高科技企业R&D支出资本化的动机研究  

Research on Motivations of High-tech Firms' R&D Expenditures Capitalization

作　　者：王艳[1] 冯延超[1] 梁莱歆[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《财经研究》2011年第4期103-111,共9页Journal of Finance and Economics

基　　金：国家自然科学基金资助项目(70672105)

摘　　要：文章以2007-2009年在深圳交易所上市的高科技企业为样本,实证研究了R&D支出资本化动机的影响因素。研究结果表明,高科技企业R&D支出资本化的比例受到债务契约和资本市场动机的影响,企业的财务杠杆越高,越倾向于把R&D支出进行资本化处理;在经营状况不好时,企业为保持上市资格、扭亏为盈而趋于把R&D支出进行资本化处理。薪酬契约和收益平滑尚不能很好地解释R&D支出资本化的选择动机。Using the data of high-tech firms listed in Shenzhen Stock Exchange from 2007 to 2009, this paper empirically studies the effects of motivations on the capitalization of RS〉D expenditures. The results indicate that the capitalization ratio of R^D expenditures is affected by debt con- tracts and capital market regulation. Firms with higher financial leverage are more apt to capitalize Rg〉D expenditures. Under poor operating conditions, the firms tend to capitalize R＆D expenditures in order to maintain the listing status and avoid losses. Compensation contracts and earnings smoothing could not provide a sound explanation of the choice motivation of R＆D expenditures capitalization.

关 键 词：高科技企业 研发支出 资本化 动机 

分 类 号：F230[经济管理—会计学]