研发费用单独列报的价值相关性——基于财务报表格式更改的实证分析

Value Relevance of the Separate Presentation of R&D Expenses——Empirical Analysis Based on the Format Change of Financial Statement

以2018年"研发费用"在利润表单独列报这一变革为背景进行了实证分析,发现研发费用在表内单独列报的首个年度其价值相关性反而降低,且这一现象主要存在于研发支出费用化比例升高、"非四大"审计、研发投入占比较低和产品市场竞争程度较低的企业。这表明,研发费用在利润表单独列报虽然方便了投资者获取该信息,但在首次执行新规定的年度却会增加企业操纵研发的动机,反而会造成部分企业的研发信息质量降低。基于时间效应的进一步分析发现,随着企业对该新规实施规范性的提高,研发费用单独列报的价值相关性在以后年度得到了显著改善。

Based on the reform of the separate presentation of"R&D expenses"in income statement in 2018,the empirical analysis showed that,in the first year after the reform,the value relevance had an decreasing trend,which mainly existed in the enterprises with the increased expense ratio of R&D expenditure,lower R&D investment and lower-level product market competition,as well as the enterprises audited by non-big-four audit groups.This phenomena reflected that,although the reform had facilitated investors to obtain information,some enterprises may have reduced the quality of R&D information due to the increase of the propensity of R&D manipulation,especially in the first year of implementing new rules.Further analysis with time effect told us that,the better regulation of the implementation would significantly perfect the value correlation of the reform in the following years.