The Value Relevance On The R&D Information Disclosure

With the aggravation of the market competition, the market continues toaccelerate the pace of product updates, more and more enterprises begin to realize theR&D project to accelerate the speed of delivery, improve the efficiency of productdevelopment and the leading role to enhance the market competitiveness ofenterprises. Research and development capabilities as a signal representing the futureprospects for the development of enterprises, has gradually become one of theimportant factors for investors to judge the investment value of companies. With thecontinuous increase in investment in research and development, the importance of theproblem of information disclosure has gradually emerged research. Researchinformation as an important part of enterprise accounting information disclosure,deserve full, detailed. Stakeholders of enterprises hope that through the enterprisedevelopment potential and strength of understanding and grasp, and thus morein-depth understanding of enterprise competitive advantage, in order to accuratelyestimate the investment value of companies.A large number of empirical studies on the value relevance of that R&Dinformation at the same time, also found that a serious shortage of R&D informationdisclosure of the damage to the value relevance of accounting information content.China’s new accounting standards of intangible assets, the accounting treatment of R&D expenditure from the original pattern of all the expenses into the mode ofcapitalization conditions, whether the value relevance of standards changes on R&Dinvestment and the information disclosure will have an impact? This question is worthus to explore and research further. In this paper, by referring to the return model andprice model, the annual report of Zhejiang province listing Corporation2007-2010asthe research object, the research and development of information disclosure theoryand analysis of the present situation, combined with the empirical research on thevalue relevance of R&D information disclosure (including the phi, dew and not todisclose the different disclosure mode of disclosure or not), finally, according to thetest results to improve the information content of R&D disclosure recommendations.In this paper, the empirical results show that, the listing Corporation for thedevelopment of the information disclosure can effectively improve the usefulness of accounting information in a certain extent, so that investors can accurately predict thefuture market value, and promote the stock price has a certain role in promoting.Secondly, the board of directors of research information content report significantly,the reason may be a significant position in the corporate annual report disclosed thatthe management of R&D activities of confidence, on the other hand, is the part ofthe research and development of information not included in the financial statementsbecause without the presence of earnings management of the suspects, so it has highervalue relevance, market acceptance is high; the same cash flow statement R&D thedisclosure of the notes do not have earnings may, and dependent managementdisclosure habits of the past, the place of the disclosure of information can also reflectthe company’s research found that shape and other related information, usefulinformation for decision making in a certain. In addition, the empirical evidenceshows that the capital market, R&D management fee disclosure to a certain extent tothe enterprise the cumulative returns have a significant impact; and to develop thecorresponding development expenditures of the disclosure may be due to the presenceof the capital losses policy motivation management, the accounting informationcontent is not significant. Finally, from the perspective of product performance,further illustrates the research and development expenditure to disclose the existenceof earnings management of the suspects, and several other disclosure because of R&D activities and the uncertainty of the lag of income, no significant effects on nextyear’s financial performance changes...