Research On Disclosure Of R&D Expenditure Information Of Kingswood Co.,Ltd

China is currently in an important period of structural transformation.Relevant departments of the state have issued a number of policies to support enterprise to innovate,and encourage enterprises to actively participate in research and experimental development activities.Among them,the preferential policies for high-tech enterprises have aroused widespread concern in the academic and practical circles.The disclosure of R&D expenditure information of high-tech enterprises can reflect the future innovation potential of enterprises,reduce the information asymmetry inside and outside the enterprise,enable the investors to observe the status of R&D in time,and play a role in supervising R&D efficiency and reducing financing costs.The disclosure of R&D expenditure information is conducive to the management of the company itself,and also contributes to the long-term development and innovation skill of the company.Kingswood is a high-tech enterprise which listed on the GEM in the early time.In recent years,the performance of this company has continued to grow steadily and the core capabilities of this company have continued to improve.As a leading company in the offset printing ink industry,Kingswood has outstanding performance compering of other high-tech enterprises listed on the GEM.Due to this reason,this paper takes the Kingswood as the research object and analyzes the disclosure of its research and development expenditure information.The purpose is to understand the entire situation of the disclosure of R&D expenditure information of high-tech enterprises,and finally provide suggestions for improving the quality of R&D expenditure information disclosure of high-tech enterprises.In the process of studying the disclosure of research and development expenditure information of Kingswood,this paper first analyzes the status quo of R&D activities about Kingswood and R&D expenditure information disclosure.Secondly,this paper analyzes the entire situation of information disclosure of R&D expenditures of high-tech enterprises to find out the problems of R&D expenditure information disclosure,and then explores the reasons that affect the quality of R&D expenditure information disclosure.Finally,This paper explains the enlightenment from the research and proposes solutions to the problem of information disclosure in high-tech enterprises.Through the research,this paper finds that the disclosure of the research and development expenditure information of Kingswood is in good condition,and meets the requirements of the guidelines and the related regulations.The disclosure of quantitative information on R&D expenditures of Kingswood is rich in content and standardized in format,which can help investors understand the scale and changes of the company’s R&D expenditures.However,as a representative high-tech enterprise,Kingswood still has room for further improvement in research and development expenditure information disclosure,which can improve the quality of information by increasing the disclosure of qualitative information and the elaboration of accounting policy selection criteria.In order to improve the way of information disclosure of R&D expenditure,this paper analyzes the basic situation and problems of R&D expenditure information disclosure of high-tech enterprises,finding that the high-tech enterprises have inaccurate collection of R&D expenditures,and the disclosure criteria of the research stage and development stage are not clear.Through further analysis,this paper finds that the disclosure of information on R&D expenditure is not perfect,the effectiveness of capital market is insufficient,and the lack of control over the disclosure of R&D expenditure by regulatory agencies are the external reasons for the disclosure of R&D expenditure information of high-tech enterprises.The problems of management system related to R&D of the company,the existence of earnings management motives,and the trade secrets are internal causes of problems in R&D expenditure information disclosure.Finally,this paper draws inspiration from the analysis of the information disclosure of research and development expenditures of Kingswood:improving the relevant systems for information disclosure of R&D expenditures of high-tech enterprises,strengthening the supervision of information disclosure on R&D expenditures of high-tech enterprises,and improving the management system related to R&D of the company,strengthening the company’s implementation of relevant standards for information disclosure of research and development expenditure.Through the improvement of various aspects of the company’s internal and external aspects,the quality of information disclosure of R&D expenditures of high-tech enterprises can be improved.