| Faced with increasingly fierce market competition，as a index to measure corporatedevelopment and future prospects, enterprise growth gets more and more attention. With therapid development of economic globalization，China’s enterprises come to realize thattechnological innovation is the foundation and key to improve the core competitiveness.Especially for the rapid development of new energy sources, but also it is also the high-technature of the industry, technology innovation which is leading on research and developmentof products plays a decisive role in new energy industry development. Therefore, weexplore the relationship between technological innovation and business growth of the newenergy industry, which has a positive and practical significance.From the technological innovation and the growth of both the perspective, the paperapplies the relevant theory, chooses new energy listed companies as the research object,selects the range of2011~2014for the research, and uses empirical method to analysis theinfluence of technological innovation to enterprise growth. At first, the paper has acomprehensive evaluation of the sample enterprises’ growth by factor analysis method, andlets it indicate the state of the business growth. At the second, the paper tests the effect ofR&D investment and technical personnel ratio to the enterprise growth, including hysteresisand short-term effects.The results show that: the positive role of R&D investment in promoting growth is very obvious, and this impact will last only one or two years lag; in addition, short-termeffects of R&D investment to growth are more significant, showing the largest effect after ayear lag time, one year later, such a positive effect tends to be weaken; secondly, there is nosignificant correlation between the proportion of technical staff and business growth; andfinally, in order to research more specifically corporate R&D investment to grow its futureimpact under different growth levels, the paper quoted the quantile regression analysis.Through the analysis of the data found in the sample, the conclusion can be got: underdifferent quantile growth levels, the degree of positive correlation between R&D intensityand its growth has evident difference. With the improvement of growth percentile level, theinfluence of R&D intensity of business growth gradually will increase, and firm size,financial leverage, ownership concentration’s negative effect appear to be also different dueto different growth. And the paper puts forward some advice from the firms and our countryaccording to the conclusions. |
PDF Full Text Request