Correlation Research On R&D Input And Enterprise Value In The Pharmaceutical Manufacturing

As resist disease defend health and pharmaceutical manufacturing industry,is indispensable in the development and progress of human society,pharmaceutical manufacturing industry core competitiveness depends on innovative creativity,innovation and R&D input what decides the company the strength of the creative ability,timely input of R&D is the key to pharmaceutical manufacturing technology innovation,our country's current R&D input is far cannot satisfy the need of promote all-round innovation,which will directly affect the value creation ability.Based on pharmaceutical manufacturing enterprise in 2014 annual report disclosure of R&D investment of 274 listed companies as samples,from the perspective of accounting policy choice,examine the capitalization of R&D and the expenses of accounting policy choice's influence on the enterprise financial value and market value.The results show that the accounting policy choice of R&D have positive promoting effect on enterprise value.The capitalization of R&D can increase the financial value,market value;On the contrary,expensing R&D will not increase the financial value,market value.