R&D资本化选择动机与影响因素——来自高新技术行业的经验证据

随着企业R&D投入的不断增长,R&D支出会计选择的经济后果变得重要。我国新会计准则由R&D费用化政策转为可选择的有条件资本化政策,面对会计政策的变迁,研究上市公司管理层R&D资本化选择的动机与影响因素成为首要问题。选取2007～2010年高新技术行业公司为样本,研究发现,大规模企业、国有控股公司、机构投资者持股比例越高的公司管理层倾向于选择资本化R&D政策,"四大"审计并未抑制R&D资本化,而债务融资约束不能解释R&D资本化选择动机。我国上市公司管理层选择资本化R&D会计政策既有提高和平滑利润的盈余管理动机,亦有向市场传递研发信号的动机。     

大型会计师事务所是否有效抑制了IPO期间的盈余管理——基于会计应计与真实交易盈余管理视角

本文从会计应计与真实交易盈余管理视角,考察了大型会计师事务所在制约企业IPO过程中不同盈余管理方式上的有效性。研究发现,企业在IPO期间同时实施了应计盈余管理和实质盈余管理;国际"四大"或国内"十大"对IPO企业的应计盈余管理起到有效的制约作用,但增加了实质盈余管理水平,并且对不同真实交易活动盈余管理的影响差异较大。在真实交易活动中,IPO企业更可能操纵现金流来实施盈余管理,而操纵生产成本或费用支出的可能性较小。此外,本文还发现,发行定价更高或成长性更好的企业进行实质盈余管理的可能性更大。     

R&D支出信息披露的价值相关性研究

研究开发(R&D)支出的信息披露有助于投资者了解企业R&D的投入水平和技术实力,并据此预测企业未来的盈利能力和发展潜力,有利于投资者判断公司的价值。对我国新无形资产准则实施以来的研发支出信息披露的现状进行分析的基础上,本文对研发支出及其信息披露的价值相关性进行了检验,研究发现,股票价格对资本化研发支出和费用化研发支出存在选择性吸收,研发支出信息披露质量对股票价格有显著的影响,提高研发信息披露质量有利于提高会计信息的价值相关性。     

交易操纵型盈余管理的经验证据

盈余可以分解为应计部分和现金流量部分.相应地,除了利用无直接现金流量影响的应计部分会计操纵型盈余管理之外,上市公司还可以操纵交易而影响盈余中现金流量部分,但当前国内的大部分研究都集中在会计操纵型盈余管理上.基于中国2000-2006年的A股上市公司样本,本文发现为了避免年度亏损,上市公司通过操纵销售额、斟酌性费用支出和过量生产等真实交易活动,从事现金部分的交易操纵型盈余管理的具体经验证据.     

技术独立董事能有效抑制真实盈余管理吗?——基于可操控R&D费用视角

本文基于可操控R&D费用视角,以2007—2013年上市公司为样本,考察了技术独立董事对真实盈余管理的影响。研究发现,技术独立董事通过有效抑制管理层操控R&D费用,以此提高盈余信息质量。在考虑了技术独立董事内生性的影响后,该结论依然成立。进一步研究发现,当技术独立董事具有双重职业背景时,有利于监督职能的发挥;当其兼职公司数量较多时,则会弱化监督作用。此外,技术独立董事的津贴、受教育水平对抑制真实盈余管理并没有显著影响。本文的结论可为我国政府和公司在完善独立董事制度,提高盈余信息质量等方面提供政策建议。     

借款费用、长期融资和盈余管理——来自房地产上市公司的经验证据

本文以房地产上市公司为切入点分析借款费用会计准则对企业融资和经营的影响。研究发现,第一,从企业融资活动看,由于新准则拓宽了可资本化借款费用和符合资本化条件资产的范围,因而其实施与房地产企业的长期融资增长显著正相关,但无法决定长期融资实际水平。第二,从企业盈余管理行为看,由于新规定在一般借款费用资本化金额决定方面给予企业选择空间,从而给企业提供了新的盈余管理途径;新准则实施前后房地产企业的应计项目盈余管理和真实项目盈余管理行为有明显不同。     

