Empirical Research On The Relationships Among GEM Listed Companies’ R&D Investment, Insider Sharehoiding And Company’s Growth

The company’s growth has been an important subject of accounting theory and practice, in order to maintain appropriate growth of the company, the need for factors that affect the growth of the company to analyze. "High-tech" and "high growth" is GEM listed companies salient features, so R&D investment, insider holdings, the company’s growth intrinsic link between the three research to enhance our research and development capabilities GEM listed companies effectiveness and ability to grow has important practical significance.Thesis research and development investment and the company’s growth as the main line of research, study the company’s R&D investment growth lagged and cumulative effects, adding governance variables on the basis of insider holdings explore regulation of insider holdings. By reviewing the relevant literature, related concepts and theoretical basis to define and sort out, on the basis of empirical analysis, draw conclusions and make recommendations. Papers selected 309 GEM listed companies as samples, select metrics and establish R&D investment, insider holdings, the relationship between the company’s growth model, using SPSS,EXCEL software for descriptive statistics, regression analysis and robustness test.The study found: After a year of research and development investment required time to market recognition of its innovative, value creation, to be effective to obtain excess returns, and optimal lag period is two years, three years after the R&D investment to boost development of the company gradually decrease; R&D investment in 3-4 years, the company’s role in promoting the development of larger,less effective after 5 years; synergies generated by the internal and external investment in favor of improving the company’s growth; insider ownership affect the company’s R&D investment in the growth process play a regulatory role, but there are differences in regulation of direction and significance levels; insider holdings and the company’s growth is no significant relationship between the core internal R&D investment holdings of the company’s growth and relations negative impact of non-core insider regulation holdings direction unstable and did not pass the test of significance.Through the above research paper presented the following recommendations:to establish innovative ideas; reasonable arrangements for R&D investment scale,timing and structure; the scientific development of the scope and scale equity incentive norms and behavior of insider holdings.