The Research On Effecting Factors Of R&D Information Disclosure Of China’s Listed Enterprises

R&D as an important innovation activity has increasingly been paid more attention by our country enterprises especially high-tech enterprises. With China’s sustained and rapid development of market economy, each enterprise’s survival and development are facing increasing pressure. There is so ruthless competition in the market that every enterprise may be eliminated without being careful. In the fierce market competition, in order to gain more space for the survival and development, every enterprise competes in its respective areas for competitive advantage. For an enterprise, especially a high-tech enterprise, in order to have access to obtain the competitive advantage, it has to continue to carry out all aspects of innovation, especially technological innovation and product innovation, and this determines the enterprise must pay attention to R&D and increase R&D investment. R&D activities expenditures in China’s enterprises show the increasing trend. In the high-tech industry, R&D spending has become a recurrent expenditure. Along with China’s securities market continues to grow and improve and the quality of the investors is constantly improving, the external stakeholders value enterprise’s information disclosure especially R&D information disclosure and they want more comprehensive understanding especially in competitive advantage of the enterprise, so that they can more accurately estimate the value of business investment. However, according to the current status of our country, the disclosure of accounting information of China’s listed enterprises has not well reflect the true state of R&D, and the listed enterprises lack of R&D information disclosure. This paper, based on our current situation, expands research and development on R&D information disclosure of listed enterprises, both the present situation analysis of the disclosure of R&D information, and the experiment analysis on the factors that attribute to the level of R&D information disclosure. Finally this paper gives some policies and proposals that can improve China’s listed enterprises R&D information disclosure level.This paper first constructs the enterprise R&D disclosure index system, and then based on the content analysis the various indicators are scored. By using this method R&D information disclosure level of China’s listed enterprises is measured. This paper selects annual reports from the year2008to2010of listed enterprises among information technology industry, electronic industry, medicine biotechnology industry and mechanical equipment industry as the research sample. According to the sample selection of standard, finally this paper determines that a total of486samples in162enterprises are selected. This paper uses R&D information disclosure index(RDI) that reflect listed enterprise R&D information disclosure degree as dependent variable, the enterprise scale, profitability, and the ownership structure, financial leverage, board size, R&D capability, financing motivation, RDI of last year as explanatory variables. By building a multiple regression model and through research and analysis of the sample, draw the following conclusion:the profitability, R&D capability and the R&D information disclosure level of last year respectively with RDI, there is a positive relationship; between the ownership structure and RDI, there is a negative relationship; other variables as explained variables have no significant effect to dependent variable.Finally, this paper, in view of the status quo of China’s R&D information disclosure and the above conclusion of the study, mainly during four aspects, the building of information disclosure system of listed enterprises consisting of obligatory disclosure and voluntary disclosure, further improving the governance structure of listed enterprises in China and the internal control system, improving supervision mechanism of the information disclosure of listed enterprises and developing institutional investors, this paper gives some feasible policies and proposals to help the relevant Parties further improve R&D information disclosure level of China’s listed enterprises.