Research On Problems And Countermeasures Of R&D Information Disclosure Of Pharmaceutical Listed Enterprises

Innovation plays an important role in reform and development.China's sustained economic growth must rely on innovative technologies.As the carrier of market economy,enterprises'innovative ability has attracted more and more attention.Information disclosure enables enterprises to be better understood by the market and investors.Through the information disclosed in annual reports,interim announcements and official websites,investors can know all kinds of information about the financial situation and operation of enterprises.The disclosure of R&D information enables the market and investors to acquire the innovation ability,future development potential and profitability,so as to make better investment decisions.The R&D capability of pharmaceutical industry is very important for the development of enterprises,but the content of R&D information disclosed by enterprises is uneven,and there are some problems,which are not conducive to the protection of investors' interests and the effective operation of the market.Based on principal-agent,information asymmetry and signal transmission theory,this paper uses literature research method,text analysis and case study method to analyze the R&D information disclosure situation of listed companies and HK company in pharmaceutical industry.It is concluded that the R&D information disclosure in pharmaceutical industry is insufficient,including radical capitalization of R&D investment in some enterprises,inconsistent forms of information disclosure,errors in data,and even false R&D information disclosure to obtain profits.In view of these problems,this paper carries on the reason analysis,and according to the present situation and reasons of R&D information disclosure,puts forward some optimization suggestions,such as encouraging enterprises to make voluntary disclosure and strengthen internal management,improve supervision system by the CSRC and other institutions,increasing the punishment,providing disclosure paradigm,establishing R&D information disclosure framework,speeding up the promotion of industry disclosure rules,increasing the content disclosure of R&D information,etc.,to improve the information disclosure system and the R&D information disclosure awareness,strengthen information communication between enterprises and investors,and improve the quality of information disclosure and market effectiveness.