Research On The Science And Technology Investment, Innovation Capability And Growth Of Private Listed Companies In Zhejiang

With the rapid development of the global economy,the market economic system continuously improved,while the competition among micro enterprises is becoming more and more fierce.More and more enterprises have already regarded science and technology as the driving force and source of their survival and development.Science and technology investment is not only an important way to stimulate innovation vitality and enhance the core competitiveness of enterprises,but also an important basis for enhancing the comprehensive national strength.Study on influence of Zhejiang private listed companies on the growth of investment in science and technology,not only has the oretical significance to carry out scientific and technological activities of private enterprises,but also help enterprises managers to make scientific decision and conducive to the development and growth of enterprises.The technology based on innovation theory and the principal-agent theory.Firstly,establishing a comprehensive enterprise growth indext hrough the principal component analysis;Secondly,introducting the innovative ability(with the number of patents,technology asset accumulation)as an intermediary variable,which can construct the model of investment in science and technology,innovation ability and the enterprise growth again;Then introduce the Moderator: the corporate governance(two duty state,ownership concentration).Based on the data of 2009-2015 in Zhejiang private listed companies,we use the descriptive statistical analysis,correlation analysis and multiple regression model statistical analysis method,with the data collection,analysis on the research content,model,hypothesis testing,and the hypotheses for empirical analysis;Finally,according to the research conclusion,put forward some useful countermeasures and suggestions.Main research conclusions are:1.Science and technology investment of private listed companies in Zhejiang has a positive impact on the growth of private listed companies;R&D investment,R&D investment intensity,R&D human strength of the enterprise growth has a significant positive effect,and the influence of the two-year lag is more significant.2.The number of patents have a mediating effect on the investment of science and technology and the growth of enterprises;Technology asset accumulation does not have the intermediary effect between the R&D human strength and the enterprise growth,but has the intermediary effect on R&D funds investment,R&D intensity with the enterprise growth.3.The test results on the two duty state and ownership concentration are the same.In addition to R&D investment,R&D investment intensity and R&D human strength all have a positive regulatory effect with the growth of enterprises.4.In addtion to the R&D human strength,the difference of R&D investment and R&D investment intensity on the two duty state are significant;and the the difference of R&D investment,R&D investment intensity and R&D human strength on ownership concentration are all significant.The main innovation of this paper:1.In this paper,on the basis of the relevant literature review,introducting the innovative capacity as this intermediary variable,rather than the previous of investment in science and technology and the growth of enterprise,innovation ability and enterprise growth research paradigm;exploring the conduction effect for investment in science and technology and the innovation ability of the enterprise,revealing the investment in science and technology impact on the growth of the way and the path.At the same time,in order to avoid the effect of the experimental results,this paper introduces Study on the data of 2009-2015 in 7 years,then construct a lag research on model of checking science and technology of Zhejiang private listed enterprises on enterprise growth,which provides a new perspective to study and makes the results more fully.2.The introduction of "two in one" and "the first five shareholders" as the adjustment variables,exploring the two corporate governance variables on the role of science and technology input.In private enterprises,the largest shareholder of the enterprise are often not only the entrepreneurs,but also the operator,chairman and general manager,these two variables to choose a more in-depth analysis of regulation of corporate governance of private listed companies in Zhejiang.Finally,according to the conclusions,combined with the problems in the process of science and technology investment and corporate governance of private listed companies in Zhejiang,this paper puts forward some feasible policy recommendations.