控股股东股权质押与开发支出会计政策隐性选择

本文以开发支出会计政策隐性选择为切入点来观察研究控股股东股权质押对公司会计政策选择的影响及其动态变化。我们基于我国上市公司2007-2015年间的相关数据研究发现,控股股东股权质押的公司更倾向于将开发支出资本化以进行正向盈余管理,但公司内部现金流约束和高质量外部审计监督会对此有所抑制。我们进一步研究发现,随着控股股东股权质押的解除,开发支出资本化也很可能随之转为费用化,控股股东对开发支出会计政策的选择存在动态调整。此外,我们还发现,控股股东股权质押与开发支出会计政策隐性选择之间的正相关关系主要出现在非国有控股公司和高新技术公司中。     

理解低技术背景下的R&D创新和非R&D创新

本文通过建立一个企业内部和外部知识资源的理论框架去分析R&D活动和非R&D活动的创新的区别,特别是对于大部分企业都是非高技术企业,他们的创新活动是怎么进行的。本文的实证分析基于一个由2023个制造业企业2007-2010年度的面板数据样本,研究表明,非R&D变量(比如市场营销,设计)对在生产和处理过程中的创新具有显著影响。而R&D支出对创新并没有显著影响。     

盈余管理是否会阻碍企业绿色创新

基于2010—2020年A股上市非金融企业财务数据样本，实证检验了盈余管理对企业绿色创新“质”与“量”的影响，研究发现，企业盈余管理行为会显著抑制企业绿色创新活动，并且对企业绿色发明专利的抑制作用强于绿色实用专利。进一步研究发现，企业正向盈余管理行为不利于企业绿色创新，负向盈余管理行为则有助于提升企业绿色创新能力；增加生产操纵和酌量性费用操纵对企业绿色创新活动能够发挥更显著的抑制作用。机制检验表明，融资约束和债务融资成本是真实盈余管理影响企业绿色创新的内在作用机制。针对经济后果检验表明，真实盈余管理活动对企业盈利能力及企业价值会产生持续性的抑制作用。     

我国R＆D费用化会计政策与企业R＆D盈余管理

从企业R&D盈余管理的视角出发,提出了我国现有的R&D费用化会计政策既具有使企业当年收回R&D资金,提高企业竞争能力的正面影响,同时也具有不利于实现企业价值最大化、使企业有可能减少R&D投资,无法对R&D活动进行成本核算、效益考核的负面影响.提出了"选择有条件的R&D支出资本化的确认方法,同时实行当期发生的R&D支出资本化部分直接税前抵扣"的会计准则的建议.     

企业研发迁移机制及中国研发集聚研究

首先从产品市场、知识创新等级、既有区位因素和研发要素投入四个维度来认识影响企业研发迁移的推力、拉力因素,进而在宏观层面研究近年中国企业研发迁移表现出的特征,结果表明:向东部集中的趋势不断加强;经费投入的集聚程度显著高于人员投入;主导省市在人员方面的优势低于资金优势.     

The Internationalisation of UK R&D

Policies to promote research and development (R&D) are high on the government's agenda. R&D and innovation are seen as key drivers of economic growth and important for raising UK productivity. This paper considers recent trends in UK R&D performance. We show that UK R&D is more internationalised than that of other G5 countries and is becoming increasingly so at a faster rate. A rising share of UK R&D is funded from abroad and UK firms are undertaking more of their R&D overseas. Using an international panel of countries, we show that R&D in one country responds to a change in the price in another ‘competitor’ country. This suggests that UK innovation policies could play an important role in determining whether increasingly footloose R&D locates in the UK or moves overseas.     

