Research On Board Professionalism,R&D Investment And Growth Of Listed Companies On GEM

Listed companies are an important force for the stable development of the capital market and the national economy.As an important part of my country's capital market,especially the stock market,GEM has developed rapidly since its establishment.However,the current GEM also has the problems of short establishment time and small operation scale.GEM listed companies have higher overall risk and greater room for growth.Therefore,the growth and development of GEM listed companies has been a hot topic in recent years.Current research often focuses on the direct driving effect of relevant factors on the growth of listed companies,but in reality the factors driving the growth of listed companies are often direct or indirect factors or a combination of the two factors.Guided by the principal-agent theory,technological innovation theory,and enterprise growth theory,this article studies the direct and indirect driving relationships between the board professionalism,R&D investment,and enterprise growth of GEM listed companies.The main research contents and innovations are as follows:(1)Construct a growth evaluation index system for GEM listed companies,and use the catastrophe progression method to evaluate the growth level of GEM listed companies from the four dimensions of listed companies' development ability,profitability,operating ability and debt repayment ability,Comprehensive analysis of the development status of listed companies on the GEM.(2)Construct a panel regression model,calculate and test the direct or indirect driving effect of R&D investment and board professionalism on the growth of listed companies on the Growth Enterprise Market.The study found that the professionalism of the board of directors and the level of R&D investment have a direct driving effect on the growth of the company;from the test principle of intermediary effect,it can be concluded that R&D investment has a partial intermediary effect between the professionalism of the board of directors and the growth of the company,that is,a professional board team can Indirectly promote the growth of enterprises through measures such as increasing R&D investment.(3)Based on the characteristics of the comprehensive development strength and progress of GEM listed companies,cluster analysis of GEM listed companies is carried out,and the GEM listed companies are divided into four groups according to their growth and progress levels.What are the similarities and differences between the factors of the growth level of listed companies? It was found that every listed company on the Growth Enterprise Board has common characteristics at each stage of development,which provides a basis for further analysis and suggestions.Based on the conclusions drawn from the above research,this paper makes recommendations at both the government and enterprise levels.At the government level,measures should be formulated to provide incentives to companies in terms of promoting investment in intangible assets and increasing the professionalism of executives.At the enterprise level,the growth of listed companies on the Growth Enterprise Market will be promoted by improving the professionalism of the board of directors and increasing investment in research and development,especially intangible assets.