R & D Information Disclosure And Corporate Market Value Of The Correlation

With the competition in the market becoming fiercer and fiercer, enterprises have to dependent on Research and development activities to survival and develop. Enterprises'R&D investment is increasing year by year, so R&D information has become one of indispensable part in enterprises'financial statements. R&D information disclosed in financial statements is mainly provided to accounting information users. Their response to the R&D information may directly affect the market valuations of listed companies.This paper takes hi-tech enterprises which are listed in the Shenzhen stock exchange during the year of 2007-2009 as the research object. Use the empirical research method to exam the impact of the disclosure of R&D information on Chinese high-tech enterprises' usefulness of accounting information and market value. The author divides the sample into "not disclosing R&D information enterprise group" and "disclosing R&D information group" in the empirical analysis. And according to whether disclose the R&D information in the regulation form, the author divides the sample which has disclosed R&D information into "not canonically disclosing R&D information group" and "canonically disclosing R&D information group". Using the comparison method to analysis proposed hypotheses, the results show that the accounting information in technology enterprises which disclose R&D information can measure the price of stock better than those not disclose R&D information, which reflect the usefulness of R&D information. The disclosure of information technology R&D enterprise accounting information can better reflect the real situation of the enterprises. And there is a significant positive relation between the disclosure of R&D information and enterprise market value. And the relationship is increasing with the degree of the R&D information regulating increased. The result expresses the R&D information' s positive impact on enterprise value.This paper' s findings provide an important reference frame basis not only for hi-tech enterprises' but also for other listed enterprises' R&D information disclosure. And it' s also better for promoting our country securities market's information disclosures and healthy development.