Building effective R&D capabilities abroad

In the past, companies kept most of their research and development activities in their home country because they thought it important to have R&D close to where strategic decisions were being made. But today many companies choose to establish R&D networks in foreign countries in order to tap the knowledge there or to commercialize products for those markets at a competitive speed. Adopting a global approach entails new, complex managerial challenges. It means linking R&D strategy to a company's overall business strategy. The first step in adopting such an approach is to build a team to lead the initiative--a team whose members are sufficiently senior to be able to mobilize resources at short notice. Second, companies must determine whether an R&D site's primary objective is to augment the expertise that the home base has the offer or to exploit that knowledge for use in the foreign country. That determination affects the choice of location and staff. For example, to augment the home base laboratory, a company would want to be near a foreign university; to exploit the home base laboratory it would need to be near large markets and manufacturing facilities. The best individual for managing both types of site combines the qualities of good scientist and good manager, knows how to integrate the new site with existing sites, understand technology trends, and is good at gaining access to foreign scientific communities. As more pockets of knowledge emerge around the globe and competition in foreign markets mounts, only those companies that embrace an informed approach to global R&D will be able to meet the new challenges.     

R&D Investments with Competitive Interactions

In this article we develop a model to analyze patent-protected R&D investment projects when there is (imperfect) competition in the development and marketing of the resulting product. The competitive interactions that occur substantially complicate the solution of the problem since the decision maker has to take into account not only the factors that affect her/his own decisions, but also the factors that affect the decisions of the other investors. The real options framework utilized to deal with investments under uncertainty is extended to incorporate the game theoretic concepts required to deal with these interactions. Implementation of the model shows that competition in R&D, in general, not only increases production and reduces prices, but also shortens the time of developing the product and increases the probability of a successful development. These benefits to society are countered by increased total investment costs in R&D and lower aggregate value of the R&D investment projects.     

R&D Shocks and News Shocks

Most of the theoretical work in the news shock literature abstracts away from structural explanations, assuming instead that news is a pure signal giving agents advance notice that aggregate technology will undergo exogenous change at some future point. This paper proposes that a surprise improvement in sector‐specific productivity in the research and development sector can be seen as news about aggregate productivity. I not only offer a deeper explanation for the news but also show that the model performs modestly better in matching empirical facts than a standard, one‐sector neoclassical growth model augmented with exogenous news shocks does.     

企业研发创新的立法保障

持续的科技研发创新,是高新科技产业化发展的动力和保障,国家立法应致力于建立激励性的保障机制。企业需要成为研究和开发(R&D)的主体,对中小企业的研发投入,需要作出立法激励。对企业研发投入的有效激励方式,需要作出立法上的支持。     

R&D tax incentives: a reappraisal

This paper examines R&D tax incentives in oligopolistic markets. We characterize the conditions under which tax incentives reach the socially desirable level of firm-financed R&D spending. The outcome of the market depends not only on the level of technological spillover in the industry but also on the degree of strategic interaction between the firms. One major result emerges from the model: The socially desirable level of R&D investment is not necessarily reached by subsidizing R&D. When the technological spillover is sufficiently low, the government might want to tax R&D investments, and this result does not necessarily arise because firms are overinvesting in R&D. There are also cases in which an R&D tax is desirable even though firms are underinvesting in R&D compared with the first-best optimum. In practice, this theoretical finding calls for a lower sales tax combined with an R&D subsidy in oligopolistic industries with high technological spillovers, and a lower sales tax combined with an R&D tax in oligopolistic industries with low technological spillovers.     

研究与开发支出述评

研究与开发（以下简称R＆D）支出是企业获得超额利润的一个重要源泉,研究R＆D支出与企业的关系显得非常重要。R＆D支出是指企业R＆D投入强度。本文主要区分国内外研究现状,从R＆D支出对企业价值、企业业绩、企业风险及成长性等方面的影响角度进行综述。本文梳理了相关研究的脉络,力求为学者们的后续研究提供便利。