The Research On Its Influencing Factors Of Firms' R&D Information Disclosure Based On The Financial Perspective

The associated R&D information is increasing with enterprises'independent innovation capability becoming much stronger.As part of the strategic information,R&D information has become an important content of capital market valuation.The new corporate accounting standards issued by the Ministry of Finance in 2006,making China's accounting standards achieve the international convergence.Mandatory disclosures of R&D information also achieve a breakthrough on the new standards.However,the performance of Chinese listed companies on R&D information disclosure is not optimistic.They did not pay enough attention to it.This article researches the influencing factors of firms' R&D information disclosure from a financial perspective based on the sample of Shenzhen main board listed companies in 2009-2010.After Summarizing domestic and foreign literature research results as well as specific theoretical background,I construct the R&D information disclosure index and the regression model,and then I examine the influencing factors of the high-tech and non-high-tech enterprises' R&D information disclosure.The main conclusions of the article are:firstly,the significant influencing factors on the high-tech enterprises' R&D information disclosure are firm size and profitability.Among them,the firm size and the R&D information disclosure index is significantly positively correlated,while the profitability significantly negatively impacts on firms' R&D information disclosure.Secondly,for the non-high-tech enterprises group(1)that consists of enterprises with better disclosure,its R&D information disclosure is mainly impacted by firm size and the degree of restriction.The larger the enterprise is,the higher its R&D information disclosure level is.The degree of restriction that is the degree of second to tenth largest shareholder checking and balancing on the largest shareholder is significantly positively correlated to enterprises' R&D information disclosure index.When the degree of restriction is greater,enterprises will be more likely to disclose their R&D information.R&D information disclosure levels of enterprises in the non-high-tech enterprises group(2)are positively related to profitability.Thirdly,the group INDEX(enterprises whose R&D information disclosure sores are greater than or equal to 12),its R&D information disclosure will be affected negatively by the degree of market competition.When the competition in product market is becoming more intense,enterprises will be less willing to carry out R&D information disclosure.This conclusion is consistent with the competitive disadvantage cost hypothesis.Finally,this paper presents several recommendations with the support of the conclusions,including continuing to build and improve relevant laws and regulations system and continually improving the information disclosure standards.Secondly,we should constantly improve the equity structure of listed companies and expand the institutional investors' team.At the same time,we must insist on the development and improvement of the socialist market economy to improve the competitive environment in the product market.