研发支出资本化对价值相关性的影响

科研管理 ›› 2015, Vol. 36 ›› Issue (11): 98-106,147.

研发支出资本化对价值相关性的影响

潘晶晶¹, 赵武阳²

1. 复旦大学管理学院, 上海 200433;
2. 多伦多大学Rotman管理学院, 多伦多M4Y1R5

收稿日期:2014-03-07 修回日期:2015-03-18 出版日期:2015-11-25 发布日期:2015-11-21
通讯作者: 潘晶晶
作者简介:潘晶晶(1987-),女(汉),浙江温州人,复旦大学会计学博士生,研究方向:公司治理和公司财务.
赵武阳(1987-),男(汉),湖南娄底人,加拿大多伦多大学Rotman管理学院博士生,研究方向:信息披露和分析师.

The influence of capitalization of R&D expenditure on value relevance

Pan Jingjing¹, Zhao Wuyang²

1. School of Management, Fudan University, Shanghai 200433, China;
2. Rotman School of Management, University of Toronto, Toronto M4Y1R5, Canada

Received:2014-03-07 Revised:2015-03-18 Online:2015-11-25 Published:2015-11-21

摘要/Abstract

摘要： 本文从价值相关性的角度探讨了2007年中国会计准则对研发支出从费用化到有条件资本化的改革对会计信息估值角色的影响。本文利用价格模型和回报模型,采用双重差分(Diff-in-Diff)的方法,并使用四种定义来判断公司是否受研发支出资本化的影响。结果表明,研发支出资本化之后,公司的会计信息更能反映公司的价值,而且这种提升主要体现在会计质量低的公司样本以及非国有企业样本中。这意味着研发支出资本化提升了会计信息的估值功能,具有积极的经济后果。

关键词: 新会计准则, 研发支出资本化, 价值相关性, 会计质量

Abstract: This study examines the influence of the R&D expenditure capitalization in China in 2007(from expensing to conditional capitalization) on the valuation role of accounting information from the value relevance perspective. We employ the Price Model and the Return Model, a Diff-in-Diff method and four definitions to set up treatment groups (firms affected by capitalization) and control groups (firms not affected by capitalization). Our results show that the R&D expenditure capitalization enhanced the relationship of accounting information with firm value, and this enhancement only exists among firms with comparatively low accounting quality and non-state-owned enterprises. This paper shows that R&D expenditure capitalization has promoted the valuation role of accounting information and led to positive economic consequences.

Key words: new accounting standards, R&D expenditure capitalization, value relevance, accounting quality

中图分类号:

F233

潘晶晶, 赵武阳. 研发支出资本化对价值相关性的影响[J]. 科研管理, 2015, 36(11): 98-106,147.

Pan Jingjing, Zhao Wuyang. The influence of capitalization of R&D expenditure on value relevance[J]. Science Research Management, 2015, 36(11): 98-106,147.

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