R&D信息披露的市场反应研究

本文分析了新会计准则实施后我国上市公司R&D支出的信息披露现状,并实证检验了其长期和短期市场反应。研究发现:长期市场反应下,股价对R&D支出的信息披露存在选择性吸收,投资者能区分其会计处理、披露的规范程度以及是否是高科技公司的公司性质;短期市场反应中也存在股价对R&D信息的选择性吸收,并且投资者能区分高科技公司的会计处理和披露的规范程度,但对于非高科技公司则无明显反应。

Study on Market Reaction of R&D Information Disclosure

This paper is focused on the research of current R&D information disclosure of listed companies in China after carrying out new accounting standards.The empirical research on their stock price reaction in a long-and short term show that:there is selective absorption of R&D information disclosure under the long-term stock market reaction,and investors can distinguish accounting treatment,standardized degree of disclosure and whether they are high technology companies;there is selective absorption of R&D info...