A Study On Accounting Treatment Of R&D Expenditure,Corporate Value And Market Identification

R&D investment and technological innovation have always been the labels of high-tech enterprises.The upgrading of products is inseparable from huge R&D investment.Therefore,its accounting treatment will have a great impact on the asset scale and book profit of high-tech enterprises.Although the new accounting standards stipulate the accounting principles of conditional capitalization and define the two stages of research and development,the accounting treatment of R&D expenditures by listed companies is not prudent,and even artificially control the capitalization ratio to implement earnings management,making R&D expenditure capital It is not always possible to pass on positive corporate value to the market.In addition,the full cost of R&D expenditures directly impacts the current accounting profits of the company,and its positive tax-saving effect is not recognized by the market,thus conveying negative corporate value.This paper takes high-tech enterprises Iflytek,Hwa Create and Hundsun Technologies as the research objects,and analyzes the different reactions and internal mechanisms of China's securities market for R&D expenditure capitalization and expense.The study finds that China's capital market has a hungry state of capital pursuit for high-tech enterprise innovation investment,whether it is based on earnings smoothing motives and capital operation motives to maintain a high proportion of R&D expenditure capitalization rate,or to use sudden increase in research and development expenditures.The capitalization ratio is to maintain the stock price by inflating profits.It is convenient for insiders to reduce the holdings of Hwa Create.The secondary market trend is higher than the Shanghai and Shenzhen 300 Index during the same period,that is,the securities market has given positive recognition.The choice of fully cost-effective Hang Seng Electronics,which brings positive value-added effect of tax-saving cash flow to enterprises,has not been recognized by the market in time.The excess cumulative return rate in the same time interval is significantly lower than the former,and the value signal failed.Effectively reflect the intrinsic value of the company.