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

In the background of the declining population dividend and the gradually increasing of environmental resources pressure,our country,entering the transitional period of economic growth,is badly in need of changing the industrial structure and economic growth mode,and improving the total factor productivity,innovation strength is the key factor in this process.Innovation can not only improve productivity,but also drive the improvement of the system and the change of concept,thus achieving economic endogenous growth.Marx believes that innovation has changed the coordination mode of productive forces and production relations,and promoted the harmonious development of man and nature,man and society.In order to realize the high quality and sustainable development of economy,we must pay advocate innovation in the society,encourage the corporation invent and promote the new product and technology,improve the society technology strength.In order to maintain the leading position in the process of production and operation,and obtain excess returns,from the microcosmic aspect,the enterprise must insist that innovation driving development,improve the product quality and production efficiency,rather than constantly using investment to expand production capacity.The GEM started on October 23 th,2009,which provides a financing platform for the SMEs and high-tech enterprises.Compared with the main board market,GEM listed companies have a strong ability to innovate.According to the GEM patent scoreboard data,up to November 20 th,2014,the GEM listed companies filed an average number of patents filed for each company 83,which was increased by 32% compared with 2013.The ability of independent innovation of listed companies directly determines their future growth space,because of the political factors,China's dominant position in innovation is the monopoly of large companies,and the SMEs are lack of capital and personnel support innovation,the Gem's opening provides a new way to alleviate this problem.GEM listed companies' average R & D intensity is higher than the mainboard market,in 2015,the R&D intensity reached 5.38%,so does the high R&D investment have any effects on the growth of GEM listed companies? Are those effects positive or negative? What is the mode and degree of the effects? This subject is worthy studying.Firstly,this thesis summarizes and analyses R&D investment and business growth in the related literature at home and abroad.Then introduces the technology innovation theory,core competitiveness theory,human capital theory and life cycle theory,lay a theoretical foundation for the follow-up study.Under the theoretical background,this thesis firstly counts the disclosure of R&D information of GEM listed companies in 2015,analyses the problems of information disclosure in R&D combined with some regulations,the information disclosure in R&D has yet to be strengthened.Secondly,analyses of R&D investment,R&D personnel investment and capitalization of R&D costs change trend year by year combined with the specific data and analyzes the relationship between R&D investment and growth of GEM listed companies and put forward relevant hypothesis.In order to test the hypothesis,this thesis selects 356 GEM listed companies to research and develop data in 2011-2015,and uses factor analysis to calculate the growth index.Multiple regression models were established to verify the hypotheses,and use descriptive statistics,correlation test,regression analysis and quantile regression analysis to verify the model.The empirical study shows that the R&D investment of GEM listed companies can promote the growth of enterprises.Specifically,R&D investment can have a significant positive correlation with the promotion of growth,and this relationship has lag effect,and the lag period is a year,and for the listed companies in the phase of rapid growth,R&D investment for growth is stronger than the slow growth of the listed company;the R&D personnel investment can promote the growth of the GEM listed companies,listed companies and the promoting effect on the high-speed growth stage is more obvious;capitalized R&D spending can promote the growth of listed companies,and the role of the rapid growth of listed companies is lower than the slow growth of listed companies;there is a significant positive correlation between the cumulative R&D investment and the growth of Listed Companies in the two periods,three and four periods.