Research On The Influence Of R&d Investment To The Growth Of Company Under Chief Technology Officer

With the intensification of the global economic integration,the competition among enterprises is becoming increasingly fierce,and the life expectancy of enterprises is becoming shorter and shorter.Therefore,how to maintain the company's sustainable development and growth is the primary concern of enterprises.Scientific and technological innovation is an important factor to drive the growth of enterprises,and R&D activities are of great significance to the survival and development of enterprises.GEM listed companies have high-tech features and need to carry out R&D activities to enhance the core technology to the long-term development of company.R&D activities have the characteristics of large investment,high risk and long payback period,so the managers of the company need to make R&D decision to ensure the good effects of R&D investment.The board of directors as the company's business decisions and executive organs is the core of corporate governance.The technical background of the director will affect R&D investment process.Therefore,the research on the relationship among R&D investment,technology directors and the growth of the company is of great significance to the development of the GEM listed companies.This paper focusing on the study of the relationship between growth and the company's R&D investment,R&D investment for exploration of the company's growth promoting effect,hysteresis and stage effect,and then join the technical director as research variables,regulation for R&D investment and the growth of the company.Based on the existing research literature summary,this paper defines the related concepts,combined with theoretical analysis and puts forward the research hypothesis.This paper selects 371 GEM listed companies in 2013-2015 as the research sample,uses principal component analysis to measure the growth of the company and builds the research model,analyzed by EXCEL,SPSS and R software.The study found that the R&D investment has a positive effect on the growth of the company.R&D investment has lagged behind the effect on the growth of the company,and in second year promoting effect is strongest;in different growth stage companies R&D investment for the company's role is different.In the high growth stage companies R&D investment promotes stronger;the technical director,independent director and technical education level plays a positive role in the relationship between growth and investment in research and development,technical director age plays a negative role.Finally,according to empirical results make recommendations to R&D investment and the board system:GEM listed companies should improve the sense of innovation,strengthen and improve the innovation ability of R&D investment,plan of R&D investment rationally;improvethe composition of the board of directors by introducing the technical background of professional personnel and improve the information disclosure.