高管学术经历对企业研发支出资本化的影响

The Impact of Executive Academic Experience on the Capitalization of R&D Expenditure in Enterprises

高管作为企业日常经营性事务的决策者与关键执行者,其学术经历对企业研发支出的理解、评估和决策有着深刻的影响。本文旨在研究高管学术经历对企业研发支出资本化选择的影响。基于2008年~2022年A股上市公司数据,本文发现高管学术经历显著促进了企业的研发支出资本化水平,但现金流的约束会减弱高管学术经历与研发支出资本化之间的正相关关系。

As decision-makers and key executors of daily operational affairs in enterprises, executives’ academic experience has a profound impact on the understanding, evaluation, and decision-making of enterprise R&D expenditures. The purpose of this article is to investigate the impact of executive academic experience on the choice of capitalization for corporate R&D expenditure. Based on the data of A-share listed companies from 2008 to 2022, this article finds that executive academic experience significantly promotes the level of capitalization of R&D ex-penditures, but cash flow constraints attenuate the positive correlation between executive academic experience and capitalization of R&D expenditures.