Research On The Relevance Between R&D Expenditure And Corporate Performance From The Perspective Of Changing Accounting Policies

At present,technological innovation plays an irreplaceable role in the development of the companies.Companies in various industries have raised the banner of technological innovation and led the development of the company with technological innovation.The companies that lack of innovation faced the challenges and pressures.In recent years,although China's overall R&D investment expenditure has been increasing every year,the economic benefits brought by it have not kept pace with Western countries.Obviously,technological innovation is the soul of a company's development,and R&D activities are the most fundamental way to achieve technological innovation.By constantly updating the production technology,the company can always be at the forefront of the industry's technology and occupy an absolute advantage in the market competition.Due to the income instability,long-term and information asymmetry of the company's R&D activities,it is veryprone to entrusted agency problems in R&D activities,which seriously limits the efficiency of the company's R&D investment.Changes in the company's accounting policies will inevitably lead to changes in various resources during a certain period of time.A new round of social wealth distribution will also occur.Therefore,in essence,the change of accounting policies is actually a kind of adjustment of social interests.Its inability to implement effective management and control will not only reduce the quality of the company's accounting information,but also adversely affect the development of the entire national economy.Therefore,it is of great theoretical and practical significance to analyze the impact of accounting policy changes on the company's R&D expenditure and corporate performance.The paper defines the connotation of R&D expenditure,accounting policy change and company performance,based on agency theory,information asymmetry theory and technology innovation theory,using empirical analysis method,taking main board listed company as research sample,using sample company continuous in 2014-2016 The data in the three-year annual financial statements,and manually collected the data of the accounting company's accounting policy changes for three consecutive years,with the R&D expenditure intensity and the capitalization intensity of R&D expenditure as explanatory variables,using Tobin's Q as the explanatory variable and introducing accounting policy change,the mandatory accounting policy change type as the adjustment variable,and the company size,asset-liability ratio,capital expenditure rate used as control variables,and the multiple linear regression model is constructed to study the relationship between R&D expenditure and company performance and the regulatory effect of policy changes on the relationship between the two.The paper consists of six parts:The first part,the introduction.It mainly discusses the research background and significance of the thesis,and expounds the significance of the thesis on the theoretical and practical aspects of the future research.Finally,the research methods and framework of the thesis are explained.The second part,a literature review.This part mainly reviews the research literature on R&D expenditure and company performance in domestic and foreign research,the research status of the impact of different accounting treatment methods on corporate performance,and the research status of the impact of accounting policy changes on company performance.The third part,the theoretical basis and research hypotheses.This part firstly defines the related concepts,then discusses the relevant theoretical basis,and puts forward the research hypothesis in combination with the analysis of relevant theories.The fourth part,research design.It mainly includes how to select samples,how variables are defined,and the design of regression models.The fifth part,empirical test and analysis of results.This part uses statal4.0 to conduct descriptive statistical analysis and correlation analysis of the whole sample,and then make a regression analysis on the adjustment effect of R&D expenditure and company performance,accounting policy changes on R&D expenditure and company performance.The sixth part,research conclusions,countermeasures and recommendations and future prospects.Finally,the paper expounds the research conclusions,summarizes the problems existing in the research,and finally proposes the future research direction.The possible innovation of the thesis is that the thesis is a tentative exploration in the research on the correlation between R&D expenditure and corporate performance.The paper uses a new perspective to analyze the correlation between R&D expenditure and company performance,and further introduces mandatory accounting policy change is used as a moderator to study how it plays a regulatory role in the relationship between R&D expenditure and corporate performance.From the perspective of this,we will discuss the impact of R&D expenditure on company performance.The main conclusions of the thesis are as follows:(1)The research and development expenditure is positively correlated with the company's performance,and is also positively related to the performance of the company.(2)The capitalization intensity of R&D expenditure is positively correlated with the performance of the company in the current period,and is also positively related to the performance of the company in the first period.(3)When other conditions remain unchanged,accounting policy changes have a negative adjustment effect on the relationship between R&D expenditure and corporate performance.(4)When other conditions are unchanged,the change of mandatory accounting policy has a negative adjustment effect on the relationship between R&D expenditure and corporate performance.Based on the above conclusions,the paper proposes different countermeasures and suggestions from the perspective of the government and the company.