Research On The Impact Of R&D Investment On The Growth Of Listed Communication Enterprises In China

Innovation is the most important driving force for enterprises to form core competitiveness,and R&D is the source of enterprise innovation.The communication technology industry belongs to the typical technology-intensive and talent-intensive industries,and plays an increasingly important role in China's industrial upgrading policy,especially in 2018,in which global disputes over technology patents in the communications industry continue and Sino-US trade frictions.The two major telecommunications giants ZTE and Huawei have even been pushed into the air.The degree of attention and investment in R&D activities in the telecommunications industry are not only related to the survival and development of the enterprise itself.It will even have a certain degree of influence on China's overall national strength and international status.In this paper,78 listed communication companies in Shanghai-Shenzhen A-share market are used as sample companies,and the financial data from 2013-2017 are used as sample data.First of all,through the core financial indicators to build a comprehensive evaluation index of enterprise growth,so as to reduce the uncertainty caused by objective factors such as the size of the enterprise.Using the methods of descriptive statistical analysis,correlation analysis and multiple regression model regression analysis,this paper makes an empirical analysis on the impact of current R&D investment intensity on the growth of listed communication enterprises.At the same time,this paper also makes an empirical study on the lag of R&D investment on enterprise growth.The results show that both R&D expenditure intensity and R&D personnel investment intensity have significant positive correlation to enterprise growth,which proves that the higher R&D investment intensity is,the faster the growth of communication enterprises will be,the higher the R&D investment intensity is.In the empirical analysis of lag,it is found that R&D investment is positively related to the growth of delayed enterprises,and R&D investment supports the rapid development of enterprises.The larger the investment in pre-R&D,the faster the growth of follow-up enterprises.According to the above conclusions,it is considered that increasing the intensity of R&D investment is an effective way to improve the growth of enterprises in the communication industry.Finally,according to the research conclusion of the influence of R&D investment on enterprise growth,this paper puts forward the reasonable increase of R&D investment,the establishment of rational management incentive mechanism,and the improvement of R&D efficiency.Improve the quality of R&D personnel and increase the intensity of government subsidies and other policy recommendations.