Research On Value Relevance Of R&D Information Disclosure

Along with the advancement of China’s12th five-year plan, the rapid advanceof economic transformation, it is imperativ e to improve the R&D input ofenterprises further, and it has become an very important and urgent task for thegovernments at all levels to provide good policy environment for enterprise R&Dinput. Under such a historical background, it is very important t o docomprehensive and in-depth research on R&D information disclosure to theenterprise, then analyze value relevance at a deep level, for stimulatingtechnological innovation power of enterprises in our country, and improving thecompetitive ability of enterprises, thus speeding up the transformation of oureconomic growth mode from extensive to intensive, and improving the quality ofChina’s economic growth.Exactly based on the consideration, this article analyzes the value of thecompany R&D information disclosure of listed companies in China, demonstratesthe impact the R&D information disclosure on the behavior of stakeholders fromthe four perspectives of investors, creditors, suppliers, consumers.At first, this paper makes a descriptive analysis of R&D investment amountand R&D input intensity form three levels of China’s overall, business, listedcompanies, and gets the trend and sources of funds for the R&D input. Thenperforms a Statistical analysis of R&D information disclosure status of listedcompany, drawing the overall condition of R&D information disclosure after theimplementation of new R&D disclosure system.Second, based on the analysis of the situation, the p aper analyzes the value ofR&D information disclosure from the Angle of theory, namely the influence ofR&D information disclosure on behavior of stakeholders and analyzes themechanism of action.And then, on the basis of theoretical analysis, combined wi th the relevanteconomic models, putting forward hypothesis, using the data from2007to2012,using the data from2007-2012, do the empirical analysis and conclude the resultsas follows: R&D information disclosure can enhance the usefulness of accountinginformation; R&D information disclosure quality and R&D input have a positiveeffect on the behavior of the investors, and the specific performance is positiveeffect on share prices; R&D information disclosure quality R&D input have no significant effect on creditors behavior, supplier behavior, consumer behavior, andmaybe due to some reason it has not attract enough attention of the them; investorsrelatively general enterprises of High technology en terprise pay more attention tothe quality of the R&D information disclosure and the value of R&D informationdisclosure show industry differences. It can be seen from the empirical results thatR&D information disclosure quality has attracted certain degr ee attention, and itremains to be the value of mining.Finally, based on the theoretical analysis and empirical conclusion, putforward measures of increase publicity, strengthening supervision, standardizingsystem and so on, R&D should have the value of the property to mining.