企业研发支出资本化与盈余管理动机研究——基于上市公司的经验数据

Capitalization of R&D Expenditures and Earnings-management Motivations——Evidence from China’s Listed Companies

在新研发会计准则的研究框架下,以2007—2009年深市上市公司为样本,对上市公司研发支出资本化选择和盈余管理动机的关系进行了实证分析。实证结果表明:上市公司研发支出资本化受债务契约和资本市场动机的影响,公司资产负债率越高,管理者越趋于把研发支出资本化处理;在经营状态不好时,上市公司为保持上市资格、扭亏为盈而趋于把研发支出资本化处理。

Using data of firms listed in Shenzhen Stock Exchange for the period from 2007 to 2009,this paper examines what motivations affect firms＇decisions to capitalize RD expenditures.Empirical results indicate that the capitalizing ratio is affected by debt covenants and capital market regulation.The higher the firms＇financial leverage,the more the firms tend to capitalize RD expenditures.In poor operating condition,the firms tend to capitalize more RD expenditures to maintain the listing status or to avoid loss.Motivations of compensation contracts and earnings smoothing cannot explain the choice of RD expenditures capitalizing very well.