Study On The Correlation Between R&D Expenditures And Enterprise Value Based On Empirical Analysis Of A Shares Of Listed High-tech Enterprises

The relationship between R&D spending and corporate value has been development in the area, due to China’s capital market imperfections and non-mandatory disclosure of R&D spending, domestic research less. As market competition intensifies, more and more companies realize that R&D investment is to improve the core competitiveness of enterprises and key basis, more and more money into R&D activities, R&D spending accounted for an increasing proportion of corporate expenses greater. Compared with the traditional enterprise, high-tech knowledge-intensive enterprises has a higher resistance, need to invest more funds for research and innovation, and in order in the increasingly fierce competition to maintain their leading edge, high-tech companies need to continually improve the original technologies or products, all of which require substantial investment in R&D spending. Thus, in all types of businesses in the high-tech enterprise R&D spending more representative. But whether the value of R&D expenditures of enterprises have a positive role in promoting the lack of empirical research findings also support.The new accounting standards in China in January1,2007the implementation of R&D expenditure capitalization, and before the criteria are cost of treatment, greatly limits the empirical research on the relationship between listing Corporation R&D expenditure and the enterprise value. After the implementation of the new standards, R&D spending reflected more real, has provided an opportunity for in-depth study of the relationship between spending and corporate listing Corporation R&D value of china.In view of the deficiency of current research in our country and the implementation of new accounting standards on the conditions of formation, based on the analysis of the economic consequences of the accounting standards on the theory, selects the data of2010-2012in China A share listed high-tech enterprises annual report, determine the enterprise value by Tobin Q, and construction of R&D expenditure of R&D expenditures and enterprise value and the cost of R&D expenditures and enterprise and enterprise value, capitalized value three multivariate regression analysis model, the empirical results show that under the new accounting standards, there is significant positive correlation between occurrence of high-tech companies listed on the R&D expenditure and the enterprise value, the cost of R&D expenditure also showed a positive correlation with enterprise value however, R&D expenditures and capital’s value has no relativity statistical sense, which indicates that the research and development of high-tech enterprises listed low, capital of information disclosure is less, not enough to attract the attention of investors.The article is divided into five parts:the first part is the introduction, introduces the research background, significance of the paper, the related research about the relationship between R&D expenditures and enterprise value at home and abroad were reviewed, introduced the research contents and methods of this thesis; the second part is the theoretical basis, and analyses the related theories involved in this paper, and the the definition of related concepts; the third part is the research design, combined with the above theory was introduced in this study hypothesis, and the establishment of mathematical model, carries on the explanation to the relevant variables; the fourth part is the empirical results, the empirical analysis results confirmed the hypothesis part; the last part includes the conclusion, innovation, and policy suggestions and shortcomings.The contribution of this paper lies in:on the one hand is the high-tech enterprises in the most representative in the research and development activities, previous scholars in the selection of high-tech enterprises are mostly from the industry point of view, this paper selected by the state identified as high-tech enterprises enjoy the state preferential tax or subsidy the company as a high-tech enterprises, specifically for the according to the research of high-tech enterprises, the empirical results of this paper more persuasive. On the other hand is through reading annual reports, collected the R&D expenditure and capital and expense part accurate, in-depth study of R&D activity data using uniform caliber from the microscopic angle. Test results more reliable.