Research On The Effect Of R&D Expenditure On Enterprise Innovation-driven Growth

With the rapid development of the economy,problems arising from the development of energy consumption and labor intensive development have gradually emerged.In 2006,the State Council issued the Outline of the National Medium-and Long-Term Plan for Science and Technology Development(2006-2020),putting the ability of independent innovation in the important position of science and technology work,reflecting the importance of government’s research and development.In recent years,our country has constantly introduced policies to encourage enterprises to innovate independently and achieve economic transformation and development.Enterprises are also increasingly aware of the importance of research and development and have intensified research and development efforts.In this context,exploring the impact of research and development expenditure on the innovation-driven growth of enterprises will help to further enhance the enthusiasm of enterprises to develop research and development activities.Results of many existing has showed spending on research and development of enterprise value,performance and growth has a positive role,but many domestic enterprises to carry out research and development activities of late,lack of adequate experience and activities of research and development have long period,high risk,need to carry out effective suggestions to guide enterprises to research and development activities.Therefore,this paper attempts to analyze the specific impact of research and development expenditures on corporate innovation growth from an individual perspective through theoretical and case studies and summarizes experiences and deficiencies from the research and development activities of case companies.In order to promote enterprises to actively carry out research and development and provide guidance for them.This paper first reviews the related literature on the research and development spending and expounds the related theory of research and development spending and the innovation-driven growth.Then,the factors affecting the research and development intensity of the enterprise and the influence of research and development expenditure on the enterprise’s innovation-driven growth are analyzed.The analysis found that,in the long run,research and development expenditures have a positive impact on enterprise innovation-driven growth,and then,to have the ability to maintain long-term research and development activities of the enterprises,research and development expenditures have positive effect on enterprise innovation-driven growth will encourage enterprises to carry out further research and development activities,thus forming a virtuous cycle.Later,through descriptive statistics on research and development spending,it was found that corporate research and development spending continued to grow and presented polarization,there were differences between industries,and information disclosure increased.Then,based on the research and development intensity of 5%,the sample enterprises were divided into two parts: high research and development intensity and low research and development intensity.Descriptive statistics analysis showed that enterprises with strong research and development intensity had better performance in innovation-driven growth.Afterwards,we analyze the case,and find out the motivation of research and development expenditure and the impact of research and development expenditure on the innovation-driven growth.Overall,the research and development expenditure of case enterprise has a positive effect on its innovation-driven growth.This is due to the appropriate development strategy,the way of cooperation of research and development activities,and the appropriate mergers and acquisitions activities.But there are also some problems such as the high period charge and the slow development of some research and development projects.Finally,according to the existing literature,theoretical analysis,current situation analysis and case analysis,we put forward suggestions for optimizing research and development environment,improving corporate research and development capabilities,optimizing research and development activities management and improving research and development expenditure information disclosure.To encourage enterprises to increase research and development efforts and promote the innovation-driven growth of enterprises.