| Technological innovation is the core of the competitiveness of enterprises as well as the fundamental source of achieving the advancement of science and technological and accelerating the economic growth, while R&D is the most important and primary connotation technological innovations. January1,2007, the new corporate accounting standards formally implemented in the listing company,"Corporate Accounting Standards No.6-Intangible Assets" in the accounting treatment of corporate research and development costs (R&D) made certain changes, from the total "cost" of the research and develop phase to "capital" of treatment, that meet the stated requirements. The original purpose of R&D accounting standards change is to make the company’s operating conditions and financial results be more objects reflected in the financial report, and thus increase the enterprise R&D investment performance. After the revision of the new standards, many scholars discussed such issues as the effectiveness of the new standards to the corporate R&D activities and the R&D investment performance.This paper reviews the related theories of R&D, including the factors of production theory, input-output theory, product life cycle and the technology innovation theory. Then the paper reviews the related literature at home and abroad, makes theoretical analysis of the R&D system change impact on the R&D investment of enterprises, and in based on this, puts forward research hypotheses. This paper selects the new accounting standards promulgated and implemented before and after three years, namely before the new accounting standards promulgated and implemented (2004-2006) and after the new accounting standards promulgated and implemented (2007-2009), in the Shanghai Stock Exchange and the Shenzhen Stock Exchange in a total of86companies,516samples as the sample of this study, including mining, manufacturing, information technology industry, and wholesale and retail trade. In the part of empirical research, this paper analysis in accordance with the full sample and sub-industry including descriptive statistical analysis, Pearson correlation analysis and regression analysis, the purpose is to execute after the stands of new intangible asset implemented, the R&D investment of enterprises is rising, as well as the R&D system change on the influence of different industry are different.The research results show that, the full sample of listing companies in the period of the implementation of the new standards of intangible assets, R&D intensity increased and the R&D investment of enterprise rose. That is to say the effect of system standers of intangible assets initially appeared. Research for the industry, the three industry listing companies, including mining, manufacturing and information technology industry, the company’s R&D strength increased and R&D investment increased after the R&D system changed. While for wholesale and retail trade industry, company’s R&D strength reduced after the R&D system changed. At the same time, R&D system change made the largest influence to the information technology industry in the four selected industry, namely the R&D system change made the biggest improvement to the R&D investment of the information technology industry.Finally, based on the above research results, the paper put forward relevant policy suggestions:improve the R&D standard operation, including clear the research and development process of the "research" and "development" two stages standards and improve technical feasibility and commercial viability of capitalization conditions. Standardize enterprise R&D investment information in the annual report of the disclosure, including that the government should strengthen the R&D investment management of information disclosure, the disclosure of R&D expenditure subjects should be unified, the disclosure of R&D expenditure data should be specific, and the frequency of disclosure of corporate R&D investment should be increased. |
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