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

In recent years,information technology,represented by the Internet,big data and cloud computing,has been developing continuously and has become the leading force leading innovation and driving transformation.Since the GEM was established in October 2009,a large number of excellent IT companies have gathered in GEM.As of December 31,2018,239 IT companies have successfully listed on GEM.In the environment of leapfrog development of information technology,239 companies gain platform advantages by listing,forming a good trend of high-speed development.The new generation of information technology enterprises in GEM are making full use of the capital market platform,increasing investment in R&D,innovating in key areas of information technology,promoting the penetration and integration of information technology into various industries,and injecting new vitality into the transformation and upgrading of the national economy.Based on this,this paper chooses 104 information technology enterprises listed on the GEM before December 31,2012 as the research object,and takes 2013-2017 as the time window,establishes an econometric model to explore the impact of R&D investment on the growth of enterprises.Firstly,this paper constructs a comprehensive evaluation system of enterprise growth,and uses factor analysis method to evaluate the growth of GEM information technology enterprises.On the basis of comprehensive evaluation,from the perspective of corporate governance,we consider the role of equity structure adjustment.Through economic analysis and empirical testing,it is found that the equity balance reflects the particularity of the equity structure of GEM enterprises.Therefore,the core index of equity balance is chosen to study the regulatory effect.Finally,we make a horizontal comparison of different sub-sectors within information technology enterprises,and sum up the size and difference of direct effect and adjustment effect.This paper uses factor analysis and panel FGLS regression methods to draw the following conclusions:(1)Growth of information technology enterprises in GEM shows an upward trend of overall fluctuation from 2013 to 2017.(2)From the perspective of industry attributes,the growth of information technology service enterprises is significantly higher than that of information technology manufacturing enterprises;the growth of software and service enterprises is significantly higher than that of technology hardware equipment and semiconductor enterprises.(3)From the point of view of regional attributes,the growth of IT enterprises located in the East is significantly higher than that in the central and Western regions.(4)The lagging R&D investment has a significant positive impact on the growth of GEM IT enterprises.(5)Equity balance negatively regulates the relationship between R&D investment and enterprise growth.(6)There are differences in the direct effect of R&D investment and the adjustment effect of equity checks and balances among different subdivisions.Based on the above conclusions,this paper puts forward relevant suggestions from the macro-government and micro-enterprise perspectives.