Empirical Research On The Influence Of R&D Investment To The Growth Of Information Technology Industry Listed Companies

The growth of listed companies is one of important standards of measuring their development prospect and survival capability,and it is often even beyond economic benefits.According to Schumpeter's creative theory and enterprise growth theory,the enhancement of R&D innovation ability has an effect on the growth of companies,and then on the whole economy.The investment in R&D of information-technology listed companies not only is critical to their growth and expansion,but also provides technical and intellectual support to other industries.But at present in our country,although the R&D investment of information-technology companies has been increased,there is still a big gap compared with that of developed countries.So how does the R&D investment of information-technology listed companies influence their growth?And whether there are lag effect,short-term effect and cumulative effect of the influence of R&D investment to the companies' growth?And whether there is different influence of R&D investment to the companies' growth among different growth levels in information-technology industry?These problems still remained unexplained clearly.Therefore,in order to solve these problems,the paper firstly evaluates the growth level of information-technology listed companies by means of Factor Analysis,and then classifies the information-technology listed companies into three categories:high-level growth companies,medium-level growth companies and low-level growth companies;Secondly,the paper studies the influence of the R&D investment to the growth of all information-technology listed companies,including the influence of current R&D investment,the lag effect of R&D investment,short-term influence,the influence of cumulative investment,and the different influence of R&D investment to the growth between different company growth levels in this industry;Thirdly,the paper puts forward to some ideas and strategies of how to increase growth of information-technology listed companies and R&D investment level.Through theoretical analysis and empirical research,the paper draws the following conclusions:Firstly,the current R&D investment of information-technology listed companies has positive effects on their growth.It indicates that the R&D investment makes great contributions to the growth of companies.So,great importance should be attached to the R&D operations,including both R&D investment and introduction of R&D personnel.Secondly,there exists lag effect and short-term influence of R&D investment to the growth of information-technology listed companies.And the influence of the first-stage and second-stage of lag effect period appear more obvious.But with the increasing of lag period,the positive influence of current R&D investment to the growth will begin to weaken.It reminds companies' managers that,on one hand,they should plan the R&D investment activities in advance;on the other hand,they should be aware that the influence of R&D investment activity is limited,and should change the investment activities as time goes by.Thirdly,the cumulative R&D investment has positive impacts on the growth of information-technology listed companies.It means that R&D investment is long-term activity,and it could not bring benefits at once.So managers should realize that R&D investment is an accumulation of a period of time.Fourthly.the R&D investment of information-technology listed companies has more great positive effects on promoting the high-level growth companies.It means that high growth companies have a greater ability to change R&D investment into the power of companies' growth.It suggests that different growth levels of companies should make R&D investment activities depending on their own situations.Finally,according to the conclusion of empirical analysis,the paper puts forward to five countermeasures for information-technology listed companies,they are(1)listed companies should strengthen their independent R&D efforts;(2)listed companies should pay high attention to lag effect of R&D investment activity;(3)companies of different growth levels should make R&D investment activity depending on their own situations;(4)the government should increase allocations to support companies' R&D activities;(5)make the disclosure system of R&D information of listed companies more perfect.