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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。
Research and Development (R & D) occupy a very important position in the development of modern enterprises. Due to the particularity of R & D activities, information asymmetry between internal management and external investors is exacerbated. Especially for listed companies, the lack of adequate R & D information makes investors unable to evaluate the benefits of the company’s innovation activities. Therefore, we should attach importance to the value of R & D information and the asymmetry of information it generates to the share price of the company, so as to take measures to mitigate the adverse effect of the internal transaction caused by the R & D information asymmetry on the securities market.