| Under the strategic background of building an innovative country and leading development with innovation”,technological innovation has become a new direction for the company's development.The government has introduced support policies for innovative companies,and the GEM market provides financing channels for high—growth small and medium-sized companies.In this context,this paper takes the financial data of 744 GEM listed companies in 2013-2017 as a research sample to study the R&D investment benefits of GEM listed companies.In addition to selecting the financial report data of the sample company,this paper also consults the panel data of the listed company three years before the listing,so that the analysis is more effective.After a large amount of literature reading and screening,this paper divides the research on research and development into two parts—financial benefit research and non-financial benefit research.The measurement of the independent variable is based on the "development expenditure" in the balance sheet to measure the capitalized research and development expenditure.The detailed data of "management expenses-research and development expenses" in the notes to the income statement are used to measure the non-compliance with the capitalization conditions and the expenses are included in the current profit and loss.Expenditure,the sum of the two is taken as the company's total R&D capital investment,and the index of R&D investment intensity is introduced as the independent variable studied in this paper.In the financial benefit study,the dependent variable is the short-term financial benefit—the return on net assets and the return on assets.The long-term financial benefit is the Tobin Q value.The dependent variable in the non-financial benefit study is the number of invention patents and the number of non-invention patents.The control variables select the size of the company,the length of the listing,and the financial leverage.The data was collected and organized for descriptive statistical analysis,correlation analysis,regression analysis and hysteresis analysis.The conclusions are as follows:(1)The R&D investment of the GEM listed companies has a significant effect on the financial and non-financial benefits of the company.(2)The R&D investment of listed companies on the GEM has a significant lag effect on the financial benefits of the company.Among them,the R&D investment has a significant impact on the short-term financial benefit lag phase ? and the lag phase ?,and the lag phase ?promotion effect is greater than the lag phase one,and has no significant promotion effect on the lag phase ?.The R&D investment has a significant positive impact on the long-term financial benefits lag between the two phases and the lag phase ?,and the promotion effect of the three-phase lag is greater than that of the second phase.There is no promotion in the first phase of lag.(3)The size of the company,the length of the listing,and the financial leverage ratio have certain influence on the financial benefits of the GEM listed companies.There is a positive correlation between short-term financial benefits and company size,and a negative correlation with the length of listing and financial leverage;long-term financial benefits are positively correlated with company size and length of listing,and negatively correlated with financial leverage.(4)The size of the company,the length of the listing,and the financial leverage ratio have certain influence on the non-financial benefits of the listed companies on the GEM.Both invention patents and non-invention patents are positively related to company size,marketability,and financial leverage.Based on the research conclusions and the basic status quo of listed companies on the GEM,this paper puts forward the perfect ideas of scientific planning and research and development of funds,quality,not frequency,establishment of school-enterprise cooperation platform and enhancement of scientific and technological protection. |
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