| R&D is an important driving force for economic and social development, it is the key support for enterprises to improve the core competitiveness, and it also plays a decisive role in the sustainable and healthy development of enterprises. Compared with the major developed countries, China’s corporate R&D expenditures and R&D intensity is significantly lower. Corporate R&D activities face more serious adverse selection and moral hazard problems than other investment activities, and improve the quality of information disclosure can reduce information asymmetry and mitigation agency problem. In recent years, the quality of information disclosure has been the hot issue which is concerned about by research scholars, and improving the quality of information disclosure will help to reduce information asymmetry, ease the financing constraints facing businesses and thus increase corporate R&D intensity. In this paper, under the new economic normal research background, the author will analyze information disclosure quality and research and development investment dependency relationship by normative and empirical research methods, and compare with firm size, maturity, nature of property right angles, analyze whether the information disclosure quality will impact R&D input intensities in different ways.This paper is divided into five parts. The first part is an introduction, mainly introduces the research background and significance of this study, reviews the research literature about the information disclosure quality and the R&D intensity, and describes the research ideas, frameworks and innovation of this paper. The second part is to define the concept and theoretical basis, give the sector related concepts object of study, and discuss asymmetric information theory, signaling theory, agency theory and technology innovation theory. The third part is the theoretical analysis and research hypothesis, firstly, China’s current status of the information disclosure quality and R&D activities of listed companies will be described, and then analyzes the path which the information disclosure quality impact on of the R&D intensity. Finally, propose the study hypothesis of this paper. The fourth part is the empirical research, this paper consider 2010-2014 Shenzhen Stock Exchange A share listed companies as a sample data source, through the design of variable index, building regression models, and accordingly variable descriptive statistics, correlation analysis, multiple regression analysis and robust test to verify the hypothesis of this paper. The fifth part is conclusions and policy recommendations.This paper consider 2010-2014 Shenzhen Stock Exchange A share listed companies as samples of data, tests the impact that information disclosure quality on R&D intensity by empirical research methods. The results showed that:(1) Due to the special nature of R&D activities, it has led to serious financing constraints faced by the research and development activities of listed companies; (2) Improving the quality of information disclosure will reduce corporate reliance on internal cash flow, help it obtain more external financing, ease corporate financing constraints, so as to promote corporate R&D investment; (3) Small and young enterprises face more severe financial constraints, the promotion that improving the information disclosure quality to R&D investment is more significant in the performance in small and young companies; (4) The state-owned property nature weakened the positive role of information disclosure quality in promoting the corporate R&D intensity. Earnings quality turn quality of information disclosure herein as proxy variables were robust test, the conclusion is still valid, the regression results show that the empirical part are reliable and robust.The innovation of this paper is to examine the impact that the quality of information disclosure on corporate R&D intensity, provides a new perspective for understanding the factors of R&D investment of Chinese enterprises under the new economic normal, and the basis of previous studies on the added internal cash flow and quality of information disclosure cross-variable, empirical testing to improve the quality of information disclosure to reduce the R&D activities rely on internal cash flow, ease the financial constraints faced by enterprises, and ultimately promote the company’s R&D investment. |
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