Research On The Impact Of R&D Investment On The Growth Of GEM Listed Companies

With the advint of the era of knowledge cconomy and the increasingly fierce market competition, innovative research and development activities have become main ways to form the core competitiveness of enterprises and cultlivale a country's innovation ability. As one of the main forms to improve the level of technological innovation in enterprises, to transform the enterprise's technological innovation advantage into profit, and to promote the macroeconomic growth. R&D invcstmcnt has important theoretical and practical significance. At present, scholars at home and abroad have made a lot of research in the impact of R&D investment on corporate performance and so on. Besides, the rich research results arc obtained. However, the R&D activities arc characterized by high risk, high return,long investment cycle, strong R&D earnings persistence and so on, which have far-reaching impact on the long-term development of enterprises, so in the theoretical research, the relationship between R&D activities and enterprise growth is more closely.At the same time, does the R&D output relative to the growth of the enterprise have obvious time-lag? Based on the characteristics of R&D activities,moreover, R&D investment is also affected by the financing behavior, ownership structure and profitability. In this paper, based on the above analysis, combining with the current research progress, first of all, the existence of time delay of the relationship between R&D investment and firm growth is studied. On this basis, the paper analyzes the moderating effect of iwnership structure on the relationship between R&D investment and firm growth. Finally, the paper puts forward some suggestions on how to spread the risk of R&D activities in enerprise and optimiz3 the corporate governance structure.Firstly, starting from principal-agent theory, technological innovation theory and the theory of firm growth, this paper summarizes the relevant research of domestic and foreign scholars, and defines the concept which include involved R&D investment, ownership structure and enterprise growth. Secondly, taking GEM listed companies in 2009-2015 as the research objects, this paper constructs a multiple linear regression model. The results of this study show that R&D investment could significantly promote the growth of science and technology enterprises, and there is a lag between R&D investment and enterprise growth. In addition, the proportion of the largest shareholder has a negative moderating effect on R&D investment and enterprise growth, which exists the problem of the largest shareholder governance and indicates the "dominance" hinders enterprise transformation of innovation and R&D results. Nevertheless,both the proportion of the top five shareholders and the degree of the balance of shares has a positive moderating effect on R&D investment and enterprise growth. Therefore, strengthening shareholder checks and balances to the controlling shareholder and intensifying supervision of management strengthen the controlling shareholder shareholders and management supervision can prevent the interests of occupation from the big shareholder to other shareholders, and effectively prevent the opportunistic behavior of the management, which are expected to ensure enterprises to carry out innovative R&D activities. Finally, according to the empirical results and R&D actuality of China's GEM enterprises, the paper puts forward some suggestions on how to improve the external policy support, strengthen internal and external supervision, promote industrial optimization and improve the corporate governance mechanism.