The Policy of Separate R&D Expense Allocation and Capital Market Stability: Empirical Evidence Based on Stock Liquidity

Main Article Content

Sihan Fan
School of Accounting, Dongbei University of Finance and Economics, Dalian 116000, China

DOI: https://doi.org/10.70267/icbms.2601.240255

Keywords

separate listing of R&D expenses, stock liquidity, difference-in-differences model, accounting information, financing constraints

Abstract

Taking the 2018 revision by the Ministry of Finance regarding the “separate listing of R&D expenses” as the research context, this study employs a difference-in-differences (DID) model to examine the impact of separate R&D expense listing on stock liquidity fluctuations in the capital market. The results indicate that the separate R&D expense listing policy significantly improves corporate stock liquidity, and this conclusion remains valid after robustness tests. Mediating mechanism tests show that the policy enhances stock liquidity through two pathways: improving the comparability of accounting information and alleviating corporate financing constraints. Heterogeneity analysis reveals that the policy effect is more pronounced in small and medium-sized enterprises (SMEs) and enterprises with lower levels of external media supervision. This study provides empirical evidence for understanding the impact of accounting information disclosure policies on capital market stability, and offers references for policy optimization and corporate decision-making.

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Published
May 13, 2026
Conference Proceedings Volume
Vol. 13 (2026): Proceedings of the 3rd International Conference on Business, Management and Sustainability (ICBMS 2026)
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Articles
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How to Cite

Fan, Sihan. “The Policy of Separate R&D Expense Allocation and Capital Market Stability: Empirical Evidence Based on Stock Liquidity”. Exploring Science Academic Conference Series, vol. 13, May 2026, pp. 240-55, https://doi.org/10.70267/icbms.2601.240255.