guarantee. In addition, the private high-tech enterprises optimize and improve the importance of technological innovation mechanism. Establishing the enterprise as the main body and the market as the guidance and constructing the technical innovation mechanism of production, learning, research combining R&D to improve the conversion efficiency of the real output.Third, private enterprises pay more attention to human resources, adhere to the people-oriented management philosophy. Sustained development of private high-tech enterprise is inseparable from the independent innovation, technology innovation is the most important to rely on "people" factor. Enterprises increase investment in human resources, can greatly increase the stock of knowledge and enhance the level of innovation, so as to promote the sustainable growth of enterprises. In addition, the input of human resource investment more than research funding can bring long-term returns to the enterprise. At present, many domestic scholars study shows that affects the sustainable development of private enterprises, which is an important factor is the lack of talent. Main factors that cause the lack of talents in private enterprises include:low salary levels of substance, the environment for the development of enterprise culture and education of poor, playing a smaller space for private enterprises. Therefore, the private high-tech enterprises to obtain the sustainable development will also face the problem. Here, I think private enterprises should adhere to the "people-oriented" management philosophy, the "people-oriented" concept of the main requirements for enterprises to people-oriented management, respect for employees, understanding, concern for employees, employees rely on staff, because only the "people-oriented" management the private enterprise can better overcome the talent the lack of problems, especially the high technology R&D personnel shortage problem, also only do "people-oriented" management, private enterprises create a good atmosphere for innovation in the enterprise and encourage all staff to actively participate in various kinds of innovative activities, so as to promote the sustainable development of enterprises.Fourth, The policy regulation and regulators continue to improve the information disclosure system of listed corporate R&D. China’s listing Corporation has not been standardized in the disclosure of R&D information,"old standard" has not been to the listing Corporation’s R&D expenditure information disclosure are clearly defined, continued to China’s R&D expenditure "06years of new standards" introduced that improved. With the "new standard" and the promotion of time, since07years, listing Corporation’s R&D expenditure information disclosure has been made great progress, the overall listing of enterprises continued to increase the proportion of the disclosure, disclosure form also gradually standardized, the disclosure of the contents of the completion of further, however, I think that the "new standard" requirements is not specific and detailed, operational is not strong, still has some room for improvement. Therefore, I think the relevant state departments should also pay attention to and lay down the corresponding introduction of measures to encourage. |
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