商誉与企业研发支出会计政策选择

Goodwill and Choice of Accounting Policy for Enterprise R&D Expenditure

以2012—2020年A股上市公司为样本,研究非同一控制下企业合并产生的商誉对企业研发支出会计政策选择的影响。研究结果表明,商誉与企业研发支出资本化显著正相关,且商誉金额越大,研发支出的资本化比例越高,这一结果在非高新技术企业及处于市场化程度较高地区的企业中更为显著。进一步分析发现,机构投资者持股和分析师跟踪会正向调节商誉与研发支出资本化之间的关系。通过分析商誉与企业研发产出之间的关系发现,商誉与企业研发能力和产出之间的关系并不显著,表明企业选择研发支出资本化处理并非因研发能力的提升或产出的增加,可能仅是通过研发支出资本化的方式调节盈余或迎合机构投资者及分析师等外部信息使用者。监管机构、审计机构及投资者在对企业研发支出资本化进行分析时,应考虑商誉可能产生的影响,以辨别该部分资本化的真实性。

Taking the A-share listed companies in 2012—2020 as the sample,the impact of goodwill on R&D activities of an enterprise is studied.The results show that goodwill is positively correlated with capitalization of R&D expenditure,and the greater the amount of goodwill,the higher the proportion of capitalization of R&D expenditure.This result is more significant in non-high-tech enterprises and enterprises in areas with high marketization.Further analysis has found that institutional investor holdings and analyst tracking positively moderate the relationship between goodwill and capitalization of R&D expenditures.The analysis of the relationship between goodwill and R&D output of the enterprise has found that the relationship between goodwill and R&D capability and output is not significant,indicating that increased R&D capabilities or increased outcomes not because of improved R&D capacity or increased output,but to adjust earnings through R&D expenditure capitalization or to cater external information users such as institutional investors and analysts.Regulators,auditors and investors should consider the possible impact of goodwill to discern the true nature of that portion of capitalization when analyzing the capitalization of a company's R&D expenditures.