China Mining Industry R&D Expenditure’s Influence On Growth Research

Technology innovation is the source of competition and sustainable development ofenterprises, has become the core force of enterprise development and progress, which in theprocess of growth of enterprises has become the focus of scholars. However, as our nationaleconomy based on extractive industries, but almost no attention. Perhaps due to the naturalresoucre constraints of product innovation. However, with the increasing depletion ofresources and the increasingly iferce markei competition, the extractive industry under thedual pressure to seek long-term stable development of scientific and technological progressand innovation, it is particularly importani. R&D investment is a fundamental way forenterprises to improve the innovation ability as well as a driving force for enterprises to haverapidy growth. Therefore, the study the relationship with R&D expenditures and enterprisegrowth has imporiam theoretical and practical significance.We focus on R&D expenditures and enterprise growth, use the extractive industires listedcompanies as the research object and select the relevant data during2007—2011to buildregression model,"We intend to use the empirical method to analyze whether R&Dexpenditures affect the growth of enterprises, as well as how this affect works. Firsi. we get acomprehensive factor out of18financial indicators to evaluate enterprise"s growth by FactorAnalysis Method. Second, we examine lag and short—term effects of R&D expenditures tothe enterprise growth. Our results show that R&D expenditures have signiifcant positiveeffects to the growth of enterprises, besides, it’s obvious that R&D expenditure htis the mosipositive effect on promoting the company growth when it lags one year: And accumulation ofR&D spending would also accelerate the growth of the company, but less than a single periodof promote role. The last，we introduced the Quantile Regression Theory to explore the stagecharacteristics that may exist in these relationships. Our research shows that in differentgorwth percentile level, the positive correlation of the enterprise R&D expenditure and it’sgrowth is significantly different, and the effect of the control variables on the growth showmore obvious stage characteristics.Finally, based on this research, on China’s mining enterprises put forward to promoit:enterprise value, the related countenneasures to realize the sustainable development and themarket should perform mechanism to improve the relevant standards, the state should encourage listing corporation R&D expenditure information disclosure timely, accuratethrough a variety of channels and other suggestions.