Research On The Problem Of R&D Information Disclosure Before And After The Identification Of High-Tech Enterprises

Over recent decades, in order to achieve the strategic goal of developing the country by relying on science and technology. China has been promoting R&D activities of high-tech enterprise with preferential tax and fiscal funds. At the same time, a strong R&D strength is not only able to help high-tech enterprises competing in the market but also help attracting investment and keeping sustainable development. However,high investment, high risk, high income is the characteristic of R&D activities which can help the management of high-tech enterprises have the possibility of selective disclosure of R&D information. And the current literature research mainly concentrated on the impact of R&D information disclosure on enterprise value assessment and the correlation between R&D information disclosure with corporate performance or stock returns. Few scholars pay attention to the content and the form of the high-tech enterprise's R&D information disclosure or the impact by being assessed as high-tech enterprise.This paper selects all companies which assessed as high-tech enterprise during the year of2008 to 2012. On the one hand, by analyzing R&D information disclosure in the annual financial statements, founding that R&D information disclosure is mainly concentrated on the board reports and notes to the annual financial statements. In the board reports,the company will describe the current research achievements and future development planning. In notes to the annual financial statements, the enterprise will disclose data related to R&D information like the amount of research expenditures and development expenditures in the balance sheet and the number of research costs in administrative overheads or notes to cash flow statements.On the other hand, founding the company would choose to disclose the details of R&D information when be assessed as high-tech enterprise.Although accounting standards and the provisions of the CSRC have defined the content of R&D information disclosure. The high-tech enterprise did not fully follow those rules.There are some obvious issues like the proportion of disclosure of enterprises is not high and the criteria for distinguishing between research and development phases are not clear;The form of R&D information disclosure is scattered and the content of it is incomplete;The corresponding relationship within the R&D data cannot be verified and there are obvious errors in the R&D information disclosure of some enterprises;R&D information disclosure does not meet the conditions for the identification of high-tech enterprises in some annual financial statements. This article puts forward three measures to improve the. First of all, the high-tech enterprises should distinguish between the research phase and the development stage according to the characteristics of the industry. Secondly,the form and content of the information disclosure should be further standardized and complete. Finally, the relevant departments should Strengthen monitoring the implementation of R&D information disclosure.