我国上市企业研发信息披露的影响因素分析

发布时间：2018-05-24 21:37

本文选题：研发 + 信息披露　；参考：《西南交通大学》2012年硕士论文

【摘要】：研发作为一项重要的创新活动日益被我国企业尤其是高新技术企业所重视。随着我国市场经济的持续快速发展,每个企业所面临的生存和发展压力也越来越大,稍不留神就有可能被无情的市场竞争淘汰出局。为了在激烈的市场竞争中获得更多的生存与发展空间,大多数企业都选择在各自领域加大研发投入,获取企业产品或服务的竞争优势。对于一个企业尤其是高新技术企业来说,为了获取和持续拥有企业的竞争优势,最为重要的一种方式就是不断地进行各方面的创新尤其是技术创新和产品创新,由此可见研发活动在企业中的日益重要性。目前,我国企业在研发活动中的支出呈现不断递增的趋势,在高新技术行业里,研发支出已经成为企业的经常性支出。随着我国证券市场的不断壮大和完善,同时投资者的素质也在不断的提高,外部利益相关者对企业的信息披露尤其是研发信息的披露也日益重视起来,他们希望更为深入地了解企业的竞争优势,从而能比较准确地预估企业的投资价值。但是,就目前我国的现状来看,我国上市企业披露的会计信息中并没有很好地反映出企业真实的研发状况,企业研发信息披露不足。本文就是基于我国的这种现状,展开对我国上市企业研发信息披露的研究,既包括研发信息披露的现状分析,又包括对研发信息披露影响因素的实证分析,最后给出提高我国上市企业研发信息披露水平的政策和建议。本文首先构建企业研发信息披露的指标体系,然后根据内容分析法对各项指标进行评分,通过采用这种方式对我国上市企业的研发信息披露水平进行衡量。本文选取研发比较集中的信息技术行业、电子行业、医药生物行业和机械设备行业2008-2010年三年的企业年报作为研究样本,具有一定的代表性。按照本文的样本选择标准,最终确定162家企业入选,样本总数486个。本文将反映上市企业研发信息披露程度的研发信息披露指数RDI作为被解释变量,以企业规模、盈利能力、股权结构、财务杠杆、董事会规模、研发能力、融资动机以及上一年度的研发披露水平作为解释变量,构建多元回归模型,通过对样本的研究分析,得出下列结论：盈利能力、研发能力以及上一年度研发信息披露水平与企业研发信息披露水平存在正相关关系；股权结构与企业研发信息披露水平之间存在负相关关系；其他解释变量对被解释变量的解释效果不显著。最后本文针对我国企业研发信息披露现状以及上述研究结论,主要从构建强制性与自愿性相结合的上市企业信息披露体系、进一步完善我国上市企业的治理结构以及内部控制制度、完善对上市企业信息披露的监管机制以及大力发展机构投资者四个方面进行具体地阐述,给出提高我国上市企业研发信息披露水平的一些可行建议和措施。
[Abstract]:As an important innovation activity, R & D has been paid more and more attention by Chinese enterprises, especially high-tech enterprises. With the sustained and rapid development of the market economy in China, every enterprise is facing more and more pressure of survival and development, which may be eliminated by the ruthless market competition. In order to gain more space for survival and development in the fierce market competition, most enterprises choose to increase R & D investment in their respective fields to obtain the competitive advantage of enterprise products or services. For an enterprise, especially a high-tech enterprise, in order to obtain and continue to possess the competitive advantage of an enterprise, the most important way is to continuously carry out various aspects of innovation, especially technological innovation and product innovation. This shows the growing importance of R & D activities in enterprises. At present, the expenditure of Chinese enterprises in R & D activities is increasing. In high-tech industry, R & D expenditure has become the recurrent expenditure of enterprises. With the development and perfection of our securities market and the improvement of the quality of investors, the external stakeholders pay more and more attention to the disclosure of enterprise information, especially the disclosure of R & D information. They hope to better understand the competitive advantages of enterprises, so as to estimate the investment value of enterprises more accurately. However, according to the current situation of our country, the accounting information disclosed by listed enterprises in our country does not reflect the real R & D situation of enterprises, and the disclosure of R & D information of enterprises is insufficient. Based on the present situation of our country, this paper starts the research on R & D information disclosure of listed enterprises in China, including the analysis of the current situation of R & D information disclosure and the empirical analysis of the influencing factors of R & D information disclosure. Finally, the policies and suggestions to improve the level of R & D information disclosure of listed enterprises in China are given. This paper first constructs the index system of enterprise R & D information disclosure, then according to the content analysis method to score the indicators, through the use of this way to measure the level of R & D information disclosure of listed enterprises in China. This paper selects the information technology industry, electronics industry, pharmaceutical and biological industry and mechanical equipment industry as the research sample of three years' annual report from 2008 to 2010, which has a certain representativeness. According to the sample selection criteria, 162 enterprises were selected, the total number of samples was 486. In this paper, the R D information disclosure index (RDI), which reflects the degree of R & D information disclosure of listed enterprises, is taken as the explanatory variable, which is based on the enterprise size, profitability, equity structure, financial leverage, board size, R & D capability. The financing motivation and the level of R & D disclosure in the previous year are taken as the explanatory variables, and a multivariate regression model is constructed. Through the analysis of the sample, the following conclusions are drawn: profitability. There is a positive correlation between R & D capability and the level of R & D information disclosure in last year, a negative correlation between ownership structure and R & D information disclosure level, and a negative correlation between R & D information disclosure level and R & D information disclosure level. The effect of other explanatory variables on the explanatory variables is not significant. Finally, according to the current situation of R & D information disclosure of Chinese enterprises and the above research conclusions, this paper mainly from the construction of mandatory and voluntary combination of listed enterprises information disclosure system. Further improve the governance structure and internal control system of listed enterprises in China, perfect the supervision mechanism of information disclosure of listed enterprises and vigorously develop institutional investors. Some feasible suggestions and measures to improve the level of R & D information disclosure of listed enterprises in China are given.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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