An Empirical Study On The China High-tech Listed Enterprise R&D Expenditure And Enterprise Growth Correlation

The trend of economic globalization is the obvious, information technology more and more developed, the competition in the same industry has became much more fierce, many enterprises realize the same industry except for the traditional sense of the resources, how to obtain the core competitiveness of enterprises is the important factor to win. The research object of this paper is a high-tech industry, for the industry, the core competitiveness of its significance is more prominent, the core competitiveness of the industry refers to the new technology research and development activities to create and create the new technology of high level talents. Based on the analysis of some theory and previous research, found that most scholars believe that the theory and increase R&D spending will be the future of the enterprise growth have favorable effect. This article is based on this view, the purpose was to study the enterprises to increase investment in research and development will promote the further development of enterprises.Our existing regulations and does not have a mandatory provisions on the R&D expenditure disclosure, this article through to the annual financial statements of high-tech enterprises reading analysis, pharmaceutical, biological products manufacturing industry for R&D expenditure disclosure more positive and normative, so this paper chose medicine, biological-products manufacturing company as the representative of high-tech enterprises research. In this paper, the ultimate collection of the Shanghai Stock Exchange motherboard stock A three years2010-2012,42companies a total of126data, by summarizing other people’s research before, the variables are R&D density and technical personnel ratio respectively from the capital investment to measure a enterprise two aspects and human R&D expenditures are comprehensive, growth factors, growth enterprise the dependent variable is at the same time, the research of control variables are firm size and financial leverage these two indicators are listed, the specific research process:first using factor analysis method, the index system to calculate weight on the growth of enterprises, the sample enterprises numerical growth; and then the2010-2012three years R&D density and technical personnel ratio were analyzed by descriptive analysis; correlation analysis method is then used to verify whether the R&D expenditures and enterprise growth relationship; finally, using four linear regression model based on four assumptions, validate the theory and previous research proposed.After analyzed the empirical research, we has concluded the following statements:the density of R&D has a significant positive impact on the growth of enterprise; technical personnel ratio has not significant positive effect on enterprise growth; effect of R&D density on the growth of enterprises with lag.