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| Research of the Impact of Investor Investigate on GEM Companies' R&D Expenditure |
| Li Haoyang,Cheng Xiaoke,Zheng Lidong |
| School of Economic and Management, Beijing Jiaotong University Beijing 100044，China |
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Abstract By selecting the sample of Chinese listed companies on the GEM from 2010-2014,this paper empirically examines the relationship between investors' investigate and R&D expenditure. The results show that, Information of investor investigation enhance the intensity of companies' R&D expenditure, and this impact is more significant at research stage with higher uncertainty; The impact of investors' investigate on companies' R&D expenditure is more significant in the companies that located in areas with lower financial development or in high-tech industries; Additionally, compared with the exploratory innovation companies, the routine innovation companies' R&D expenditure is more sensitive with the information of investor investigation.
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Received: 07 July 2016
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Corresponding Authors:
Li Haoyang
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