政府补助、R&D会计政策选择与企业价值

Government subsidies, R&D accounting policy choice and firm value

以2010-2014年年报披露R&D相关信息的8427家上市公司为样本,从调节效应的视角,运用经典股票价格模型和拆分后的股票价格模型进行分层回归,实证检验政府补助对R&D会计政策选择与企业市场价值之间关系的影响。结果显示,R&D会计政策选择具有价值相关性,政府补助又正向调节R&D会计政策选择与企业市场价值之间的关系,同时也正向调节资本化R&D投入及费用化R&D投入与企业市场价值之间的关系。结果说明,企业管理层将R&D投入进行资本化会计处理增加了企业的市场价值,而政府补助又加强了R&D资本化选择的这种价值相关性。

Research and Development(R&D) investment is the source of firm innovation and important basis to maintain the competitive advantage. However, due to the public attributes of R&D products, they have spillover effects, which is beneficial to the whole society, but for the firms engaged in R&D activities can only obtain part of the benefits. Therefore, if the R&D resources are only allocated by the market, the R&D investment level of R&D firms will be limited. If the R&D firms can obtain government subsidies, they can diversify the R&D investment risks, increase R&D investment, and thereby improve the entire society level of R&D investment.Many countries around the world have different accounting treatment standards regarding R&D expenditure. China issued new Accounting Standards(CAS) in 2006, and the new CAS N.6 is consistent with international standards. As such, since 2007, Chinese firms have possessed the option to make capitalization choices on the accounting treatment of R&D expenditure. This choice can affect the balance sheet, income statement, cash flow statement and related ratios, both in the year the accounting choice is made, and in future accounting periods. With this choice, management can now have a way to smooth or influence reported income, cash flows, and other measures of financial performance because the decision to capitalize or expense R&D investments can affect a firm′s accounting performance and market value.Different from prior studies focusing on the relationship between R&D investment and the financial value, this paper introduces the moderating variables to explore the influencing factors from the view of the relationship between R&D accounting policy choice and the market value. Therefore, based on 8427 observations from Chinese listed companies over 2010-2014 timeframe, from the perspective of moderating effect, the paper studies the impact of government subsidies on the relationship between R&D accounting policy choice and firm market value by hierarchical regression analysis on classic stock price model and split stock price model. The research of this paper can expand the existing R&D investment research theoretically. In practice, it can provide the empirical evidence and decision support for R&D investment and R&D accounting policy choice for management and government departments.This paper adopts a combination of normative analysis and empirical analysis. Specifically, before the empirical analysis, using theories and literature on company values, technological innovation, R&D policies, value relevance, etc., combined with the new accounting standards and related management methods for the provision and background of intangible assets, especially R&D accounting policies, the paper analyzes the relationship between government subsidies, R&D accounting policy choices, and corporate market value. In the empirical analysis section, steps such as putting forward hypotheses, variable design, model construction, descriptive statistics, empirical tests, and results analysis are used to test the hierarchical regression and moderating effects. In the specific analysis process, from the perspective of the relationship between R&D accounting policy choices and corporate market value, first of all, the classic stock price model and the split stock price model are used to conduct a value correlation test of R&D accounting policy choices of Chinese listed companies. Based on this, the government subsidy is used as the moderating variable, and the hierarchical effect of government subsidy on the value of corporate R&D accounting policy choice is tested using hierarchical regression.This study resulted in a number of novel, interesting findings or confirmations. First, R&D accounting policy choice has the value relevance. Specifically, the firms that chose to capitalize their R&D investments have higher stock price and return. On the contrary, the companies that select to expense their R&D expenditures have lower stock price and return. Overall, the new CAS has certain positive significance on the change of R&D investment reporting method. The investors distinguish between capitalized R&D and expensed R&D and make a positive reaction to the capitalized R&D and a negative reaction to the expensed R&D. Different accounting treatment methods transfer different company value to the outside world and the accounting treatment of partly capitalized R&D expenditures makes the enterprises provide more relevant and decision-making useful accounting information.Second, capitalized R&D investment is positively correlated with the stock prices. It suggests that the capitalized R&D investment is related to high stock price, conveys a positive signal to the market investors and has incremental explanatory ability of stock price. But expensed R&D expenditure is negatively correlated with the stock prices. It is associated with bad news. Its impact on stock prices transfers a negative message to investors as other costs in enterprise. Investors perceive expensed R&D costs as the amount of unsuccessful R&D projects.Third, government subsidies not only positively moderate the value relevance of R&D accounting policy choice, but also positively moderate the value relevance of capitalized R&D expenditure and expensed R&D expenditure. The regression results show two aspects. On the one hand, the higher the government subsidy, the stronger the value relevance of the R&D accounting policy choice. On the other hand, the higher the government subsidy, the stronger the value relevance of capitalized R&D expenditure and expensed R&D expenditure. It is suggested that the firm choosing to capitalize its R&D expenditure can increase its market value, and the government subsidies can strengthen the value relevance of capitalized R&D choice. At the same time, the government subsidies have a direct role in promoting the market value. Increasing government subsidies is conducive to the implementation of R&D projects, thereby enhancing the competitiveness of enterprises and increasing their market value.The accounting treatment to capitalize R&D expenditure reduces the asymmetry of information inside and outside the firm, and enables firms to obtain more R&D funds from external financing channels. If we increase government subsidies and further promote the implementation of R&D projects, we can improve the competitiveness of companies and ultimately increase their market value. Therefore, government subsidies are conducive to enhancing the value relevance of R&D capitalization accounting choice. According to the above research conclusions, the following recommendations are made to corporate management and government departments. First, Management can choose and disclose as much of the company′s R&D accounting treatment and results as possible, and pass it to investors, analysts and other information users in the capital market. More good news on the progress of R&D investment and R&D projects can improve market information transparency, reduce information asymmetry, guide the market to value the firms reasonably, reduce financing costs in capital market, and increase financing opportunities. Second, the government needs to increase R&D subsidies for companies, and encourage and support firms to carry out more independent innovation. At the same time, companies applying for government subsidies should also be inspected and supervised, and professional assessment agencies should be organized to evaluate the company′s R&D projects to ensure that the funds for R&D subsidies are actually implemented, which is really used for R&D activities and innovation of firms.