Research On Information Disclosure Quality Of R&D Expenditure In Biotechnology Enterprises

At present,with the continuous development of science and technology,the economic structure is also changing from industrial economy to knowledge economy.Innovation has become the source of economic growth and the decisive factor in enhancing the core competitiveness of the country.In the increasingly intensified market competition,science and technology enterprises began to develop rapidly with the high level of scientific and technological innovation,which is based on a steady stream of R&D investment.In 2018,the national R&D expenditure was1.968 trillion yuan,207.18 billion yuan more than the previous year,and up 11.8%over the previous year.High-intensity R&D brings continuous technological breakthroughs,and R&D innovation has become the key to the survival and development of enterprises.Under the background of the aging population and the increasing emphasis on health,biotechnology enterprises,as the enterprises with greater R&D expenditures,have gradually attracted the attention of the capital market.R&D is very important for biotechnology enterprises,which determines whether they can occupy a place in the fierce market competition.At the same time,the information disclosure of R&D expenditure can convey the level of R&D innovation and the direction of future innovation development of enterprises,which has an important impact on the evaluation and judgment of enterprise value.In addition,R&D information disclosure can reduce the degree of information asymmetry between enterprises and investors,and enhance the accuracy of investors’ decision-making.Therefore,high-quality R&D expenditure information disclosure is beneficial to both enterprises and investors,and can effectively promote the healthy development of the capital market,so it is crucial to improve the quality of R&D information disclosure.This paper introduces the background of R&D expenditure and its disclosure firstly,expounds the research methods and research framework of this paper,reviews the relevant literature,and introduces the theoretical basis of this paper,and sorts out the standards and requirements on the quality of R&D information disclosure in the guidelines and specifications issued by the relevant departments in China.Then,sample statistical method is adopted to select listed companies in the biotechnology industry as samples to analyze the current situation of R&D information disclosure of biotechnology enterprises,find out the problems in the disclosure,and analyze the causes.Meanwhile,based on the quality requirements in the norms,the quality evaluation system of R&D information disclosure of biotechnology enterprises is constructed to analyze the quality of R&D information disclosure of biotechnology enterprises,and evaluate the quality of R&D information disclosure of biotechnology enterprises from various perspectives,such as quantitative and literal information disclosure quality,GEM listed companies and main board listed companies.Then,theory with practice,taking WONDFO as a specific case,analyze the current situation of R&D expenditure and disclosure since the company went public,find out the existing problems of the R&D information disclosure,and then evaluate the quality of its R&D Information disclosure.Based on the constructed quality evaluation system,and carry out comparative research with the industry from different perspectives.Finally,in view of the R&D information disclosure of biotechnology enterprises,practical suggestions are put forward from the three aspects of enterprises,standards and regulations as well as regulatory layers to optimize the quality of R&D information disclosure of biotechnology enterprises.In this paper,based on the theoretical basis and the quality standards of R&D expenditure information disclosure in China,focusing on the biotechnology industry,makes an in-depth analysis of the quality of R&D expenditure information disclosure in the biotechnology industry,analyzes the quality differences from various perspectives,excavates the existing problems,analyzes the main causes of the problems,and puts forward feasible suggestions.The research of this paper has certain theoretical value and practical significance in standardizing the information disclosure of R&D expenditure,improving the quality of R&D information disclosure and improving the healthy development of capital market.