Research On The Relationship Between Founding Resources Of Start-up Firms And R&D Activities

In its three decades of reform and opening-up,China has made tremendous economic progress,but the rapid growth is because of high level of savings and investment,not the efficient use of resources or technological progress.This makes academic circles and decision-makers worry about the persistence of China's economic growth.It's necessary to improve the independent innovation,because it concerns with the national competitiveness,Country Powerful and People Rich,national security.It needs Chinese enterprises to develop the innovation ability to promote the national independent innovation from the microcosmic view.And enterprises should continue to spend more on the R&D investment from the macroscopical view.This paper selects 4 start-up enterprises from the New OTC Market as the research samples.Based on the perspective of Resouce-based-view,we will use tempirical research to analyze the factors of influencing the R&D activities based on the data of the New OTC Market which newly founded during year 2006-2008.It is estimated using a probit regression and a linear regression.Research findings,Financing structure affects firms' R&D investment, debt financing tends to have a positive impact in the short term(Year 1-3) while equity financing tends to have a positive impact in the long term(Year 4-6).Human capital and intellectual property both have a positive impact in the short and long term(Year 1-6).Thia papaer enriched literature about the research of the factors which affect growth of enterprises,and date back to the earliest part of the enterprise's life,highlighting the effects of initial conditions.It has provided pratical reference for the feasibility of the enterprises from New OTC Market which want to start R&D activities,and also conductive to the development of local capital operation and financial management theory.