Research On The Influence Of R&D Investment On The Growth Of Enterprises

Under the background of economic downward pressure and under the challenge of diminishing marginal effect of macroeconomic policy stimulus,enterprises with core advantages are often able to seize the opportunity in the market.Especially for the GEM listed companies,in the fierce market competition,whether the R&D investment can gain advantages and increase the growth of enterprises,is a topic and field of particular concern for the academic circle,industry and government departments.Therefore,this paper explores the influence of R&D investment on growth of Chinese GEM listed companies,sorts out relevant concepts of the two,and combines human capital theory,technological innovation theory,core competitiveness theory,enterprise growth theory and other related theories to understand the impact mechanism and time.In this paper,when measuring the variables of enterprise growth,the currently recognized and highly reliable factor analysis method is selected,and the original variables are grouped according to the correlation between 15 indicators and common factors.The common factors are redefined as six major factors,which affect the growth level of enterprises with the contribution rate of over 80%.On this basis,this paper proposes the research hypothesis,builds the corresponding model,empirical analysis of R&D investment on the impact of enterprise growth,and finally draws the conclusion of the paper,and puts forward the corresponding recommendations and the shortcomings of the paper and future research direction.On this basis,put forward the research hypothesis,constructs the corresponding model,the influence of the relationship between the empirical analysis,and puts forward corresponding suggestions and the article of the deficiencies and future research direction.By combining normative and empirical research methods,this paper analyzes the relationship between R&D capital investment intensity and R&D personnel intensity on the growth of enterprises through linear regression,and finds that both of them can promote the growth of enterprises.When the companies with high R&D input and low R&D input intensity were grouped,it was found that those enterprises with high R&D input showed strong growth facilitating effect.After further research on the lag effect,it is found that there is no lag period between the intensity of R&D personnel and the growth of enterprises in GEM listed companies,and that both the intensity of R&D capital input and the absolute number of R&D cost input have a short-term effect with a one-year lag,and the correlation becomes weaker and weaker after two lag periods,indicating that there is no significant correlation between the R&D capital input with two or three lag periods and the growth of enterprises.From the analysis of the cumulative effect,the cumulative R&D investment has played a good role in promoting the growth of enterprises.After the analysis of the accumulated R&D investment for five years,it was found that there was a complicated U-shaped curve relationship between the two,which mainly produced an obvious promotion effect within three years after the accumulation,and then the influence gradually weakened,which was related to the short-term effect of R&D investment,and also to the short-term research projects selected by the gem listed companies themselves.The cycle of product upgrading was short,and the competitive advantage obtained from the initial R&D investment had already played a role in the first lagging period,and the influence was not obvious for the longer term.