上市公司的R&D与信息不对称

Research and Development(R&D)of Listed Companies and Unsynunetrical Information:

研究与开发(R＆D)在现代企业的发展中占据着十分重要的地位,由于研发活动的特殊性,加剧了企业内部管理人员和外部投资者的信息不对称。尤其对上市公司而言,缺少足够的R＆D方面的相关信息使得投资者无法对公司创新活动所产生的效益进行客现的评价。所以,我们应当重视R＆D信息的价值和它产生的信息不对称对公司股价的影响,从而采取措施减轻R＆D信息不对称引起的内部交易对证券市场的不利影响。

R&D is especially important for the development of modern enterprises.Because of the particular characteristics of R&D activities,the unsymmetrical state of information between managers of an enterprise and ivesetors from outside is aggravated.Lack of sufficient R&D information renders investors unable to make objective evaluations about the benefits of the company' s innovative activities,especially when a listed company is concerned.Therefore,great attention must be given to the value of R&D information and its influence on the company' s stocks resulting from information being unsymmetrical so that measures can be taken to relieve the unfavorable effect of the unsymmetrical R&D information on the stock market of internal transactions.