创业板研发支出、企业绩效和盈余管理——来自创业板公司的经验证据

Research and Development Expenditure, Corporate Performance and Earnings Management of the GEM——Empirical Evidence from the GEM Companies

本文以创业板上市公司为对象,考察了其研发支出与企业绩效和盈余管理行为的联系。研究发现,创业板公司的研发支出将显著提高其此后三年的市场价值,而且影响逐年增加;同时由于支出金额较大将降低之后两年的会计业绩。另一方面,创业板公司确实通过调整研发支出进行应计项目盈余管理,也明显存在通过研发支出进行真实项目盈余管理的现象。

Taking the GEM listed companies as research object, this paper examines the relationship between R&D expenditure and firm performance and earnings management behavior. The study found that the R&D spending of GEM companies will improve market value of GEM companies after three years with the effect improved through time, at the same time it reduced accounting performance after two years. On the other respect, the GEM companies do take accrual earnings management through R&D expenditures, there also existed obvious evidence that GEM companies take real item earnings management through research spending.