The Research On The Influence Of The Research And Development Investment To Growth In High-tech Enterprises

With the rapid development of economic globalization, the technology competitions among macro-enterprises are increasingly fierce. More and more enterprises realize that research and development investment can enhance core competence and is conducive to the enterprise growth. So the high-tech enterprises pay more and more attention to research and development investment and technological innovation. This paper takes the high-tech enterprise to study the research and development investment impact on enterprise growth, which not only has theoretical significance for high-tech enterprises to carry out research and development, but also contributes to their own development and growth and helps their enterprise managers make decisions.In the paper, A shares of high-tech enterprises in Shanghai and Shenzhen are used as the research subject and the sample data from 2009 to 2013 is chosen to investment of high-tech enterprises impact on the enterprise growth. The empirical results show that: the research and development investment of high-tech enterprises has significant positive effect on the enterprises growth, exists the effect of latency. Otherwise, they also show that the enterprise research and development investment influence more on the high growth stage enterprises compared with the low growth stage ones. Lastly, the corresponding countermeasures and suggestions are put forward based on the empirical analysis results. The contribution of the paper exists as follows: First, a novel design that net cash flow growth rate evaluates the enterprise development ability and profit cash ratio evaluates the enterprise profitability is selected in the construction of a comprehensive evaluation of enterprise growth model. So the data obtained is more comprehensive and reliable in the paper, in comparison with the single evaluation system. Second, the paper not only studies research and development investment impact on the enterprise growth under the different growth percentile level, but also growth promoting effect on enterprises from a new perspective...