The Research On R&D Information Disclosure And Its Effecting Factors Of China’s Listed Company In Growth Enterprises Market

While the market competition of the company is more and more furious and the updatespeed of the product is more and more rapid, whether the company has innovation ability ornot has became the most important problem which affects the company’s existence anddevelopment. Under this circumstance, as the source of the company’s technology innovationand product innovation, research and development (R&D) become the important parts dependon which the company can keep its core competitive force, survive and development in theword. When the bond market in our country becomes more and more perfect, the quality ofinvestor also has improved. They pay attention to the company’s information disclosuregradually, especially to the R&D information disclosure, in order to know the company’scompetition advantage deeply. So for our listed company, disclosuring the R&D informationin the annually report is good for the investor to understand the development potential and theability to gain profit of the company. Then they can estimate the investment value of thecompany exactly. But the current situation of the R&D information disclosure in our countryis not optimistic. More and more literatures indicate that the R&D information disclosure inour country is not enough. The information disclosure of the listed company can’t reflect thecompany’s R&D condition. So how many factors have influenced the level of the R&Dinformation disclosure of our listed company in our country? The article explores the factorswhich influenced the level of the R&D information disclosure of our listed company in ourcountry on the basis of related theoretical. We expect that the department can integrate thedisclosure standard and complete the content of R&D information disclosure on the basis ofthis. At the same time, it has important meanings for many people to become familiar with thelaw of the R&D information disclosure and direct the company to disclosure the R&Dinformation.This article studies the R&D information disclosure of the listed company in our countryfrom the visual angle in the company on the basis of the current condition of the R&Dinformation disclosure. It not only includes the analysis of the current condition and dynamic of the R&D information disclosure, but also includes the study of the factors whichinfluenced the level of the R&D information disclosure. Finally, the article presents somerelated policies and advises about how to improve the level of the R&D informationdisclosure of the listed company in our country.Firstly, This article defines the concepts about the R&D investment and its informationdisclosure on the basis of analyzing many related articles at home and abroad. Then itexplains the theory foundation about this article and describes the current condition andproblems about the current condition of the R&D information disclosure in our country.Secondly, on the basis of the existing theory, we present the the hypothesis of the studyand build the index system to measure the level of the R&D information disclosure in thecompany. Then we design the variable which is needed in the demonstration study in thearticle and build the multiple regression model.Finally, the article test the factors which influenced the level of the R&D informationdisclosure of the sample by using descriptive statistical analysis, correlation analysis andmultiple regression methods. Then we obtain the result of demonstration study and presentsome policies and advices on the basis of this.