高管股权激励对R&D资本化与费用化价值相关性的调节效应

Moderating Effects of Executive Equity Incentive on Value Relevance of R&D Capitalization and Expensing

选取2007～2011年披露研发投入且数据完整的1695家上市公司为研究样本，利用层次回归分析，实证检验了高管股权激励对R＆D资本化与费用化价值相关性的影响作用。研究结果表明：高管股权激励不仅是R＆D资本化投入与股票价格的半调节变量，同时，高管股权激励也是R＆D费用化投入与股票价格的半调节变量；通过高管股权激励，可以解决监管R＆D活动中信息不对称和风险性等问题，使企业实现股东价值最大化。

Disclosure of R＆D input and complete data of 1695 listed companies from 2007-201 1 have been selected as re-search samples,using hierarchical regression analysis,empirically the executive equity incentive influence the R＆D capitali-zation and expensing value relevance.The research results show that the executive equity incentive is the half adjustment variables between the capitalization of R＆D investment and stock price and the executive equity incentive is the half adjust-ment between expensed R＆D investment and stock prices.By executive equity incentive regulation,such problems as infor-mation asymmetry and risk of R＆D activities can be solved,making the enterprise to maximize shareholder value.