The Impact Of R & D Expenditure On The Growth Of Small And Medium - Sized Technological Enterprises

With the continuous progress and change of society, with the further opening of China’s market economy, with the country facing economic transformation and restructuring, the role of scientific and technological innovation has become increasingly prominent. R&D expenditure as a power source of technological innovation has got more attention from the majority of scholars. In our country vigorously appeals and policy support innovation, entrepreneurship become an important impetus of China’s economic development and structural adjustment. The technological small and medium-sized enterprises is a branch and an important part of the high-tech enterprises, relative to other companies with a high technology content, high flexibility, strongly innovation ability and growth characteristics, more in line with the requirements of the current economic situation of enterprises in all aspects, especially in terms of innovation. Thus, the influence of R&D expenditure on the growth of technological small and medium-sized enterprises will have a great significance.This paper first reviews the relevant literature and theory, and makes the growth of technological small and medium-sized enterprises and the growth of enterprise defined, and then selects the relevant date of 2012-2014 in Shenzhen Stock Exchange listed company to filter and find the sample data. The sample data by using the factor analysis method to reduce the dimensionality of the 14 selected financial indicators to measure the growth of enterprises. According to the relevant assumptions and variables selected to establish the regression model, and do empirical analysis the following conclusions: the measure of the growth of enterprises selected 5 aspects including 14 financial indicators and descriptive statistical analysis, China’s technological small and medium-sized enterprises in 2012-2014 have a good development; the descriptive statistical analysis on the independent variables, R&D expenditure has been paid more attention; There is negative correlation between R&D expenditure and the growth of the technological small and medium-sized enterprises and through the significantly test, the capital ratio of technology and enterprise growth are positive correlation, and through the test of significance, government grants and the growth of enterprise are positively correlated, but did not pass the test of significance. Finally, according to the results of empirical analysis this paper advises to enhance R&D capabilities, make relevant suggestions for the government policies for the group of the technological small and medium-sized enterprises and standardize the information disclosure of the technological small and medium-sized enterprises.