R&D Investment And Accounting Information Risk Of GEM Enterprises

R&D innovation activities have become an indispensable part of reflecting the future development prospects of enterprises.Especially for GEM enterprises,information related to R&D activities is indispensable for investors to judge the value of enterprises.Our country has clearly pointed out that GEM listed companies need to disclose the R&D process of new products and technologies,R&D results and major changes in the R&D process in a timely manner,but there is still a certain degree of institutional gaps in the relevant provisions,and rigorous enforcement is lacking.It is difficult for external investors to obtain effective data from the information disclosed by enterprises to accurately measure the value of R&D.Enterprise management can also make use of the uncertainty and lag of R&D activities to carry out short-term operations,resulting in R&D investment accompanied by accounting information risk.How to identify and prevent the accounting information risk in the process of R&D is one of the topics of common concern in the current theoretical and practical circles.Based on the above background,this paper reviews and combs the existing literature at home and abroad,and finds that few scholars pay attention to the relationship between R&D investment and accounting information risk,as well as the prevention and Countermeasures of accounting information risk.Therefore,this paper relies on technology innovation theory,principal-agent theory,information asymmetry theory and signal transmission theory to study the mechanism of GEM R&D investment on accounting information risk,and explore its impact on different types of accounting information risk.Furthermore,this paper introduces corporate governance mechanism to clarify the role of corporate governance on the relationship between the two,so as to put forward feasible suggestions for preventing accounting information risk caused by R&D investment.This paper takes the GEM listed companies in China from 2009 to 2016 as samples,uses principal component analysis to measure corporate governance comprehensively,and on this basis,empirically tests the correlation among R&D investment,accounting information risk and corporate governance.Finally,the following conclusions are drawn: Firstly,the R&D investment of GEM enterprises in China is positively related to accounting information risk.By subdividing accounting information risk,we find that it is positively correlated with manipulative information risk,but not with fundamental information risk.Secondly,the improvement of corporate governance can significantly inhibit the accounting information risk in the R&D process.Thirdly,further analysis finds that the degree of industry competition will enhance the motivation of enterprises to evade competitive disadvantage costs,thus aggravating the positive correlation between R&D investment and accounting information risk;institutional investors have strong risk identification ability and supervisory role to management,which can alleviate the accounting information risk generated by R&D investment;and intellectual property intangible assets as enterprise R&D.The output of input can transmit positive signals to effectively alleviate the risk of accounting information.The main innovations of this paper are as follows: Firstly,the path of R&D investment affecting accounting information risk is systematically sorted out.To a certain extent,it provides theoretical support and empirical evidence for the identification of accounting information risk in enterprise R&D activities,and enriches the existing research system.Secondly,it provides a new idea for the definition and measurement of accounting information risk and the index selection of corporate governance comprehensive index.Thirdly,it clarifies how the supervision and incentive function of corporate governance mechanism on management restrains accounting information risk,and further studies the impact of industry competition,institutional investors and innovation input-output results,which provides some inspiration for the follow-up research on accounting information risk response.