R&D支出资本化:真实信号传递或盈余管理?

Capitalization of R&D Expenditures:Real Signal Transmission or Earnings Management

以2007—2010年711个披露开发支出的公司为样本,考察我国公司R&D支出资本化动机及资本市场资源配置经济后果。将资本化R&D支出划分为两个部分:一是形成当年无形资产的R&D支出,二是形成年末开发支出的R&D支出。研究发现,前者显著提升了公司市场价值,并拉动了公司经营业绩的增长,是真实信号传递;后者则为名义上的R&D资产,扮演了盈余管理的角色,与操控性应计水平显著正相关,降低了盈余质量。

By using samples of 711 companies,this paper researches how the capitalization of research and development expenditures act as the role of signaling and earnings management under the background of current economic and emerging transferring capital market.Regression results underline the market absorbed the capitalization R&D expenditures information selectively: the real capitalized R&D expenditures increased company's market value,and pulled the enterprise's following business performance;while parts of R&D costs maintained in account of 'development expenditures' were negatively related to the earnings quality,which were viewed as earnings management by investors.