The Empirical Research About The Value Of R&D Expenditures Of The Listed Companies

With the rapid development of economic globalization, China’s share in the international arena in order to secure a place, it must as soon as possible to enhance their competitiveness, technological innovation, construction with Chinese characteristics, innovation-oriented country. R&D as a driving force behind the survival and development of enterprises, enhance the level of competition has become China’s own corporate priority. Listed companies on corporate R&D investment has a strong impact on the future development of the role of R&D expenditures of foreign scholars on the value relevance of research has made some research, most of the empirical studies support the R&D expenditure has value correlation. However, China’s domestic research due to various restrictions, is still in the exploratory stage.2007after the implementation of new standards. R&D spending to get a more realistic reflection of listed companies in China R&D expenditures for the value relevance of research provides a possibles.By reading the relevant literature and found that most studies only from the overall R&D spending on the value relevance of research literature by studying the few capitalized and expensed different processing model to study issues related to their value, and are not related literature from the plate differences in research and development expenses related to research. Firstly, inherited the previous studies, that the overall R&D expenditure related to research issues; processing mode of R&D expenditures related research issues. Based on the motherboard and then creative differences SME board, comparative study of two different sections in the value of listed companies in R&D spending related case, this study can effectively improve the functioning of asset markets as well as to provide a strong R&D activities evidence that R&D spending is conducive to investors interpret the relevant information to make reasonable decisions.Content of this article is divided into five parts:The first part is the introduction, the study describes the background and on the basis of combing the literature, this study put forward ideas, methods and innovations.The second part is the value of listed companies in R&D expenditures related theoretical analysis. First, define the relevant concepts, and then they introduce different countries for different processing modes R&D expenditures and research relevant criteria, the final analysis of the value relevance of R&D spending is closely linked to the efficient market theory and technology innovation theory, this study provides for the theoretical support.The third part is the value of listed companies in R&D expenditures related study design. In the study design stage, this section presents hypotheses, sample selection, variable definitions and set the model.The fourth part is the value of listed companies in R&D expenditures related empirical research. In the empirical research phase of the relevant variables descriptive statistical analysis, correlation analysis and multiple regression analysis on the model. The results show that R&D spending is indeed a positive correlation with the price relationship; and in the R&D activities, capitalized R&D expenditures and incurred research and development expenditures have a positive correlation with the price, but are included in capitalized R&D expenditures related to significantly stronger than the latter; while in different studies between the plates, the SME board R&D expenditure data more valuable information than the motherboard correlation.The fifth part is to study the conclusions, recommendations and outlook. According to empirical analysis of the results, draw conclusions, suggestions for improvement, and noted the limitations of this paper as well as the outlook for future research.This innovation and features are:(1) Sample innovation.This paper chooses after the implementation of new standards and avoid the financial crisis that is, from2009to2012motherboard and four SME board listed company’s financial data as the research sample, the time span is relatively large.(2) Angle innovation. At present, very few scholars study from the plate perspective difference value relevance of R&D spending, most previous studies on a particular plate in one or a few industry enterprises as samples studied, but did not stand up overall height plate caused by the difference of the value relevance of R&D spending changes, and this selection board and SME board in the presence of R&D expenditures of enterprises.(3) Model innovation.Research Price and Accounting Information There are many models, but on the ability to understand and explain the point of view, it should be Ohlson model best price. In this paper, based on the transformation of the model to make it more conducive to explain the accounting information for the price of influence. Studies in the model added a lot of variables, making the study more comprehensive and objective.From the above results, the prevalence of corporate innovation capability is weak, power shortage. Thus, for enterprises, R&D investment can create value for the Chinese enterprises,"Made in China" smooth transition to "Created in China" as well as their correlation exists between what has become a serious problem, In this study the value relevance of R&D pending has a strong practical value.